File photo of Worldcom Northern Virginia Operation Center sign. Worldcom is now called MCI. (AP)
MCI Agrees to Record Settlement Story aired: Tuesday, May 20, 2003
The bankrupt telecom company MCI has made a deal with the Securities and Exchange Commission to pay out a half billion dollars in penalties.
MCI, formerly known as Worldcom, stands accused of cooking its books to the tune of $11billion, the single biggest financial fraud in history.
The settlement is part of an agreement that would allow MCI to emerge from bankruptcy and resume business. A federal judge still has to approve the agreement.
Guests:
Charles Gasparino, a writer for the Wall Street Journal.
