|
WorldCom
MCI, Inc. (subsequently Worldcom and MCI WorldCom) was a telecommunications company. For a time, it was the second largest long-distance telephone company in the United States, after AT&T. Worldcom grew largely by acquiring other telecommunications companies, including MCI Communications in 1998, and filed bankruptcy in 2002 after an accounting scandal, in which several executives, including CEO Bernard Ebbers, were convicted of a scheme to inflate the company's assets. In January 2006, the company, by then renamed MCI, was acquired by Verizon Communications and was later integrated into Verizon Business. Worldcom was originally headquartered in Clinton, Mississippi before relocating to Ashburn, Virginia when it changed its name to MCI. History Foundation In 1983, in a coffee shop in Hattiesburg, Mississippi, Bernard Ebbers and three other investors formed Long Distance Discount Services, Inc. based in Jackson, Mississippi and in 1985, Ebbers was named chief executive off ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
WorldCom Scandal
The WorldCom scandal was a major accounting scandal that came into light in the summer of 2002 at WorldCom, the USA's second-largest long-distance telephone company at the time. From 1999 to 2002, senior executives at WorldCom led by founder and CEO Bernard Ebbers orchestrated a scheme to inflate earnings in order to maintain WorldCom's stock price. The fraud was uncovered in June 2002 when the company's internal audit unit, led by unit vice president Cynthia Cooper, discovered over $3.8 billion of fraudulent balance sheet entries. Eventually, WorldCom was forced to admit that it had overstated its assets by over $11 billion. At the time, it was the largest accounting fraud in American history. Background In December 2000, WorldCom financial analyst Kim Emigh was told to allocate labor for capital projects in WorldCom's network systems division as an expense rather than book it as a capital project. By Emigh's estimate, the order would have affected at least $35 million in capita ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bernard Ebbers
Bernard John Ebbers (August 27, 1941 – February 2, 2020) was a Canadian businessman, the co-founder and CEO of WorldCom and a convicted fraudster. Under his management, WorldCom grew rapidly but collapsed in 2002 amid revelations of accounting irregularities, making it at the time one of the largest accounting scandals in the United States. Ebbers blamed his subordinates but was convicted of fraud and conspiracy. In December 2019, Ebbers was released from Federal Medical Center, Fort Worth, due to declining health, having served 13 years of his 25-year sentence, and he died just over a month later. In 2013, Portfolio.com and CNBC named Ebbers as the 5th-worst CEO in American history. In 2009, ''Time'' named him the 10th most corrupt CEO of all time. Dubbed the "Telecom Cowboy," Ebbers often wore boots and blue jeans instead of the typical corporate uniform of a suit and tie. He also lived on a farm and loved to drive a tractor. Early life and education Ebbers was born in Ed ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
CompuServe
CompuServe (CompuServe Information Service, also known by its initialism CIS) was an American online service provider, the first major commercial one in the world – described in 1994 as "the oldest of the Big Three information services (the others are Prodigy and America Online)." It dominated the field during the 1980s and remained a major influence through the mid-1990s. At its peak in the early 1990s, CIS was known for its online chat system, message forums covering a variety of topics, extensive software libraries for most computer platforms, and a series of popular online games, notably ''MegaWars III'' and ''Island of Kesmai''. It also was known for its introduction of the GIF format for pictures and as a GIF exchange mechanism. In 1997, 17 years after H&R Block had acquired CIS, the parent announced its desire to sell the company. A complex deal was worked out with WorldCom acting as a broker, resulting in CIS being sold to AOL. In 2015, Verizon acquired AOL, including ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
UUNET
UUNET, founded in 1987, was one of the largest Internet service providers and one of the early Tier 1 networks. It was based in Northern Virginia and was one of the first commercial Internet service providers. Today, UUNET is an internal brand of Verizon Business (formerly MCI). History Background Prior to its founding, access to Usenet and e-mail exchange from non-ARPANET sites was accomplished using a cooperative network of systems running the UUCP protocol over POTS lines. During the mid-1980s, growth of this network began to put considerable strain on the resources voluntarily provided by the larger UUCP hubs. This prompted Rick Adams, a system administrator at the Center for Seismic Studies, to explore the possibilities of providing these services commercially as a way to reduce the burden on the existing hubs. Early existence With funding in the form of a loan from Usenix, UUNET Communications Services began operations in 1987 as a non-profit corporation providing ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
MCI Communications
MCI Communications Corp. (originally Microwave Communications, Inc.) was a telecommunications company headquartered in Washington, D.C. that was at one point the second-largest long-distance provider in the United States. MCI was instrumental in legal and regulatory changes that led to the breakup of the Bell System and introduced competition in the telephone industry. Its MCI Mail, launched in 1983, was one of the first Email services and its MCI.net was an integral part of the Internet backbone. The company was acquired by WorldCom (later called MCI Inc.) in 1998. History Founding MCI was founded as Microwave Communications, Inc. on October 3, 1963, with John D. Goeken being named the company's first president. The initial business plan was for the company to build a series of microwave radio relay stations between Chicago, Illinois, and St. Louis, Missouri. The relay stations would then be used to interface with limited-range two-way radios used by truckers along U ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Digex
Digex, Inc. was one of the first Internet service providers in the United States. During the dot-com bubble, its stock price rose to $184 per share; the company was acquired for $1 per share a few years later. History Digital Express Group, predecessor to DIGEX, was founded by Doug Humphrey and Mike Doughney in the basement of Mr. Humphrey's townhouse in Greenbelt, Maryland in 1991, offering web hosting services and Internet access. In 1995, the company raised $8 million from Grotech Capital and Venrock. In October 1996, the company became a public company via an initial public offering. In 1997, the company was acquired by Intermedia Communications, a competitive local exchange carrier based in Tampa, Florida. In 1999, Intermedia completed the partial corporate spin-off of Digex. In 2000, Microsoft and Compaq invested $100 million in Digex. In September 2000, WorldCom acquired Intermedia Communications and gained a majority stake in Digex. In 2003, WorldCom acquired the r ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Clinton, Mississippi
