http://money.cnn.com/magazines/fortune/fortune_archive/2003/06/09/343974/index.htm
Spare The Rod And Save The Company
(FORTUNE Magazine)
By Geoffrey Colvin
June 9, 2003
(FORTUNE Magazine) – Amid all the front-page hoopla over MCI’s agreement with the feds to settle fraud charges for $500 million—the largest penalty ever sought by the SEC—did you notice anything ... missing?
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http://slw.riskmetrics.com/2003/09/mci_names_5_new_board_members.html
Monday, September 1, 2003
MCI Names 5 New Board Members
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http://www.lightreading.com/mobile/document.asp?doc_id=39385
MCI Adds Five to Board
ASHBURN, Va. — MCI (WCOEQ, MCWEQ) today appointed five new members to its board of directors, increasing the total number of directors to nine. The new members include: former Touche Ross Chairman W. Grant Gregory, retired Bell Atlantic executive Judith Haberkorn, Patton Boggs Partner Laurence Harris, former U.S. Deputy Attorney General Eric Holder, and MatlinPatterson Global Advisers LLC CEO David Matlin.
“The appointment of our newest board members is yet another positive step in the rebuilding of our company,” said MCI Chairman and CEO Michael D. Capellas. “By attracting a broad range of talent on the board as well as the management team, we will continue to chart a new course for MCI, one in which our customers, employees and stakeholders can be proud.”
The new board appointments will become effective on the day MCI formally emerges from Chapter 11 protection. The first order of business for the new board will be to elect a non-executive chairman among its independent directors. Once the non-executive chairman is named, Capellas, who supports the separation between chairman and CEO as an element of good governance, will retain the title of MCI’s chief executive officer. Additionally, the company expects to name as many as three more board members prior to its emergence.
“Michael and the entire management team are focused on restoring the company’s credibility and they are making every effort to build a winning team,” said Irwin Gold of Houlihan Lokey Howard & Zukin, financial advisors to MCI’s Unsecured Creditors Committee. “The new board is a clear indication of the value the management team places on depth of experience and commitment to the company’s values of integrity, customer service and innovation.”
The new directors satisfy the requirements of the company’s new corporate governance standards announced this week by Corporate Monitor Richard Breeden. These new board members join Capellas and other previously existing MCI Board members, including former Financial Accounting Standards Board Chairman Dennis Beresford, former U.S. Attorney General and Undersecretary of State Nicholas Katzenbach, and former Equifax Chairman and CEO C.B. “Jack” Rogers.
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Eric Holder’s MCI stock options
http://sec.gov/cgi-bin/srch-edgar?text=holder+eric&first=1994&last=2008
And this particular individual was the assistant A.G. under Janet Reno. He is also responsible for the protection and cover-up of Waco, Ruby Ridge, Elian Gonzalez and lied outwardly to the press even with photos to prove otherwise.
This man will do more to ruin the Constitution than any other in our history. And the Press, the Legislature and the coming President (Premier) will let him.
Let us hope and pray that Specter is in one of his effective prosecutor modes, something that he is capable of being very good at.
If the Republicans don’t grow some gonads they are history. They can’t play nice when going up against the new Socialist/Commnunist(Dem) party. Where are the Newts? Long gone.
Fight this SOB !!!
Thanks for the post, 2am!