Re: And this changes what? in http://www.dslreports.com/forum/r8262804 en Tue, 01 Dec 2009 05:30:45 EDT Tue, 01 Dec 2009 05:30:45 EDT Re: And this changes what? http://www.dslreports.com/forum/remark,8275955 calvoiper : Yeah, it'd be nice if these folks who know so much could at least get the names right--especially when they come around to jail people.

Bernie probably can't get a loan--there's this little problem of his last loan, for over $300 Million. That went to maintain his investment in WorldCom.

Of course, if he hadn't borrowed that loan, he would have had to sell off his WorldCom stock. The embarrassment of that would have forced his resignation even earlier.

And he'd still have his ranch, his yacht building business, and his other assets. If he just hadn't believed in WorldCom enough to borrow $300 Million to stay in its stock....

Calvoiper
--
VoIP--the death knell of remaining voice monopolies!]]> http://www.dslreports.com/forum/remark,8275955 Mon, 20 Oct 2003 02:35:17 EDT Re: And this changes what? http://www.dslreports.com/forum/remark,8270760 oliphant5 : Showing poor performance?!? They netted over $200 million in July and another $132 million in August AND they are building cash reserves at a huge rate ($600M in Aug to now over $5 billion). All this despite high reorganization costs.

What poor performance are you referring to? You should look at the monthly reports.

I think the new MCI leadership is doing an excellent job bringing the company back after the trashing by the old regime. MCI will emerge in a great position despite the huge hole it was in and despite the sluggish economy. I don't know what else you could expect from this management team that they haven't delivered. IMHO they deserve every penny they're getting, and those 55,000 employees who had their jobs saved would, if they think about it, think about how bad it could have been, would agree. Every employee was at risk for layoffs, whether it's Worldcom, Boeing or any other large corporation...but that's not the case now, especially at MCI.

The only ones critical of MCI now are their competitors. Customers are getting good service (according to recent industry awards) and their employees are working and MCI will certainly start expanding again.

MCI continues an excellent employee benefit package, 100% matching contributions to 401K to 5% of employee salary, comprehensive medical including prescriptions, dental, vision, life insurance, and disability.

And the continued success of the MCI recovery is reflected in that they're hiring, they are putting more and more people back to work.

In the face of all of their success, you question the bonuses paid to the leadership that made it happen? IMHO, that's how it should be...bonuses for company success. It seems to me that with this all new administration at MCI you get what you pay for, Capellas and the rest have saved 55,000 jobs, maintained the employee benefit packages (while many other companies can't as evidenced by worker strikes here in Cali), made MCI profitable in such a short time...and hell, they aren't even out of bankruptcy yet.

Say what you will about the old corrupt regime of Worldcom (they should all get life in Federal ass-pounding prison and their assets liquidated) but the new leadership at MCI shouldn't be painted with the same brush, especially in the face of such continuing success.
--
-- Munis Killed the Telco Star -- Powered by Barry McKockenner Racing in association with Jack Mikkokov Motorsports
[text was edited by author 2003-10-19 13:53:38]
]]> http://www.dslreports.com/forum/remark,8270760 Sun, 19 Oct 2003 13:32:36 EDT Re: And this changes what? http://www.dslreports.com/forum/remark,8270549 SRFireside : All I am reading from that link is restructuring to help deal with their creditors and a blurb about the new ethics leader. My stance is still the same because I really don't know how much has changed yet. For a company that is under bankruptcy protection I am figuring the bonuses shouldn't be that high. Afterall the books are now showing very poor performance. This is the stuff we keep reading about with a lot of other telecommunication companies in the past.

So again I ask what has changed? Has the bonus structure changed to reflect a more realistic acceptance of rewards or is it still business as usual with the executives getting gobs of cash in spite of poor performance? Are they looking closer into decisions that harm the support staff (such as layoffs) when considering bonuses during times when the company's stock is faltering? I can't call a company very ethical in the long run if these issues haven't been resolved or at least met. Yeah I know. That means I would call most companies with investors unethical, but that's the way I see it.

BTW if the stuff I mentioned has been addressed and is on the site I didn't see it. Please provide a direct or quote if you can. If it's not mentioned then that's where I stand.
--
Love Science Fiction? www.spacestationzoom.com]]> http://www.dslreports.com/forum/remark,8270549 Sun, 19 Oct 2003 13:01:24 EDT Re: And this changes what? http://www.dslreports.com/forum/remark,8269920 oliphant5 : But the "bonuses" are part of their salary. People have screamed that top management shouldn't just get money to get money but rather it should be tied to performance. Now when the company performs, top management successfully navigating the company through bankruptcy and no doubt getting the company great deals from the court (staying off liquidation and ultimately 100% layoffs) and they get a bonus people still bitch. MCI elected to buy top people including Capellas, who saved Compaq.

