[Congressional Record Volume 149, Number 75 (Tuesday, May 20, 2003)]
[House]
[Page H4263]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                              WORLDCOM/MCI

  (Mr. MEEKS of New York asked and was given permission to address the 
House for 1 minute and to revise and extend his remarks.)
  Mr. MEEKS of New York. Mr. Speaker, I rise this morning to bring an 
urgent matter to the attention of my colleagues in the House. After 
recording the largest corporate fraud in United States history, costing 
thousands of jobs and $176 billion in losses to investors, representing 
three times that of Enron, WorldCom is back, just rebranding themselves 
to their former name MCI.
  As a supporter of reforming our bankruptcy laws, I am shocked how MCI 
or any other company can be rewarded for cooking the books, cheating 
and stealing, and stand to gain by their criminal behavior. 
Reorganization under the bankruptcy laws should not apply when the 
assets are the product of criminal activities. Bankruptcy should not be 
the vehicle for laundering stolen goods. This is the case with MCI, 
even though they have changed their name and recently rolled out a new 
marketing campaign to distance themselves from their ``criminal 
stigma.'' What an artificial advantage for MCI, our bankruptcy laws.
  In conclusion, here is an idea how MCI can market themselves. They 
can market by saying: MCI stands for massive corporate indiscrepancies.

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