Posted on 07/13/2005 9:00:37 AM PDT by Imani
Former Worldcom Chief Executive Bernard Ebbers was handed a 25-year prison term for directing the biggest accounting fraud in corporate history, leaving thousands of investors empty-handed.
Ebbers, who built a small Mississippi-based long distance company into a telecommunications powerhouse, was found guilty on March 15 on all charges one count of conspiracy, one count of securities fraud and seven counts of false regulatory filings.
But he could also be a charming and folksy CEO, who preferred cowboy boots to suits, opened shareholder meetings with a prayer, ate lunch in the cafeteria and ran a company that had become a Wall Street darling by the late 1990s.
Ebbers worked as a bouncer, basketball coach and milkman before getting into the telecommunications business.
(Excerpt) Read more at msnbc.msn.com ...
25 years ...of which he will do about 85.5% with 54 days per year allowed for good time.
that's the biggest sentence I've ever seen for corporate malfeasence.
a death sentence for him I would imagine.
I don't see an appeal doing much here.
oh yes...he'll have 6 months halfway house available at the end too....a year if he takes the "drug program".
no camp for Bernie on a 25 year bit
wow
wow too that he is allowed to self surrender.
isn't wifey the young one?...doubt she'll wait....a gentleman would cut her loose
When will Joe Hutts and Phycor ever get indicted?
We lost a bundle on that....
smaller hit on World Com
Hutts is actually the CEO of another private healthcare venture now.
BUMP!
"isn't wifey the young one?"
Not a whole lotta "Kristie"s in his age bracket.
"...doubt she'll wait....a gentleman would cut her loose"
Nope, and yup.
Ebbers was also notorious among certain folks for backing the repeal of the Battle Flag from the Mississippi state flag.
BTW, I wish they would hand down sentences
like this one to perverts who hurt children.
As you said wardaddy, it's a death sentence.
Pervs who hurt children deserve nothing less.
He has friends at Mississippi College in Clinton....his alma mater.
He gave them big bucks.
I always heard he was a snake oil guy even in the motel business where he started
B) are yall involved?
True....not many 60 year old Kristies.....
"He has friends at Mississippi College in Clinton....his alma mater"
Apparently he was asleep in ethics class.
"B) are yall involved?"
No...PTL!
LOL!
I did not know that....well hell then.....he should be executed dammit....no that's too easy
to think....i felt a glint of sympathy for his lengthy prison term
and another thing....FCI Yazoo City is too good for him.
he needs to be in the darkest dankest and cruelest UNITED STATES PENITENTIARY possible.
the underground AWB unit at USP Atlanta would do fine....throw him in a cell with Tommy Silverstein and let Silverstein eat him slowly.
rant off
Thank You Clemenza for giving me the whole story....that sorry dog Ebbers....Canadian...hrumph!
Amen to that.....the truth is.
Fed time is most certain......has been since 1987
O'Reilly had a list of governors who were tough on crimes against children,
those who were moderate, and those who were soft.
Of course, MS and other deep South states were on the tough list.
Oregon was on the soft list.
I've never lived anywhere where someone who murdered a baby would get 2 years.
Dang shame...
I work for MCI, I dodged the layoffs but many good friends did not, I hope Bernie rots. His atty says he has a heart condition, I thought you had to have a heart for that.
The next billionaire fraudsters they should pursue are Sanjay Kumar, Ira Zar, Stephen Richards, Russ Artzt, and Charles Wang from Computer Associates software. These criminals were snagged by DOJ, SEC, and FBI investigators this year.
They negotiated a deal in 1998 alone where three of those crooks split $1.1 billion for keeping the stock above $53.00/share for one quarter. The big cheese of the group took home $645 million himself! That was in addition to the millions they were already making with salary and other bonuses.
The company announced big accounting problems (gee, who would have thought!) shortly thereafter and the stock sank to the single digits. Thousands upon thousands of people lost their jobs. The government finally fined the company $250 million and confiscated the passports of all the executives. These thugs are all going to stand a criminal trial this year.
WorldCom, Adelphia, Tyco, Computer Associates, Enron...they are all the lowest of the low. Each of those thieving jerks deserves DECADES in prison.
~ Blue Jays ~
I would be interested in seeing the explanations they come up with.
Marty Frankel embezzled $3 billion from the insurance companies in Tennessee, Missouri, and Mississippi. Thurston Little, the older brother of the current president pro tempore of the Mississippi senate, got three years for helping Frankel launder several million of his embezzled money in Mississippi. Ebbers should have had a few democrats in his back pocket and he would have fared better.In the meantime, Thurston Little's brother changed from Democrat to Republican.
So, will Terry McAuliffe be indicted and convicted too, then?
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