Then: Why You Still Don't Have Broadband
In February 2002, WorldCom CEO Bernie Ebbers tells analysts that the company paid off his margin loans. He now owes the company almost $300 million, while his company shares are worth only $120 million. Assets potentially up for sale: his villa in Vail, Colo., and his 164,000-acre spread in British Columbia, Douglas Lake Ranch bought in 1998 for a reported $67 million. Meanwhile to conserve cash, WorldCom cuts off employees' coffee supplies and stops subsidizing their home long-distance bills.
Now: WorldCon
Following an $11 billion accounting scandal, WorldCom files the largest bankruptcy in U.S. history in July 2002. Ebbers is now serving 25 years in a Louisiana prison for his role in the debacle.
 See the video, test your Dumbest knowledge, and let us you what you think was last year's most boneheaded move. (more)  Business 2.0's Adam Horowitz and comedian Mo Rocca ponder the stupidity of this tactless treatment of fired workers. (more)  |
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About CNNMoney
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Content
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Magazines
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Site Tools
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Stay Connected
Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer
LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer.
Morningstar: © 2013 Morningstar, Inc. All Rights Reserved. Disclaimer
The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2013 is proprietary to Dow Jones & Company, Inc.
Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.
FactSet Research Systems Inc. 2013. All rights reserved. Most stock quote data provided by BATS.
© 2013 Cable News Network. A Time Warner Company. All Rights Reserved. Terms under which this service is provided to you. Privacy Policy. Ad choices .
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