Gregory Meeks: “MCI WorldCom represents the largest corporate fraud in United States history, costing shareholders more than $180…”

“MCI WorldCom represents the largest corporate fraud in United States history, costing shareholders more than $180 billion and still counting. So far, more than 22,000 jobs have been lost, and the company just received a tax refund from the Federal Government totaling $300 million for the so-called overpayments on the fraud MCI WorldCom committed. Meanwhile, the impact in New York has been devastating. MCI WorldCom has laid off 30 percent of its workforce in New York, with most of the cuts coming in Long Island. New York State's pension fund, the second largest in the Nation, has lost about $306 million on MCI WorldCom, the worst single loss in the firm's history. Not to be excluded, New York City's five pension funds reported that they lost $160 million on WorldCom stock. Why should we care? Because these pension funds represent a portion, possibly a significant portion, of New York State's public sector employees, policemen, firefighters, teachers, et cetera, who became victims of MCI WorldCom's fraud. Just the State pension fund alone represents more than 950,000 active and retired public employees and their beneficiaries.”