Advertisement
HomeCollectionsEbbers
IN THE NEWS

Ebbers

FEATURED ARTICLES
BUSINESS
By Mark Ribbing and Mark Ribbing,SUN STAFF | August 17, 1999
In an effort to draw the curtain on an embarrassing and prolonged failure, MCI WorldCom Inc. said yesterday that its data-network problem has been solved and that customers harmed will be compensated.In a conference call with reporters and analysts, MCI WorldCom President and Chief Executive Officer Bernard J. Ebbers apologized for the difficulties, which he said affected approximately 3,000 customers.Calling the 10 days of outages and slowdowns "a very difficult time for the company and, more importantly, for some of our customers," Ebbers said the system was back in service after it was shut down and retooled over the weekend.
ARTICLES BY DATE
BUSINESS
By Floyd Norris | September 24, 2005
L. Dennis Kozlowski, whose excesses damaged the reputations of everything from shower curtains to ice sculptures, is now in a New York state prison for at least seven years. He is lucky that his sentence was not determined by a jury of his peers. Even as some lawyers moan that it is unfair to send business executives away for years or even decades, there is a stunning lack of sympathy for them from those who used to be their peers: people who are or were at the top of large corporations.
Advertisement
BUSINESS
By NEW YORK TIMES NEWS SERVICE | August 31, 2002
Bernard J. Ebbers, World-Com Inc.'s former chief executive, made more than $11 million in four years on 21 hot stock offerings he received from Salomon Smith Barney, according to new documents released yesterday by the House Financial Services Committee. Ebbers lost money on five trades, the documents said, and would have made far more had he sold his stakes in some of the companies before he did. The losses that Ebbers incurred in his Salomon account seem to confirm that he was one of the telecommunications industry's true believers.
BUSINESS
By Laura Smitherman and Laura Smitherman,SUN STAFF | August 12, 2005
If putting WorldCom Inc.'s head honcho Bernard J. Ebbers in prison for perhaps the rest of his life sends a message to Corporate America to clean up its act, legal experts say the lighter sentence handed down yesterday to his right-hand man, Scott Sullivan, sends another message to wrongdoers: cooperate. Sullivan, WorldCom's chief financial officer under Ebbers until an $11 billion accounting fraud drove the telecom giant into bankruptcy, was sentenced to five years in prison yesterday.
NEWS
By Mark Ribbing and Mark Ribbing,SUN STAFF | November 11, 1997
After more than a month of courtship, telecommunications giants MCI Communications Corp. and WorldCom Inc. announced yesterday that they have agreed to merge. If the $37 billion merger is approved by shareholders and regulators, it will be the largest in U.S. corporate history."We are excited by the remarkable opportunities this combination makes possible for both companies," WorldCom President and Chief Executive Officer Bernard J. Ebbers said at a Manhattan news conference yesterday after the deal was announced.
BUSINESS
By Mark Ribbing and Mark Ribbing,SUN STAFF | November 16, 1997
On Monday, the Dictionary of Household Names got an unlikely new entry -- WorldCom.The company -- relatively unknown until the last few weeks -- announced it was taking over phone giant MCI Communications Corp. The $37 billion merger, if approved, will be the biggest in U.S. corporate history.A takeover of MCI would make WorldCom the second largest long-distance company in America, trailing only AT&T. The merger would also give WorldCom Inc. a strong position in other key areas, such as local telephone, data network and Internet services.
BUSINESS
By Walter Hamilton and Walter Hamilton,LOS ANGELES TIMES | February 9, 2005
NEW YORK - Former WorldCom Inc. Chief Executive Officer Bernard J. Ebbers refused to alert Wall Street to WorldCom's deepening financial crisis, despite repeated warnings that investors were being misled, the chief witness against him testified yesterday. Instead, Ebbers ordered company accountants to make sure that quarterly profits matched the projections from stock analysts, WorldCom's former chief financial officer, Scott D. Sullivan, told jurors in Ebbers' federal trial. "There was one thing he said each time.
