US telecoms giant WorldCom has shocked the business world after admitting a multi-billion dollar accounting fraud. It follows corporate scandals, at Enron and its accountants Andersen, which have shaken investor trust. BBC News Online examines the key WorldCom audio and video coverage.
WorldCom chiefs refuse to testify
8 July 2002
Bernie Ebbers, former chief executive of WorldCom
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Two former executives from the beleaguered telecoms giant, WorldCom, have appeared before American congressmen, but both men have refused to give evidence, citing the fifth amendment, their constitutional right not to incriminate themselves before any trial.
WorldCom scandal deepens
1 July 2002
WorldCom is the second-biggest long-distance phone company in the US
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In the sworn statement to the US Securities and Exchange Commission, WorldCom said its auditing committee would now be reviewing deals dating back to 1999, because "questions have been raised" regarding funds set aside by the company against its losses.
Bush demands corporate abuse laws
29 June 2002
President Bush promised to crack down on business mismanagement
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President Bush calls for tough new legislation to restore faith in American business. Mr Bush said those guilty of corporate fraud should be sent to jail for the sake of US capitalism. He argued that people guilty of such abuses should be prevented from holding high-level business positions again.
WorldCom announce 17,000 job cuts
28 June 2002
The majority of the job cuts were expected in North and South America
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Staff at the troubled company braced themselves for details of the 17,000 job cuts. The news came as WorldCom chief executive John Sidgmore revealed that the firm was slashing $1bn in costs as it attempted to fight for survival. A spokesman said that the job cuts were not directly related to the accounting fraud.
WorldCom called to account
27 June 2002
Former chief executive Bernie Ebbers is subpoenaed
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Three leaders of the telecoms giant are ordered to appear before a government committee to answer questions on the accounting fraud. The US financial watchdog, the Securities and Exchange Commission charges WorldCom with fraud.
World reacts to US fraud scandal
27 June 2002
The WorldCom crisis could have a far reaching effect
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The world's big banks begin to count the potential cost of the accounting fraud engulfing WorldCom. Early estimates suggest that as many as 60 banks around the world might have given loans to WorldCom, or bought a slice of its debts in the form of corporate bonds.
Background to WorldCom crisis
One of the largest accounting frauds in history?
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After the collapse of Enron last year, nervous investors cast around for who was going to be next. Near the top of everyone's danger list was WorldCom, America's second-biggest long-distance phone company. The firm was already shrouded in scandal after the departure of its founder and chief executive, Bernie Ebbers.
BBC radio and television coverage of the fall of US energy giant Enron
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