We were amazed to learn that America's highest paid CEO achieved that status by milking the embezzled shareholder equity out of supposedly bankrupt WorldCom, known more recently as MCI. Worse, we have learned that Capellas was assisted in this fraudulent scheme by a federal judge and by none other than President Bush. Take a look at Michael Capellas' federally sanctioned take-home compensation package:
1. Despite the objections of Federal Judge Jed Rakoff, In 2002 Michael Capellas was hired on at supposedly bankrupt MCI/WorldCom at 3 million dollars plus stock options, etc.
2. Besides his salary, stock shares, and bonuses for 2002-2004, Capellas grabbed a 2005 cash bonus for himself of 13.5 million. As an added bonus for shutting off talks with Qwest, Verizon agreed to a payoff that let Capellas peel off another 39.2 million of the old embezzled WorldCom shareholder equity for himself. In addition, Capellas and his MCI Board cronies granted themselves a $5.60 dividend on their shares before they sold them at a tidy profit to Verizon. These shares were of course created after Capellas and Gonzalez cancelled the 2.96 billion WorldCom shares, thus wiping out millions of Americans. Capellas laughingly calls this scheme his "turnaround with integrity."
3. Perhaps worst of all, Capellas asked Federal Judge Aurthur Gonzalez if he could remove 200 million for a company "self Study" to determine why MCI maintains what Richard Thornburgh calls "a culture of crime." He then asked for 80 million to change WorldCom's name to MCI. This money was approved by Gonzalez and has never been accounted for. Capellas and the MCI Board were sitting on 6 billion in embezzled shareholder equity at the time of the transfer to Verizon. As a 2002 Christmas gesture, Gonzalez told MCI's management that they could peel off another 20 million for executive Christmas bonuses. Most of this came out of the employee retirement fund.
4. In a manner similar to the first stage of the MCI/WorldCom fraud, Capellas admitted to a 2005 50 million dollar "accounting error." However, with a federal judge in his pocket, Capellas has never been indicted. Indeed, Gonzalez opened the bankruptcy ploy by giving MCI's honchos permission to engage in illegal insider trading. The honorable judge stated that he did not want his friends "operating at a disadvantage." Worse, in a new act of fraud and deception, MCI's John Sidgmore held a news conference in which he assured investors that MCI had the revenues and assets to avoid bankruptcy. Once the MCI insiders had unloaded their shares on thousands more victims (who will never be compensated because of the June 25, 2002 SEC- imposed deadline), Sidgmore filed bankruptcy on a Sunday night. Gonzalez then ruled that Capellas did not have to testify and that MCI did not have to pay the normal SEC investigative expenses. Obstruction of justice?
4. President Bush, despite the objections of Attorney General William Barr who accused Bush of supporting corporate crime and of "laundering stolen goods" in an illegal bankruptcy that was "superseded by both federal and state statutes," restored MCI's federal contracts and slipped Capellas an exclusive communications contract in Iraq.
AT&T was not permitted to bid. To join the party, the SEC cut the MCI fine in half, to just 750 million, about seven days of MCI revenue.
So now you know. Send this on to your friends in the media. What we have here is a bailout and coverup that constitutes the worst act of economic terrorism by an American President against his own people and the largest illegal transfer of wealth in American history. It is a trail of fruad, embezzlement, and obstruction of justice that leads all the way to the White House. You can be the first to go public with this information. So far, everyone has been too afraid to confront MCI because of its ties to a corrupt federal judge, President Bush and the Pentagon.
For God's sake, don't promulgate this mindless crap here. As much as I dislike VZ management, its dealings, and the current administration, this infantile bilge makes me want to projectile hurl.
And I thought I had a problem with MCI because they keep billing me $3.95 a month for connection service, five months after I switched to AT&T.
I call to complain to their computer, and their computer calls back to say that my credit for $0 dollars will be sent within 60 days.
All I get is a new bill each month.
MCI is a criminal organization.
What Jerry Miller's doing at Delphi is exactly the same thing as what CEOs are doing at all bankrupt companies - looting them. MCI was just one of the trend-setters.
It worked well for K-Mart, too. And it's working well for Delphi as well - not quite as profitable as they'd like, but it's working. Dana's looting is going good as well.
BK's mean big looting by the BK vandals, who are a very small circle of friends.
If you have any proof whatsoever that what you are saying is true why aren't you going to the Attorney General instead of some lame post on this message board?
You're an idiot and anyone that believes your accusations is an idiot as well.