NEWS AND UPDATES
ABOUT THIS COMPANY:A telecom giant by any name
Verizon Business (formerly MCI WorldCom) was once the second-largest provider of national long-distance phone service (behind AT&T), until fraudulent accounting practices brought to light in 2002 pulled the company down from its lofty heights. After emerging from Chapter 11 bankruptcy protection in 2004, the company was purchased (and kept as a subsidiary) by Verizon for $5.3 billion in equity and cash; the deal closed in early 2006. Today Verizon Business provides a broad range of communications services, though the lion's share of its income comes from serving large businesses with data and telephone access.
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