Glover should dump MCI....

WASHINGTON, May 19 — MCI, the former WorldCom, agreed today to settle accusations of fraud by the Securities and Exchange Commission by paying a $500 million penalty that will ultimately be given to investors.

The penalty was the largest ever sought by the commission, and the agreement resolves the biggest fraud case ever filed by the agency....

The article goes on to say that the SEC had actually sought $1.5 billion from MCI for committing the biggest fraud of all time by using improper accounting techniques to misstate its earnings by more than $11 billion. They accepted $500 million "in recognition that it was all the company could afford."

Lawyers for investors say the $500 million will not satisfy shareholders' claims, which run in the "tens of billions of dollars."

As usual, part of the settlement allowed the company to neither admit nor deny the fraud accusations. Still, WorldCom and its former senior executives are not off the hook yet: they may face additional penalties, and the company--along with its board, top executives and former investment bankers and analysts at Salomon Smith Barney--are all defendants in a class-action suit brought by shareholders and bondholders.

So, what was Glover doing promoting a company run by such a band of crooks anyway?

Complete story here.