Bernie Ebbers and the Worldcom Collapse


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Essay #: 055635
Total text length is 6,058 characters (approximately 4.2 pages).

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The beginning:
Bernie Ebbers and the Worldcom Collapse
Worldcom was founded by Bernie Ebbers in a small town in Mississippi in 1983. At first just a small long-distance company, WorldCom became a significant player in the telecommunications industry through the successful completion of billions of dollars in acquisitions. Ebbers was known as an unconventional executive. He often wore cowboy boots and jeans to work, and was rumored to count cars in the parking lot to see who was working late. He was also famously hands-off, as he purposefully disengaged himself from the intricacies of finance and accounting, preferring to look at the “big picture.” (Solomon, A-8)
Two acquisitions were particularly significant. The MFS Communications acquisition enabled...
The end:
.....e for malfeasance and corruption by underlings. As the CEO and founder, Ebbers had to take responsibility for the actions of the company, even if he had no idea what they were.
Works Cited
Eichenwald, Kurt For WorldCom, Acquisitions Were Behind its Rise and Fall, New York Times 8 August 2002 :A-1
Morgenson, G. More Clouds Over Citigroup in its Dealings with Ebbers. New York Times 3 November 2002: A-1
Romero, Simon, & Atlas, Rava D. WorldCom's Collapse: The Overview. New York Times 22 July 2002: A-1
Solomon, D., & Blumenstein, R. Telecom: Mississippi blues: Loans Proved to be Ebber's Downfall. Wall Street Journal 1 May 2002: A-8
Sandberg, J. Bernie Ebbers Bet the Ranch-Really-on WorldCom stock. Wall Street Journal 14 April 2002: A-13