The WorldCom Accounting Scandal
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From being one of the world's most valuable companies (valued over $ 100 billion at its peak), WorldCom came to be known as one of the biggest instances of the 'fraud wave' sweeping the global corporate world since the late 1990s. The company's downfall from WorldCom to 'WorldCon' is a story of a corporate feeding its greed through financial and accounting manipulations.
Worldcom: The Company
In 1992, LDDS acquired Advanced Telecommunications Corp. In 1995, LLDS changed its name to WorldCom, as the management found the new name to be consistent with the company's future growth strategy of building a global presence through acquiring telecom-related companies across the world.
5] Microwave Communications, Inc. (MCI) was formed in 1963 by John Goeken to offer long-distance phone services. In 1993, British Telecommunication (BT) acquired a 20% stake in MCI and formed a global joint venture called Concert Communication.
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