BUSINESS
By BLOOMBERG NEWS | February 10, 2005
NEW YORK - WorldCom's former chief executive asked his chief financial officer how he hid millions of dollars in monthly expense from Wall Street analysts, the one-time finance chief told jurors yesterday. Scott D. Sullivan said he informed Bernard J. Ebbers in April 2001 that WorldCom would have to mask $771 million in fees it paid to other telephone carriers for the use of their lines to meet analyst expectations for the first quarter. "I told Bernie we had made an adjustment to line-cost expenses," Sullivan testified at the criminal fraud trial of his former boss.
BUSINESS
By BLOOMBERG NEWS | March 17, 2005
NEW YORK - WorldCom Inc. documents showing the company's declining finances and the testimony of former chief executive Bernard J. Ebbers that he saw them are what sealed his conviction, not star witness Scott D. Sullivan, a juror said yesterday. Zina Gregory, 40, who was juror No. 8 at Ebbers' fraud trial, said Sullivan, WorldCom's former finance chief, "had his own agenda," so she avoided putting too much stock in his account of financial wrongdoing at the long-distance company. "I didn't care for him," Gregory said.
BUSINESS
By BLOOMBERG NEWS | January 20, 2005
NEW YORK - Former World-Com Inc. chief executive Bernard J. Ebbers, accused of accounting fraud, aims to show jurors that some of the transactions in question didn't amount to a crime, his lawyers said. "We can represent with a virtual certainty that we would be defending the propriety of some of the accounting in this case," said Brian M. Heberlig, one of Ebbers' lawyers, at a final pretrial hearing yesterday in U.S. District Court in Manhattan. Prosecutors say that one method used by WorldCom to inflate earnings was by making adjustments to the way it accounted for revenue.
NEWS
By Walter Hamilton and Walter Hamilton,LOS ANGELES TIMES | July 14, 2005
NEW YORK - From humble roots as a milkman and motel owner, Bernard J. Ebbers built a small telecommunications company into an industry giant - becoming a symbol of what a brash entrepreneur could do in the technology boom of the late 1990s. Yesterday, Ebbers became a symbol of a different kind when a federal judge sentenced the former WorldCom Inc. chief executive to 25 years in prison - essentially a life sentence - for spearheading the largest accounting fraud in U.S. history. In a wave of corporate wrongdoing cases since the 2001 Enron Corp.
BUSINESS
By BLOOMBERG NEWS | March 17, 2005
NEW YORK - WorldCom Inc. documents showing the company's declining finances and the testimony of former chief executive Bernard J. Ebbers that he saw them are what sealed his conviction, not star witness Scott D. Sullivan, a juror said yesterday. Zina Gregory, 40, who was juror No. 8 at Ebbers' fraud trial, said Sullivan, WorldCom's former finance chief, "had his own agenda," so she avoided putting too much stock in his account of financial wrongdoing at the long-distance company. "I didn't care for him," Gregory said.
BUSINESS
By Jay Hancock | March 16, 2005
HURRAY. The next CEO who wants to cook the books and play dumb will stop, ponder and see the fringed mug of WorldCom's Bernard Ebbers getting redder and redder with yesterday's cascading "guilty" verdicts. If it holds up, Ebbers' criminal conviction on all counts against him does more than Sarbanes-Oxley, Eliot Spitzer and William H. Donaldson combined to keep corporate America honest. The idea that corporate chieftains can delegate all financial responsibility and disclaim knowledge of even massive accounting problems just got less plausible, which can't encourage Enron's Ken Lay, HealthSouth's Richard Scrushy and other former chief executives facing trial.
BUSINESS
By BLOOMBERG NEWS | March 8, 2005
NEW YORK - A federal jury ended its second day deliberating accounting-fraud charges against former WorldCom Inc. Chief Executive Officer Bernard J. Ebbers without reaching a verdict yesterday. Ebbers is accused of leading an $11 billion fraud that drove the company into the largest bankruptcy in U.S. history. The jury spent seven hours deliberating yesterday. During the day, the jury sent notes to U.S. District Judge Barbara Jones requesting transcripts of trial testimony and exhibits, including a handwritten letter to Ebbers from former WorldCom finance chief Scott Sullivan.
