A day after his indictment on fraud and conspiracy charges, former WorldCom chief Bernie Ebbers turned himself in to federal authorities. Ebbers was charged Tuesday with three felony counts in his role in the $11 billion accounting scandal that led to the collapse of WorldCom in the nation's largest bankruptcy. Ebbers is expected to be arraigned at 11 a.m. EST in Manhattan federal court, the Justice Department said. The events come after federal prosecutors won a guilty plea from former WorldCom financial chief Scott Sullivan Tuesday. Sullivan faces a maximum of 25 years in prison and $2.25 million in fines, but his cooperation in the U.S. case against his former boss is likely to help reduce his penalties. WorldCom, which will change its name to MCI, is expected to emerge from Chapter 11 protection this spring.
Even though AT&T tried a last-minute bribe of promising 5,000 new U.S. jobs to help gain support for the deal, the Justice Department filed a complaint to fight the combination of the nation's No. 2 and No. 4 wireless carriers.