MCI to come out bankruptcy soon


Washington Post is reporting that MCI/WorldCom should come out of bankruptcy by end of February. “WorldCom Inc. is putting the finishing touches on three years of financial restatements,” says the Post.

bq. Citizens Against Government Waste has named the General Services Administration its Porker of the Month for January 2004 for lifting a suspension imposed on MCI, formerly WorldCom, in July 2003 for unethical practices. The company has since been prevented from receiving any new government contracts. The short-lived suspension amounts to nothing more than a slap on the wrist. MCI could have faced a three-year suspension and debarment, but GSA determined that the company had strengthened its ethics and internal controls and therefore lifted the ban. Other companies, including Enron and Arthur Andersen, who committed similar acts received much stiffer penalties.

Meanwhile, Citizens against Government Waste have labeled GSA as the porker of the month.

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