My feelings are, unless the CEO just gets a straight $50K/yr salary people will bitch.

If you want to punish Worldcom leadership, then you should devote your efforts toward to leadership that drove Worldcom to bankruptcy, not the all new current one who is getting them out faster than anyone could have imagined much to the dismay of Worldcom's competitors.

Meanwhile, we see from this article, that MCI isn't just going to pay fatcats for the sake of paying. If you visit the MCI restructuring site, you'll see just how much they've accomplished since kicking out the old regime. »global.mci.com/news/ But like most news, the good doesn't make the from page while the bad or controversial does.
--
-- Munis Killed the Telco Star -- Powered by Barry McKockenner Racing in association with Jack Mikkokov Motorsports
[text was edited by author 2003-10-19 11:23:26]]]> http://www.dslreports.com/forum/remark,8269920 Sun, 19 Oct 2003 11:20:40 EDT Re: And this changes what? http://www.dslreports.com/forum/remark,8266254 SRFireside : I'm talking more about the lack of raises and massive on those levels while upper management and the executives continue to get massive bonus checks, company perks and more. They try to validate the layoffs while at the same time paying themselves a lot more than necessary. Lets not forget the stockholders who got screwed by the same thinking.
--
Love Science Fiction? www.spacestationzoom.com]]> http://www.dslreports.com/forum/remark,8266254 Sat, 18 Oct 2003 20:35:41 EDT Re: And this changes what? http://www.dslreports.com/forum/remark,8266202 oliphant5 :
said by SRFireside See Profile:
Nice sentiment from Worldcom, only how does this change anything? Sure they are hitting Ebbers. He can be the scapegoat now. What about the current executives? What kind of bonuses and salaries are they receiving while the lower ranks have to deal with not-so-enticing salaries and fears of lay offs? It would be nice if the exhorbant bonuses were done across the board and not just on one guy they feel they can persecute just so they can look good.


Anyone who is not happy with their station in life should worry less about why someone is doing better than them and concentrate more on improving themselves by their own merit.
--
-- Munis Killed the Telco Star -- Powered by Barry McKockenner Racing in association with Jack Mikkokov Motorsports]]> http://www.dslreports.com/forum/remark,8266202 Sat, 18 Oct 2003 20:28:43 EDT Re: And this changes what? http://www.dslreports.com/forum/remark,8264560 RonSMeyer : Scott Sullivan not Scott Thompson. ]]> http://www.dslreports.com/forum/remark,8264560 Sat, 18 Oct 2003 16:10:09 EDT Re: And this changes what? http://www.dslreports.com/forum/remark,8264496 DaSneaky1D : I still keep in touch with some people that work there. They are making everyone take an ethics course and other things like that. True, there probably are still some very shady pratices going on, but considering how much debt they had to clear, I think they will try to with hold as much money from key people as possible.
--
] ::my trivial ramblings:: [ ]]> http://www.dslreports.com/forum/remark,8264496 Sat, 18 Oct 2003 15:58:47 EDT Re: And this changes what? http://www.dslreports.com/forum/remark,8263252 SRFireside : Still I don't think the company has made any real changes since then. Maybe one person is getting their just desserts, but what about the rest of the cancer?
--
Love Science Fiction? www.spacestationzoom.com]]> http://www.dslreports.com/forum/remark,8263252 Sat, 18 Oct 2003 12:56:21 EDT Re: And this changes what? http://www.dslreports.com/forum/remark,8262804 DaSneaky1D : This does change things. For the past couple of years, Bernie has gotten away cleanly. He put the blame on fall guy Scott Thompson while he continued to receive his severence and life time health coverage for him and his wife. This is actually going to do some damage. Taking away his money and holdings forces him to repay his creditors. If no one will give him a loan to do it (who wants their name associated with him), the main person behind the whole Wcom failure is hit...and hard.

There may be other people that were involved, but his name was on my check...before I got laid off.
--
] ::my trivial ramblings:: [ ]]> http://www.dslreports.com/forum/remark,8262804 Sat, 18 Oct 2003 11:48:12 EDT And this changes what? http://www.dslreports.com/forum/remark,8262744 SRFireside : Nice sentiment from Worldcom, only how does this change anything? Sure they are hitting Ebbers. He can be the scapegoat now. What about the current executives? What kind of bonuses and salaries are they receiving while the lower ranks have to deal with not-so-enticing salaries and fears of lay offs? It would be nice if the exhorbant bonuses were done across the board and not just on one guy they feel they can persecute just so they can look good.
--
Love Science Fiction? www.spacestationzoom.com]]> http://www.dslreports.com/forum/remark,8262744 Sat, 18 Oct 2003 11:37:34 EDT