What does MCI stand for? My best guess Ò Massively Corrupt Institution. Jokes apart here is a quick update on whatÌs are the latest developments at MCI/WorldCom. The bankruptcy court proceedings are currently underway in New York.

* Bankruptcy Court Opens WorldCom Hearings (Associated Press)
* The Rise and Fraud of WorldCom, also known as THE BIG LIE

David Faber of CNBC takes a critical look at WorldCom and has exclusive chat with Bernie Ebbers. This is truly must-see TV

bq. “When you put your life into something like that and something like that happens, there’s really not a lot to say except it’s just terribly sad, terribly sad. A lot of people got hurt in the thing. It didn’t have to happen. The big thing that really hurt us was the growth that we typically had … in sales to our existing customers. Instead of that going up $160 million a quarter, that was going down $100 million a quarter and that is the issue in the company.” Bernie Ebbers as told to CNBC.

Associated Press reports that New Mexico has sued WorldCom. New Mexico state attorney has filed three lawsuits against WorldCom Incorporated and its three executives and is looking for a $80 million settlement.