March 2nd, 2003

WorldCom

Introduction
Based out of Mississippi, WorldCom was put together by Founder Bernard Ebbers. Growing rapidly through mergers and acquisitions Mr. Ebbers pulled off what was considered quite a coup when his smaller WorldCom group took over MCI. A powerhouse in long distance and controlling over 70% of the internet traffic through its UUNET division WorldCom was a very widely held public company. Leading up to the telecom bubble WorldCom was a big spender, paying a fortune to control the internet backbone that thought would be so profitable. Doing so required issuing a lot of debt, which eventually cause a lot of problems later on. Despite this debt while other telecoms (especially long-distance carriers) were reporting losses WorldCom kept posting billion dollar profits earning them strong buy ratings by analysts and a "top 50" ranking by Goldman Sachs (Goldman Sachs 2001) As three WorldCom employees eventually proved the profits were fictitious......

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Title: Worldcom
Approximate Word Count: 1136
Approximate Pages: 5 (250 words per double-spaced page)

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