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Essay on WorldCom Debacle-2
WorldCom is a strong, innovative company with tremendous assets. The Company have annual revenues of more than $30 billion, and even after our recent layoffs, they have more than 60,000 employees. WorldCom has more than 20 million customers. On the residential side, our MCI phone service handles 70 million phone calls every weekend alone. And, tens of thousands of businesses depend on our services to support their mission-critical applications. WorldCom is the largest Internet carrier in the world. Our operations provide Internet services to some 100 countries on six continents. WorldCom is a provider of network services for critical applications for the United States Government.
These applications include the provision of customer service to 80 million Social Security beneficiaries, air traffic control applications for the Federal Aviation Administration, network management for the Department of Defense, and critical data network services for the U.S. Postal Service. In addition, WorldCom provides long distance voice and data communications services for the House, the Senate, and the General Accounting Office. Our company provides those same kinds of services for virtually every government agency, WorldCom provides support for law enforcement and homeland security agencies, as well as agencies concerned with national security. In other words, WorldCom is a key component of our nation's economy and communications infrastructure.
While Will Hutton in the Observer was busy blaming the WorldCom debacle on a 'combination of pernicious Southern conservatism and unadulterated greed', more measured voices were counseling caution and urging European investors not to gloat. Could one of our own telecoms companies could be next? Richard Fletcher in the Sunday Telegraph pointed out that the WorldCom debacle was 'frighteningly simple'; running costs, which should have been written off to the profit and loss account, were treated as investment. This in turn inflated the measures used by Wall Street to assess the value of the company....
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