Clinton is a city in Hinds County, Mississippi, United States. Situated in the Jackson metropolitan area, it is the tenth largest city in Mississippi. The population was 28,100 at the 2020 United States census. History Founded in 1823, Clinton was originally known as Mt. Salus, which means "Mountain of health". It was named for the plantation home of Walter Leake, third governor of Mississippi, which was located in Clinton and built in 1812. The road east from Vicksburg was completed to Mount Salus and the federal government located the district land office at Mount Salus in 1822. The original federal survey in 1822 references a spring called "Swafford's Spring" at the site of the town. In 1828, the city changed its name to Clinton in honor of DeWitt Clinton, the former governor of New York who led completion of the Erie Canal. The first road through Mount Salus/Clinton was the Natchez Trace, improved from a centuries-old Native American path. Currently Clinton has three ma ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sprint Corporation
Sprint Corporation was an American telecommunications company. Before it merged with T-Mobile US on April 1, 2020, it was the fourth-largest mobile network operator in the United States, serving 54.3 million customers as of June 30, 2019. The company also offered wireless voice, messaging, and broadband services through its various subsidiaries under the Boost Mobile and Open Mobile brands and wholesale access to its wireless networks to mobile virtual network operators. In July 2013, a majority of the company was purchased by the Japanese telecommunications company SoftBank Group. Sprint used CDMA, EvDO and 4G LTE networks, and formerly operated iDEN, WiMAX, and 5G NR networks. Sprint was incorporated in Kansas. Sprint traced its origins to the Brown Telephone Company, which was founded in 1899 to bring telephone service to the rural area around Abilene, Kansas. In 2006, Sprint left the local landline telephone business and spun those assets off into a new company ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ashburn, Virginia
Ashburn is a census-designated place (CDP) in Loudoun County, Virginia, United States. At the 2010 United States Census, its population was 43,511, up from 3,393 twenty years earlier. It is northwest of Washington, D.C., and part of the Washington metropolitan area. Ashburn is a major hub for Internet traffic, due to its many data centers. Andrew Blum characterized it as the "bullseye of America's Internet". History Ashburn was originally called "Farmwell" (variant names include "Old Farmwell" and "Farmwell Station") after a nearby mansion of that name owned by George Lee III. The name "Farmwell" first appeared in George Lee's October 1802 will and was used to describe the plantation he inherited from his father, Thomas Ludwell Lee II. A section of Farmwell plantation west of Ashburn Road, a tract, was purchased in 1841 as a summer home by John Janney, a Quaker lawyer who nearly became Vice President of the United States. Janney called the property "Ashburn Farm"; the nam ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Accounting Scandal
Accounting, also known as accountancy, is the measurement, processing, and communication of financial and non financial information about economic entities such as businesses and corporations. Accounting, which has been called the "language of business", measures the results of an organization's economic activities and conveys this information to a variety of stakeholders, including investors, creditors, management, and regulators. Practitioners of accounting are known as accountants. The terms "accounting" and " financial reporting" are often used as synonyms. Accounting can be divided into several fields including financial accounting, management accounting, tax accounting and cost accounting. Financial accounting focuses on the reporting of an organization's financial information, including the preparation of financial statements, to the external users of the information, such as investors, regulators and suppliers; and management accounting focuses on the measu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Telecoms
Telecommunication is the transmission of information by various types of technologies over wire, radio, optical, or other electromagnetic systems. It has its origin in the desire of humans for communication over a distance greater than that feasible with the human voice, but with a similar scale of expediency; thus, slow systems (such as postal mail) are excluded from the field. The transmission media in telecommunication have evolved through numerous stages of technology, from beacons and other visual signals (such as smoke signals, semaphore telegraphs, signal flags, and optical heliographs), to electrical cable and electromagnetic radiation, including light. Such transmission paths are often divided into communication channels, which afford the advantages of multiplexing multiple concurrent communication sessions. ''Telecommunication'' is often used in its plural form. Other examples of pre-modern long-distance communication included audio messages, such as coded ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The New York Times
''The New York Times'' (''the Times'', ''NYT'', or the Gray Lady) is a daily newspaper based in New York City with a worldwide readership reported in 2020 to comprise a declining 840,000 paid print subscribers, and a growing 6 million paid digital subscribers. It also is a producer of popular podcasts such as '' The Daily''. Founded in 1851 by Henry Jarvis Raymond and George Jones, it was initially published by Raymond, Jones & Company. The ''Times'' has won 132 Pulitzer Prizes, the most of any newspaper, and has long been regarded as a national " newspaper of record". For print it is ranked 18th in the world by circulation and 3rd in the U.S. The paper is owned by the New York Times Company, which is publicly traded. It has been governed by the Sulzberger family since 1896, through a dual-class share structure after its shares became publicly traded. A. G. Sulzberger, the paper's publisher and the company's chairman, is the fifth generation of the family to head the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
_front.jpg "Click for more on -> Clinton, Mississippi")
.png "Click for more on -> The New York Times")