Verizon Chief Testifies About Buyout Offer of WorldCom

The chairman and chief executive of Verizon said in court Thursday that he repeatedly approached former WorldCom Chief Executive Bernard Ebbers in 2001 about buying the company.


Advertisement


Click HereDon’t miss the FRx Express-the traveling FRx Software product and training road show, coming soon to a city near you! Discover helpful FRx Software tips and tricks, see product demonstrations, and attend a product Q & A forum. Register now


FRx Software Home Product Information
Training & Consulting Product Demo
Webcasts Customer Testimonial Video



According to Dow Jones Newswires, Verizon's Ivan Seidenberg testified in Ebbers' criminal fraud and conspiracy trial that he was not aware that the two companies ever shared nonpublic financial information.

WorldCom, which collapsed under an $11 billion accounting fraud, is now operating as MCI Inc., which Verizon bought on Monday for roughly $6.75 billion.

Seidenberg's testimony backs up statements made by former WorldCom Chief Financial Officer Scott Sullivan, who testified last week that he and Ebbers were so worried about WorldCom's improper accounting being revealed that they abandoned negotiations to be bought by Verizon.

Sullivan has pleaded guilty to conspiracy and fraud changes, testifying in Ebbers' trial to possibly reduce his prison sentence, which may be 25 years. Under cross-examination, Sullivan said that he made most of the accounting decisions, even when he knew the accounting was illegal.

Ebbers has pleaded not guilty.

You may like these other stories...

A proposal issued by the Governmental Accounting Standards Board (GASB) last week explains how fair value measurement should be defined for state and local government financial reporting.The exposure draft, Fair Value...
By Jason Bramwell The board of trustees of the Financial Accounting Foundation (FAF) finalized a new policy on November 19 that provides the Governmental Accounting Standards Board (GASB) with direction on what...
By Jason Bramwell The Governmental Accounting Standards Board (GASB) is now offering a free online toolkit designed to assist preparers and auditors of state and local government pension plans with implementing new...

Already a member? log in here.

Upcoming CPE Webinars

Sep 24
In this jam-packed presentation Excel expert David Ringstrom, CPA will give you a crash-course in creating spreadsheet-based dashboards. A dashboard condenses large amounts of data into a compact space, yet enables the end user to easily drill down into details when warranted.
Sep 30
This webcast will include discussions of important issues in SSARS No. 19 and the current status of proposed changes by the Accounting and Review Services Committee in these statements.
Oct 21
Kristen Rampe will share how to speak and write more effectively by understanding your own and your audience's communication style.
Oct 23
Amber Setter will show the value of leadership assessments as tools for individual and organizational leadership development initiatives.