By Om P. Malik
Investigating the monetary fraud and erroneous strength performs that introduced down the telecom industryOnce the basis of the Dow and NASDAQ, the telecom has eaten up extra capital than the other in fresh historical past and has not anything to teach for it. at the present time, it truly is via a ways the worst perpetrator within the spate of economic soiled dealings which were splashed around the enterprise pages, and but the rewards reaped via most sensible executives at lots of those failed or failing businesses were inversely proportionate to their decline. Broadbandits takes readers backstage to get the tale they might not get within the media. Investigative reporter Om Malik follows the cash path and deciphers the activities and motivations of a iteration of latest financial system "barbarians" that introduced down this as soon as profitable undefined. This fascinating ebook deals an inside of inspect the telecom bubble, with stories and anecdotes approximately mavericks who became basic mild and glass fibers into veins of gold, financiers who received grasping and fleeced unsuspecting thousands, clueless enterprise capitalists who proposal they might tapped into the mum lode, hapless marketers who believed that they have been altering the area, and self-proclaimed pundits who have been cheering all of it on from the sidelines. Broadbandits is a compelling account of the downfall of telecom giants equivalent to WorldCom and international Crossing, and may convey readers what percentage telecom upstarts and veterans alike turned sufferers of what one leader government aptly defined as "high-yield heroin."Om Malik (New York, manhattan) is a Senior author for purple Herring who makes a speciality of the telecommunications region. ahead of becoming a member of purple Herring in July 2000, he used to be senior editor at Forbes.com. His paintings has additionally been released in newspapers and magazines comparable to The Wall road magazine, enterprise 2.0, Brandweek, and Crain's manhattan company. For a really short whereas, he was once a enterprise capitalist.
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Extra resources for Broadbandits: Inside the $750 Billion Telecom Heist
Sophisticated institutional investors often care little about the valuation methodology used by sell-side analysts, other than for the expected impact on the stock if the analysts have to change their rating or price target. Institutional buyers are highly skilled and well paid to do valuation work themselves. To the less sophisticated retail investor, though, the valuation methodology and results can be the deciding factors in whether or not to buy the stock. 94). 29 With stagnating revenues and increased capital expenditures that threatened to cut into WorldCom’s cash flow, it was hard to justify his previous valuation of WorldCom.
When asked about these loans, the company would say that if Ebbers sold stock on the open market, it would further depress the stock price, which would not be good for WorldCom investors. In reality, the only person they cared about was Ebbers, because it was Ebbers who had made everyone who mattered—in this case, the board of directors—extremely rich. To be kind, WorldCom’s board was under Ebbers’ control, even though some have said that they were outright incompetent and toothless. Ebbers had substantial influence over the board’s decision-making process and actions.
The company was running out of options—it needed to compete with the imitators such as Qwest and Global Crossing that were looking to eat Ebbers for lunch. Managing with Blinders On But while Rome was burning, the Neros were busy with their orgies. Money flowed like champagne at company events like the one in 1998, when about 60 to 150 people gathered for a long weekend at a castle a few miles away from Windsor Castle. It was a weekend to build company morale and bring together people from different companies acquired by WorldCom.