WorldCom was one of the pioneers of the telecom boom. In the 1990s WorldCom's value skyrocketed 7,000%. In 1999 its stock peaked at $64.50 and in 2000 its capital budget peaked at $11 billion. In the spring of 2002, the company's financials began a steep decline.
WorldCom announced it had improperly accounted for nearly $4 billion in expenses. The stock price plummeted to less than a dollar, CEO Bernard Ebbers was forced out and CFO Scott Sullivan was fired. Waves of layoffs began as another American financial giant crashed - leading to an SEC investigation, a Congressional hearing and a call by President Bush for a massive overhaul in corporate ethics.
Jeter's book is a compelling narrative providing insight into the inner workings of the global telecom giant, while describing the social setting, religious influences, political connections and cultural climate that engulfed WorldCom.
