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Epilogue: WorldCom/MCI

Epilogue: WorldCom/MCI. Loss = $110B. WCOM once valued at $115 billion Settlements WorldCom paid $750 million civil penalty to SEC in 2003 Investment banks settled for over $6 billion ($2.6 from Citigroup) 830,000 individual and institutional investors received payments Postscript

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Epilogue: WorldCom/MCI

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  1. Epilogue: WorldCom/MCI Loss = $110B • WCOM once valued at $115 billion • Settlements • WorldCom paid $750 million civil penalty to SEC in 2003 • Investment banks settled for over $6 billion ($2.6 from Citigroup) • 830,000 individual and institutional investors received payments • Postscript • Qwest and Verizon pursued acquisitions of MCI • Verizon acquired MCI on February 14, 2005 for $5.2 billion (Qwest bid was higher)

  2. Epilogue: Employees • Ebbers (CEO): 25 years • Sullivan (CFO): 5 years (plea) • David Myers (Controller): 1 year, 1 day • Buford Yates (Director of Accounting): 1 year, 1 day • Betty Vinson (Accounting Department Manager): 5 months prison, 5 months house arrest • Troy Normand (Accounting Department Manager): 3 years probation

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