WorldCom to File for Chapter 11 Protection

Mantour writes: "To everyone's big suprise ;), Worldcom is going for Chapter 11. 'The Chapter 11 filing by WorldCom would follow once high-flying companies like energy trader Enron Corp. and Global Crossing Ltd., which crumbled into bankruptcy amid a crush of accounting investigations by federal regulators.' You can get more info in this Yahoo story" Update: 07/22 12:21 GMT by T : mnordstr points out a CNN report calling this "the largest bankruptcy ever."

Comments

Support your local telemarketers! =^_^=

[dacarr]

People, don't you know that by hanging up on all those MCI telemarketers, you contributed to the ultimate downfall of Worldcom?! How could you! They couldn't make their service any worse than it was because you didn't succumb to telesales!

It's time to upport your local telesales representatives! They're underworked and overpaid! Make them think for their bread and butter!

Re:Support your local telemarketers! =^_^=

[negativethirsty]

well that and me cashing all those $100.00 checks they'd pay me to switch my long distance service (i'm not kidding). Musta given me 3 of them before they stopped heh.

Re:Now is the time ot buy the stock

[rob_from_ca]

Until it's at zero, it can always go lower...:-)

Re:Saw this on coming.

[Anonymous Coward]

Saw the writing on the wall ...

Wow... that's pretty impressive. I didn't see this coming at all. Perhaps you should apply for a job at the Psychic Friends Network or something...

Re:Two relevent Salon comics...

[macdaddy357]

Worldcom, Enron, and all of this mess are direct results of the deregulation from Newt Gingrich, and the Republican Party's Contract with America. "Let's get government off of business' back, and watch the economy soar!" they said. No one opposed them. They put all the watch dogs to sleep, and look what they did when left to their devices! Government needs to do more then just be on business' back. It needs to knock business down face first, and stand on it's neck.

Re:Bush really dropped the ball

[weave]

Nonsense, corporations can police themselves. They don't need more regulations.

Oh sorry, that was Bush circa 2001.

Re:Bush really dropped the ball

[Fjord]

Conjugal visits? Not that I know of. No, minimum security prison is no picnic. I have a client in there right now. He says the trick is, kick someone's ass the first day, or become someone's bitch. Then everything will be alright

Re:So, Here's the Question

[Com2Kid]

Assuming they are selling a service at a cost that at least covers current costs

They wouldn't be in this mess in the first place?

. . . .

Re:So, Here's the Question

[IO ERROR]

Here's a handy guide for translating business buzzwords into plain English:

restructuring -> massive layoffs and selloffs
improper -> we got caught
proper -> we didn't get caught
we believe -> no way in hell will this happen
misleading -> blatant lying

Based on this, I suspect your job is in jeopardy.

YES! Four for four!

[rjh]

After graduating college I went to work at MCI, which was soon bought out by WorldCom. WorldCom is now in Chapter 11.

After leaving WorldCom I went to work for McLeodUSA, which soon declared Chapter 11.

After leaving McLeodUSA I went to work for Yomu, which declared Chapter 7.

After leaving Yomu, I went to work for PGP Security, which doesn't even exist anymore.

Score: four for four.

Y'know, most people would be proud of batting 1.000. So why do I feel vaguely embarassed, foolish and ashamed? :)

Re:It was the fraud, not the clueless business pla

[G-funk]

So after Bush gets into the Whitehouse by promising to run the country like a business we suddenly discover how many of the businesses are being run.

I thought bush got into the whitehouse by counting votes the way many of the businesses are being run?

MCI/Worldcom is hiring

[HomeGroove]

At least according to the sign at their telemarketer call center in Newport News, VA. The sign used to say something like, "Hiring bonus, $180." Now it just says "Apply now." So rest asured, /.'ers. You'll still get those annoying telemarker calls at dinner time.

Re:YES! Four for four!

[BJH]

Please, go get a job at Microsoft.

Re:YES! Four for four!

[nizo]

Where do you work now, and are they publically traded so I can short their stock?

Re:Corperate welfare is BAD

[nobody69]

THe only industry in the world that can mistreat its customers every step of the way are the Airlines.

That's impossible. The airlines were once heavily regulated, but were desparate to get out from under the yoke of the feds. When they got their wishes granted, all airlines instantly became the highly profitable companies with ecstatic customers that the feds kept them from being. Everybody knows that the free market is always perfect. Any other information is propaganda.