It might be hard for investors to keep track of the WorldCom scandals without a scorecard. Well, here's a scorecard.
BoycottMCI.com launched a scandal-tracker website, www.
boycottworldcom.com/scandal.htm, enabling the public to keep abreast of some 15 major investigations, civil lawsuits and criminal charges faced by WorldCom Inc., Ashburn, Va., which conducts business as MCI.
"I doubt that any other company in the United States today faces anything remotely approaching the depth and breadth of MCI's civil, state and federal charges, covering everything from criminal misconduct to accounting fraud to cheating on taxes," said Mitch Marcus in a statement. Mr. Marcus — a former account manager for WorldCom who resigned because of concerns about company operations — maintains the website to highlight problems at the company and to encourage institutional investors to divest all of their MCI stock, as well as to dissuade anyone from purchasing services or products from the company.
Peter Lucht, MCI spokeswoman, speculated that "it's a third-party campaign to do us harm as we navigate through the bankruptcy process."
"It is one element trying to eliminate a competitor in the marketplace," he added.