Feeds

Vallance recounts WorldCom war stories

From 'mug' to 'smug'

  • alert
  • submit to reddit

High performance access to file storage

When it comes to the WorldCom scandal, let's face it, most news is bad news.

But there is the odd exception, giving rise to some hope at least that corporate clouds do have sliver linings.

For while the authorities are crawling all over WorldCom, BT is counting its blessings.

The Sunday Herald reports that Sir Iain Vallance, the former (heavily criticised) chairman of BT, persuaded execs at the UK telco to cash in £5bn ($7bn) of MCI stock after WorldCom beat BT in the race to buy US carrier in 1997.

WorldCom (now ex) chief exec Bernie Ebbers reportedly told Vallance that he "was a mug to be getting out" bragging that the stock would top $100 a share.

Ebbers told Vallance: "You will live to regret it and your name will be mud."

If Vallance's name is mud, then Ebbers' name must be something really brown, gut-churning and horribly foul smelling.

And rather than being a mug, one suspects Vallance is now feeling rather smug at the way events have turned out. ®

Related Link

Vallance reveals $7bn WorldCom escape - Sunday Herald

High performance access to file storage

More from The Register

next story
Sorry London, Europe's top tech city is Munich
New 'Atlas of ICT Activity' finds innovation isn't happening at Silicon Roundabout
MtGox chief Karpelès refuses to come to US for g-men's grilling
Bitcoin baron says he needs another lawyer for FinCEN chat
Dropbox defends fantastically badly timed Condoleezza Rice appointment
'Nothing is going to change with Dr. Rice's appointment,' file sharer promises
Audio fans, prepare yourself for the Second Coming ... of Blu-ray
High Fidelity Pure Audio – is this what your ears have been waiting for?
Did a date calculation bug just cost hard-up Co-op Bank £110m?
And just when Brit banking org needs £400m to stay afloat
Zucker punched: Google gobbles Facebook-wooed Titan Aerospace
Up, up and away in my beautiful balloon flying broadband-bot
Apple DOMINATES the Valley, rakes in more profit than Google, HP, Intel, Cisco COMBINED
Cook & Co. also pay more taxes than those four worthies PLUS eBay and Oracle
prev story

Whitepapers

Securing web applications made simple and scalable
In this whitepaper learn how automated security testing can provide a simple and scalable way to protect your web applications.
Five 3D headsets to be won!
We were so impressed by the Durovis Dive headset we’ve asked the company to give some away to Reg readers.
HP ArcSight ESM solution helps Finansbank
Based on their experience using HP ArcSight Enterprise Security Manager for IT security operations, Finansbank moved to HP ArcSight ESM for fraud management.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Mobile application security study
Download this report to see the alarming realities regarding the sheer number of applications vulnerable to attack, as well as the most common and easily addressable vulnerability errors.