By Om P. Malik
Investigating the monetary fraud and inaccurate strength performs that introduced down the telecom industryOnce the basis of the Dow and NASDAQ, the telecom has eaten up extra capital than the other in contemporary heritage and has not anything to teach for it. this day, it truly is by means of a ways the worst offender within the spate of monetary soiled dealings which have been splashed around the enterprise pages, and but the rewards reaped via best executives at a lot of those failed or failing businesses were inversely proportionate to their decline. Broadbandits takes readers backstage to get the tale they may not get within the media. Investigative reporter Om Malik follows the money path and deciphers the activities and motivations of a iteration of recent financial system "barbarians" that introduced down this as soon as profitable undefined. This fascinating e-book deals an inside of look at the telecom bubble, with stories and anecdotes approximately mavericks who grew to become basic gentle and glass fibers into veins of gold, financiers who obtained grasping and fleeced unsuspecting hundreds of thousands, clueless enterprise capitalists who notion they might tapped into the mum lode, hapless marketers who believed that they have been altering the realm, and self-proclaimed pundits who have been cheering all of it on from the sidelines. Broadbandits is a compelling account of the downfall of telecom giants resembling WorldCom and worldwide Crossing, and should express readers what number telecom upstarts and veterans alike grew to become sufferers of what one leader government aptly defined as "high-yield heroin."Om Malik (New York, big apple) is a Senior author for crimson Herring who specializes in the telecommunications quarter. sooner than becoming a member of pink Herring in July 2000, he was once senior editor at Forbes.com. His paintings has additionally been released in newspapers and magazines equivalent to The Wall road magazine, company 2.0, Brandweek, and Crain's long island enterprise. For a truly short whereas, he was once a enterprise capitalist.
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Additional resources for Broadbandits: Inside the $750 Billion Telecom Heist
Jim, the son of a decorated World War II hero, had worked for the Omaha-based construction giant Peter Kiewit Sons. There he met Walter Scott, the company’s chief executive, and in 1988 convinced Scott to back MFS. Scott put about $500 million into the company, which went public in 1993. MFS had been wooing UUNet for a while and had made an $8 million buyout offer, but Adams demurred and held out for a better price. In five years, Adams’ stake would be worth $560 million (according to Forbes), though he didn’t know that at the time.
Of course, Sullivan would put something away for the rainy day in his cookie jar—accounting geeks call it merger reserves. But by the end of 1999, even these dirty tricks could not keep up the appearances. Scott Sullivan, the accounting wizard and CFO Magazine’s CFO of the year, basically forgot the principles of Accounting 101 in order to save Ebbers. Sullivan was in charge of the WorldCom Finance Group. Being a close confidante of Ebbers and the de facto number two, Sullivan was the man where the buck literally stopped.
For WorldCom, this scheme would create an impression of less expenditure, or, if you look at it from the other side, higher earnings. That’s what Sullivan did, which netted him a $10 million special bonus from his boss in 2000. According to the New York Post, it seems that in 1996 America Online pulled a similar stunt but got off with a slap on the wrist. WorldCom’s situation, however, was worse: At last count, the company had overstated its earnings by $9 billion. In 2001, while Sullivan was scamming the investors, some of WorldCom’s employees decided to screw the company for their own benefit.
Broadbandits: Inside the $750 Billion Telecom Heist by Om P. Malik