You might want to print this out because it is big, bigger and more evil than most Americans realize. Here, step by step, is how MCI conspired with its creditors and the federal government to embezzle 60 billion dollars from its own shareholders and workers while crushing its competition, including Verizon.
1. Bernie Ebbers, while basically a good and honest man, was on a roll. He kept borrowing, and his MCI underlings and creditors decided to give him enough rope to hang himself, Scott Sullivan, and the shareholders. MCI committed fraud and admitted it, thus making it possible for their co-conspirator creditors to call in their loans, thus setting up a staged bankruptcy that had the support of the SEC, the Justice Department, and the Bush administration.
2. They found themselves a judge that they could control, and he, in turn, granted the creditors illegal insider trading rights with the excuse that he did not want them "operating at a disadvantage." Gonzalez is clearly guilty of conspiracy and obstruction of justice as he conspired to help MCI unload 35 billion in debt, and leave Verizon to twist in the wind with its own heavy debt.
3. John Sidgmore assured investors that MCI had the cash flow to ward off bankruptcy. Later, he secretly filed on a Sunday night after suckering in millions of investors to buy out the shares that Sidgmore and his creditors intended to cancel. Shareholder may still sue Sidgmore's estate and MCI for this stunt.
4. President Bush awarded these thieves a non-competitive contract in Iraq, while Gonzalez and the SEC gave the creditors access to MCI, a 65-country giant that takes in 600 million a week in revenue and 2 billion a year in profit. In addition, they gave the creditors the ranch, business, and Southern forest lands that Ebbers had returned to his shareholders. The shareholders were robbed of 2.96 billion shares worth 60 billion, debt free. In addition, they are now deprived of the 600 million a week in revenue that legally belongs to the shareholders. It is now estimated that, already, the creditors have taken $2.00 for every dollar loaned to Ebbers and WorldCom/MCI. Both MCI and its chief creditor, Citibank, are confirmed felons. MCI paid an SEC fine of 700 million, while Citibank paid out 2.65 billion in fines.
4. While faking the bankruptcy, MCI with the help of Judge Gonzalez, has hidden in excess of 60 billion dollars in actual assets. So much cash was built up that Gonzalez gave MCI permission to buy out DIGX and to fritter away millions of dollars in shareholder equity. Gonzalez, in an illegal rush to judgment, confiscated the 2.96 billion shares and cancelled 35 billion dollars in legitimate and manageable MCI debt. He turned the spoils over to his banker friends and MCI management.
5. Angered by this corporate and federal thievery, former Attorney General and hero, William Barr, testified before the Hatch Committee that MCI's bankruptcy is illegal by both federal and state criminal statutes. He called MCI a "criminal organization" that is using bankruptcy "for laundering stolen goods." Gonzalez, Hatch, and the SEC ignored Barr's plea for fairness and justice.
Verizon shareholders must demand that Gonzalez, MCI management, and its creditors join Ken Lay and Martha Stewart in prison and that the 2.96 billion shares be reinstated in 50% ownership of the new MCI. Truly this federally-sponsored corporate crime is the largest economic terrorist attack in American history, all in the name of the Pentagon (MCI is its communication's wing) and "Homeland Security."
FME correcto! Also, the comm act of 96 happened on Clinton watch, he signed NAFTA on his watch, as well as reducting the military by 700,000 highly trained pesonnel, reduced the aircraft by 500, tanks 300, ships 200 and the BRAC under Clinton closed 215 bases...Another 4 years under Clinton and he wouldn't have had a military. Clinton admitted on Larry King that Sudan offered him Osama but he refused to take him....
FME, since old leather lungs Teddy Boy Kennedy is jawboning, if I were the President I would nominate him and have the hearings on pay-per-view, followed by nominating Jesse Jackson and Robert KKK Byrd in that order.
After those 3 were rejected I would nominate Robert Bork. If you recall Bork sent over 400 cases to the Supreme Court and was never reversed, that like being at bat 400 times and hitting a homerun each time at bat, or bowling 400 perfect games, yet, Kennedy and his wrecking crew said Bork wasn't in the mainstream.....
What many Verizon shareholders do not realize is that, following the end of WorldCom, the fraud at MCI escalated with the approval of the Bush administration. As a result, shareholder losses and employee retirement fund depletion quickly exceeded that of Enron. Federal Judge Arthur J. Gonzalez was appointed to shield (2002-2005)MCI from SEC and state investigation and prosecution, and MCI's management filled their pockets through various forms of payoffs, likely exceeding 300 million dollars. With the MCI cow milked, Verizon found itself taking on an MCI that had been embezzled of much of its 2002 and following equity value. The final result, of course, is that Verizon and its shareholders have become the lastest victims of the Capellas'-Gonzalez fraud-based illegal and invalid bankruptcy scam that sent Bernard Ebbers to prison to take the fall for the MCI Mafia that took over in 2002. The above link details this federally-sanctioned Wall Street act of corporate economic terrorism against American and foreign investors, MCI employees, and Verizon and its shareholders.
Goodness, this is terrible! And have you seen posts 14470, 14385, 13864, 4115, 1129, 1127, 8181, 14574, 15265, 7184, 11133 14053, 6468, 6648, 2144,15481, and 14791 on the MCIP board? Clearly President Bush is guilty of obstruction of justice, and Michael Capellas and Judge Arthur Gonzalez must be indicted on fraud, conspiracy, and grand larceny charges! How will this affect VZ?
Moreover, he is being railroaded for the crimes of Michael Capellas and Arthur J. Gonzalez. Here is the link: http://finance.messages.yahoo.com/bbs?.mm=FN&board=1608763514&tid=mcip&sid=16087
Lenny, stop abusing these poor people on the VZ board and go back to lying to the people on the MCIP board. Your conspiracy theories can get old very quickly. Back to Boca for a trip to Denny's for you!