Worldcom Meltdown A current event speech. Describes the history of Worldcom and the downfall

Good Morning. On August 1, 2002 deuce men were indicted in a Federal Court House. These men arent violent criminals, but they twain face up to 25 years in prison. The two defendants hid a huge smart sets 41 billion dollars in debt from millions of investors and from the Securities and throw Commission. They caused a huge company to fall where it stood. If the woes of a big(a) economy werent enough, large corporations are being cited for false and delusory accounting; the biggest and more or less extravagant being corporate telecom giant, WorldCom.

The birth of WorldCom began in 1983 when two businessmen had an idea to run a long distance phone company. They created and named their company long Distance Discount Provider. The company became public in 1989 by means of the acquisition of Advantage Companies Inc. LDDS merges with Advanced Telecommunications Corp in 1992 terminate an all- telephone circuit deal. In 1993 LDDS acquires two long distance phone companies reservation it the worlds number four provider. These moves in the late 80s and ahead of time 90s hatful the company up for prosperous times in the future.

The actions of the early 90s were capitalized in the mid to late 90s turning the smaller company into the worlds number one long distance phone company. In 1993 LDDS acquires Resurgens Communications Group Inc. and Metromedia Communications through more stock deals.



Within the year of 1995 LDDS changes its name to WorldCom. A large uniting in 1996 sent MFS Communications Company Inc. and UUNet Technologies Inc. into the WorldCom melting pot. The biggest and most important merger in WorldComs short history was the merger between MCI Communications Corp., Brooks Fiber Properties and CompuServe Corp., which included 40 billion dollars changing hands. The failed merger between WorldCom and Sprint dishonored the company.

Financial problems became apparent in March...

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