Tuesday, April 30, 2002

Bye bye Bernie

Bernard "Bernie" Ebbers has resigned as CEO of WorldCom. It's been an interesting ride.

Mr. Ebbers was a Canadian who went to Mississippi to go to college as I recall. Later he wound up getting involved with a small company called LDDS, which he built into today's WorldCom.

He fought mightily to maintain high stock prices, then used the stock to acquire firm after firm, including MCI ("money coming in"). Then the regulators nixed his purchase of Sprint, and it's been downhill ever since.

I suppose the stock price will recover a little in the short term, but the next CEO has a lot of work to do.

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