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Disconnected: Deceit and Betrayal at WorldCom, by Lynne W. Jeter
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From Booklist
In 1985, Canadian-born Bernie Ebbers, a high-school basketball coach and owner of a string of run-down hotels in rural Mississippi, took over local long-distance reseller LDDS and turned it into the nation's second-largest long-distance carrier, its stock peaking out in 1999 with a return of more than 7,000 times the initial investment. Unfortunately, WorldCom will not be remembered for this successful run, for after a failed attempt at a final merger with Sprint, the growth spurt ended and billions of dollars in accounting errors were revealed, leading in July 2002 to the filing of the largest bankruptcy in U.S. history. The rise and fall of this telecom giant had a huge economic impact on the people of Mississippi, and as the primary WorldCom reporter for the Mississippi Business Journal, Jeter has been closely following the company since its inception as LDDS in 1983. She opens with a handy timeline of events and takes us behind the scenes to explore the careers and personalities of the players, including those accused of fraud and others who escaped unscathed. David SiegfriedCopyright © American Library Association. All rights reserved
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“…I cannot recommend this book highly enough…” (Accounting Technician, November 2003)
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Product details
Hardcover: 272 pages
Publisher: Wiley; 1 edition (March 6, 2003)
Language: English
ISBN-10: 047142997X
ISBN-13: 978-0471429975
Product Dimensions:
6.2 x 1 x 9.4 inches
Shipping Weight: 12 ounces (View shipping rates and policies)
Average Customer Review:
3.9 out of 5 stars
19 customer reviews
Amazon Best Sellers Rank:
#413,615 in Books (See Top 100 in Books)
It's a pity that the only currently available book on the WorldCom meltdown is "Disconnected." While I'm sure Ms. Jeter is a respected writer on Mississippi business "Disconnected" is a perfect example of what can go wrong when a journalist/columnist tries to write a book; it reads more like a series of columns cobbled together rather than anything coherent and unified, which is a shame as the WorldCom fiasco deserves better than this. As a former legacy-MCI middle manager I was hoping "Disconnected" would be an incisive look into how it all went wrong and while it does that to varying degrees of success it's a major effort to get through the book, primarily due to the poor writing. Jeter has a pronounced tendency to repeat herself, which often left me wondering if these were old columns "cut and pasted" together to make a book. One particular problem is Jeter's habit of introducing a player and 40 pages later mentioning them in passing without putting them back into context. A great example of this is Diana Day-Cartee who was involved in WorldCom's forerunner LDDS and allegedly one of Bernie Ebbers many mistresses. She's mention in Chapter 3 "The Spending Spree" (pages 30, 36, & 37) then disappears until page 72 when she pops back up again casually mentioned in passing as, "Diana (Day) married some music executive." Huh? Would it kill Jeter just to append a quick "Bernie's alleged former lover" or "Early LDDS stalwart"? This is typical of Jeter's treatment of characters in the book, she fails to provide context as to who they are and how they're relevant leaving you to flip back and try to recall who the heck they were. Again, this is typical of the problems when a journalist tries to expound things to book-length, but it isn't always like that as witnessed by Neil Hayes's "When the Game Stands Tall." Jeter takes great pains to try and be impartial, which was probably due to the fact this was written and rushed to press before Ebbers trial and there was no way of knowing how the verdict would go.Jeter's book also lacks depth as it is told primarily from the legacy-WorldCom side of things and often ignores the perspective of the other companies forced into WorldCom. Some things in the book are spot-on, dead-accurate, and at times it was like a sickening trip down an unpleasant memory lane. But Jeter also gets some things absolutely dead-wrong which tells me she was over-relying on WorldCom sources rather than speaking to ex-MCI employees, which is sad as most of them would have been all too happy to talk (myself included). "Disconnected" would have benefited from a much more diligent editor and the book as considerable dead-space thanks to its odd layout (blank pages). Most of the recommendations on the back dust jacket are puff pieces from fellow Mississippians who likely never read the book beforehand and include her editor at the Mississippi Business Journal and a travel writer (!?). While I did find "Disconnected" a compelling page turner that I read rather quickly I was particularly interested in the subject matter. If it were anyone else I don't know they'd slog through this mess. With Ebbers and Sullivan rightly convicted its time for an updated version that fixes these problems, but preferably I'd rather see someone else just start from scratch.
