The establishment of WorldCom in the United States

1983, LDDS Company was established in Jackson, the capital of Mississippi. The company name means "long-distance telephone preferential service". 1985, the company elected Bernard Erbers as the CEO.189, in August, the company went public after acquiring the dominant companies. 1995, the company changed its name to LDDS WorldCom, and then simplified it to WorldCom. In 1990s, through a series of acquisitions, the scale of the company expanded rapidly, reaching its peak after 1998 acquired MCI. In a routine capital expenditure inspection in June 2002, the company's internal audit department found financial fraud as high as $3.852 billion, and immediately notified the external audit KPMG (KPMG recently replaced Andersen as the company's external audit). The scandal was immediately exposed, Sullivan was dismissed, Myers resigned voluntarily, and Andersen retracted the audit opinion of 200 1. The US Securities and Exchange Commission (SEC) launched an investigation on this matter on June 26th, 2002, and found that during the two years from 1999 to 200 1, WorldCom's fictitious income reached more than 9 billion dollars. By the end of 2003, the company's total assets had expanded by 1 1 billion dollars.