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Essay on WorldCom Debacle
In the 1980s and 1990s, under the leadership of CEO Bernie Ebbers, WorldCom grew into the second-largest telecommunications company in America. Then, in 2002, the corporation filed the largest bankruptcy in history after losing more than $ 120 billion of equity in 3 years. Ebbers himself was named as part of a $4 billion fraud case. The story of the company may in essence be the story of its CEO and his interactions with board members and employees. Pai Sarkar, writing in the December 27, 2002, San Francisco Chronicle, concluded: “It was just one man, one company, one downfall. But in the grander scheme of men and companies and downfalls, Bernie Ebbers of WorldCom stuck out as a glaring example of what went wrong with corporate America in a year defined by greed and deceit—and the loss of public trust. ” As such, it illustrates the need for truthful, timely communication with board members, shareholders, employees, creditors, analysts, and regulators.
Bernie Ebbers Builds a Network
bbers was a charismatic CEO, known for his personal Christian faith and charity work. Born in Edmonton, Canada, he was raised in New Mexico where his father was a business manager for a Christian mission. Reports say Ebbers flunked out of the University of Alberta and Calvin College before enrolling at Mississippi College, where Ebbers said his life changed. He graduated in 1967 and went to work as a teacher and coach in a small town south of Mississippi's capital, Jackson. He then founded a small chain of hotels, working with two friends who later sat on the WorldCom board. In 1983, he and several other businessmen took advantage of the AT&T telephone breakup and started a company that would resell bandwidth, the data-carrying capacity of telephone lines, to small businesses. Sensing an opportunity, he bought 75 companies in the next 15 years....
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