WorldComs

WorldCom, Inc. was an American telecommunications company that rose to prominence in the late 1990s and early 2000s. Founded in 1983 as LDDS Communications, it was renamed WorldCom in 1995. The company grew rapidly through a series of aggressive mergers and acquisitions, becoming one of the largest long-distance providers in the United States. Its business focused on providing voice and data services to businesses and consumers.

The company's rapid expansion was fueled by significant debt and a strategy of acquiring competitors. At its peak, WorldCom was a major player in the telecommunications industry, with a vast network infrastructure. However, its fortunes took a dramatic turn in 2002.

In June 2002, WorldCom disclosed that it had improperly accounted for billions of dollars in expenses. The company had classified ordinary operating expenses as capital expenditures, artificially inflating its reported profits and reducing its reported debt. This massive accounting fraud soon led to the company's collapse.

Following the revelation, WorldCom filed for bankruptcy protection, which was at the time the largest bankruptcy in U.S. history. The scandal resulted in significant financial losses for investors and employees, and led to criminal charges against several top executives, including CEO Bernard Ebbers. The company eventually emerged from bankruptcy in 2004 as MCI, and was subsequently acquired by Verizon Communications in 2005. The WorldCom scandal became a prominent symbol of corporate malfeasance during the early 2000s accounting scandals.