BUSINESS
By NEW YORK TIMES NEWS SERVICE | March 3, 2005
NEW YORK - In a broad and blistering attack, federal prosecutors accused Bernard J. Ebbers, the former chief executive of WorldCom Inc., of being caught in a "perfect storm of corruption" that led him to order deputies to commit a multibillion-dollar fraud. "We all know money can corrupt people, power can corrupt people and pressure can corrupt people," said William F. Johnson, an assistant U.S. attorney, in the prosecution's closing arguments in the case against Ebbers in U.S. District Court in Manhattan yesterday.
BUSINESS
By BLOOMBERG NEWS | March 2, 2005
NEW YORK - Former World Com Inc. Chief Executive Officer Bernard J. Ebbers denied yesterday that he was told by his finance chief that the company had to issue an earnings alert, then admitted asking a lawyer about the subject days later. In the second day of cross-examination at his fraud trial in New York, Ebbers said Scott D. Sullivan, then chief financial officer, never informed him in September 2000 that WorldCom should tell investors that earnings wouldn't meet projections. Sullivan, the government's star witness, testified last week that he told Ebbers of the need to alert investors to the shortfall.
BUSINESS
By Jay Hancock | March 16, 2005
HURRAY. The next CEO who wants to cook the books and play dumb will stop, ponder and see the fringed mug of WorldCom's Bernard Ebbers getting redder and redder with yesterday's cascading "guilty" verdicts. If it holds up, Ebbers' criminal conviction on all counts against him does more than Sarbanes-Oxley, Eliot Spitzer and William H. Donaldson combined to keep corporate America honest. The idea that corporate chieftains can delegate all financial responsibility and disclaim knowledge of even massive accounting problems just got less plausible, which can't encourage Enron's Ken Lay, HealthSouth's Richard Scrushy and other former chief executives facing trial.
BUSINESS
By BLOOMBERG NEWS | March 2, 2005
NEW YORK - Former World Com Inc. Chief Executive Officer Bernard J. Ebbers denied yesterday that he was told by his finance chief that the company had to issue an earnings alert, then admitted asking a lawyer about the subject days later. In the second day of cross-examination at his fraud trial in New York, Ebbers said Scott D. Sullivan, then chief financial officer, never informed him in September 2000 that WorldCom should tell investors that earnings wouldn't meet projections. Sullivan, the government's star witness, testified last week that he told Ebbers of the need to alert investors to the shortfall.
BUSINESS
By NEW YORK TIMES NEWS SERVICE | March 1, 2005
Bernard J. Ebbers, the former WorldCom chief executive once hailed as one of the most brilliant telecommunications entrepreneurs ever, told a packed courtroom yesterday, "I don't know about technology and I don't know about finance and accounting." In taking the stand in his own defense, Ebbers displayed a folksy innocence that was part of the defense's effort to cast him as someone who relied on others with greater expertise to handle the details of running WorldCom as it grew from a small regional reseller of phone services to one of the largest companies in American industry.
BUSINESS
By BLOOMBERG NEWS | February 15, 2005
NEW YORK - Former WorldCom Inc. chief executive Bernard J. Ebbers told a television interviewer that dividends for the company's MCI Group weren't at risk even though his finance chief had told him that there wasn't enough cash to pay them, jurors at his fraud trial were told yesterday. Prosecutors in Manhattan federal court showed the jury a video recording of Ebbers saying in a February 2002 interview on the CNBC cable news channel that the dividend would not be imperiled by WorldCom's slowing growth for 2002.
Baltimore Sun Articles
|
|
|
Please note the green-lined linked article text has been applied commercially without any involvement from our newsroom editors, reporters or any other editorial staff.