Some background: In 1986 I was hired by a regional long-distance carrier, based in Boca Raton, Florida, to fill a temp position in their line costs department. The company's name was Microtel and it was one of the upstart telco's that arose when Judge Green handed down his decision to break up ATT. Two and a half years later, I'd gone from temp to analyst to supervisor to Manager of Line Cost Administration; Microtel, had acquired a half dozen smaller, weaker telcos, and had, itself, recently been swallowed by Atlanta-based ATC (Advanced Telecommunications Corporation).The environment in the brand-new long-distance industry of that time is best summed up by two statements made to me after I'd been hired. The first was by an analyst who'd been there a few months. "This is an industry that runs on testosterone," she told me. The other came when I asked my department manager what authorizations I'd need to start a certain project. "Damn the paperwork," he said. "Get it done and we'll worry about paperwork later."In her book, "Disconnected: Deceit and Betrayal at WorldCom," Lynne Jeter does a remarkable job of capturing the entrepreneurial, over-the-top spirit that was the hallmark of the telecom industry at its outset, and of WorldCom, in particular, from the time Bernie Ebbers took its helm when it was still called LDDS to its demise and the aftermath. Think of thousands of Mom and Pop enterprises, each on steroids, each trying to grab weak competitors, knowing survival depended on growth, forced to keep the profit margin high in order to continue making acquisitions in order to keep surviving. A deadly and exhausting treadmill.Jeter's writing matches her subject: it's compelling, urging us from one paragraph to the next, one chapter to the next, one episode in the life of LDDS/WorldCom to the next.But this is a book that doesn't merely tackle the rise and fall of a business and its subsequent economic effect; Jeter keeps the priority where it belongs: "Disconnected..." is mainly the story of the people who started WorldCom, the rivals who feared it, its employees, from top to bottom, and the people in the community where it was based who were proud such a giant was birthed in Mississippi. It is a very human story.Well-researched throughout, with both financial documentation and personal quotes and anecdotes from knowledgeable people, Ms. Jeter is savvy enough to not point a finger at the culprits likely to have pulled down WorldCom, or to lead the reader to a predetermined conclusion. Rather, she lays out the evidence and lets us decide for ourselves. Throughout, this is reportage at its best, not tainted by opinion.Bernie Ebbers guided WorldCom almost from its beginning, although he claimed, "I am not a technology dude." But Jeter includes a telling illustration that provides insight for why Ebbers was so successful. Before LDDS came along, Ebbers was an entrepreneur who owned some motels and a restaurant. One day he told a friend, "You've got to slice tomatoes this thick because that's where a lot of your profit is." From there to running a multi-billion dollar company, he was a man who knew where the profit was.Little touches like that separate the finer writers from the rest, and make interesting stories from lifeless facts.But, the other major player in the company's demise was WorldCom's Chief Financial Officer, Scott Sullivan, who authorized or ordered the accounting entries that have since been called into question for overstating profits.Oddly, I met Sullivan in 1990, in his pre-WorldCom days. He'd been with my company, ATC, only a few weeks as our number two man in Finance, but was new to the telecom field. As Manager of Line Costs, I was working late one night, trying to trace why a large amount of line usage wasn't reconciling to dollars. I determined the answer was in a report compiled by another department and walked over to see. Scott came in a few minutes after me. He'd been trying to figure out the same problem from a preliminary report he'd received. I found the error and showed it to him. He disagreed; he didn't understand that the behavior of usage through multiple switches in multiple switching systems over multiple lines, inherited from companies acquired over a half dozen years, could result in double counted minutes. I explained it and answered his questions. Polite and attentive throughout, when I'd made my case, Scott thanked me, shook my hand and left.A few weeks later I left ATC, having decided the ninety-hour weeks weren't worth the paycheck. Over the years, I lost touch with my coworkers and then with the industry itself. ATC became a paragraph on my resume.So, imagine my surprise when I picked up "Disconnected..." and saw Scott Sullivan's name and read of the heights he had reached at WorldCom. And then, imagine my shock when I neared the end of the book and read about the charges the SEC had leveled at Sullivan.It makes me wonder whether, while I was teaching him how to not double count usage, Scott, bright and nimble-minded as he is, was figuring out ways to use the information to prop up company share price, and of course, his own personal stake in the company. I hope not. He seemed like a nice guy.But, as we all knew, back when Judge Green handed down his decision, the door opened for billions to be made...if someone could just figure out how.Lynne Jeter shows us that a few did figure out how, and tells us what happened when keeping those billions became too, too tempting.
Great Book -- full of great informationInteresting read for anyone who was ever associated with WorldCom-Found it a very good foundation on many aspects of the pitfalls of fast growth not only in the DotCom arena but in any business model
Looks great. Delivered way before stated :-)
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