US State Squares Up to MCI.MCI (1) (Media Control Interface) A high-level programming interface from Microsoft and IBM for controlling multimedia devices. It provides commands and functions to open, play and close the device.
(2) (Microwave Communications Inc. says it will co-operate with Oklahoma's attorney general following his decision to prosecute the company and six former employees for deliberate securities fraud.
However, the company warned yesterday that attorney general Drew Edmondson's crimnal action would only punish MCI's 20 million customers and 55,000 employees.
In a statement released by MCI general counsel Stasia Kelly, the company added it does not believe Edmondson's action will impact MCI's bankruptcy process.
The statement was issued after Oklahoma launched the first state criminal action against WorldCom. The suit also names six employees, including former CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Bernie Ebbers and CFO See Chief Financial Officer. Scott Sullivan.
The 15 count complaint alleges the company and former executives falsified company information that is relied upon when buying securities to defraud investors, and engaged in a course of business that operated as a fraud.
"We allege the company and these six employees executed a scheme to artificially inflate the value of WorldCom stock and bonds by intentionally falsifying fal·si·fy
v. fal·si·fied, fal·si·fy·ing, fal·si·fies
1. To state untruthfully; misrepresent.
a. information filed with the Securities and Exchange Commission (SEC)," Edmondson said.
Oklahoma state pension funds are reported to have lost $64m through WorldCom's collapse.
A lawyer for Ebbers is reported to have said Oklahoma's complaint contained no specific evidence of wrong doing by the former CEO and expects Ebbers to be "fully exonerated."
News of the action came a day after MCI's US court-appointed corporate monitor, Richard Breeden, published a reporting outlining 78 recommendations for changes in corporate governance Corporate Governance
The relationship between all the stakeholders in a company. This includes the shareholders, directors, and management of a company, as defined by the corporate charter, bylaws, formal policy, and rule of law. to prevent what he called "cronyism Cronyism
Manhattan Democratic political circle notorious for spoils system approach. [Am. Hist.: Jameson, 492] " and "compensation abuses" of past executives, and install a system of corporate checks and balances.