Tenet's Barbakow Turns Tables in WorldCom Loss

Tenet's (THC Quote) former CEO is getting a taste of his own medicine.

Jeffrey Barbakow -- who cashed in $111 million worth of Tenet options before the stock collapsed in 2002 -- is now complaining that he feels he was misled about the health of another company.

According to the Los Angeles Times, Barbakow has filed a lawsuit seeking unspecified damages to help cover "tens of millions of dollars" worth of losses he suffered as WorldCom (now MCI) spiraled into bankruptcy two years ago. Barbakow claims he would have sold his WorldCom stock if he hadn't been tricked into believing that the company was "vibrant" and "financially secure," the newspaper reported. He targets company outsiders -- investment banking firm Citigroup Global Markets, former Citigroup analyst Jack Grubman and former WorldCom auditor Arthur Andersen -- for allegedly abetting "massive financial and accounting frauds," the newspaper added. ...