Posted on 07/13/2005 9:00:37 AM PDT by Imani
No, I wasn't required to hold the stock.
And by the time the crap hit the fan, it was too late.
I'm not even counting stock options in the 40K. I should be a millionaire right now if that were the case.
And no, it wasn't my entire portfolio. Just a good chunk of it.
It is very important to do diligent planning and risk management when investing. These kinds of devastating events are common even if they aren't fraud related. It's a good idea to keep from having more than 10% or so of your portfolio in one investment.
I hope you have better fortune in the future.
Thanks.
We're doing alright.
I'm young so we'll be ok. I really feel for the older peope who were relying on this so close to retirement.
So do I. Most of them had all their eggs in one basket and no exit strategy.
My s-i-l lost a bunch in her 401K program because she had a bunch of WorldCom stock. She then called it her 001K.
25 years is not enough for the rapaciousness of this creep ...what a scumball. Typical liberal big money people.
I wish Justice could go after Soros.
He is scum. He will die in prison. Justice was done as much as it ever can be.
Rags to riches to orange jump suit ping
And may even by neighbor
Ebbers may serve 25-year term at Yazoo City prison
Former Worldcom CEO Bernie Ebbers exits Manhattan federal court today with his wife, Kristie, by his side following his sentencing to 25 years in prison.
Fast facts
By The Associated Press
# STRICT SENTENCE: Former WorldCom CEO Bernard Ebbers was sentenced to 25 years in prison — the toughest term yet in the recent wave of white-collar scandals.
# REPORTING DATE: The judge ordered Ebbers, 63, to report to a federal prison — possibly one in Yazoo City, Miss., near his home — by Oct. 12. The judge said she’d consider allowing him to remain free while he appeals.
# PLEA FOR LENIENCY: Ebbers’ lawyer had argued for a lighter sentence, citing a lost history of anonymous charitable donations by Ebbers and friends who wrote letters on his behalf.
NEW YORK — Bernie Ebbers has been sentenced to 25 years and could serve that time in the federal prison in Yazoo City, Miss.
Because of his medical condition, U.S. District Barbara S. Jones is recommending he serve in a medium-security facility.
Ebbers, convicted in March of conspiracy and fraud for his role in the $11 billion accounting fraud at WorldCom, has a heart condition known as cardiomyopathy.
In handing down her sentence today, Jones said she said she was deviating slightly down from the federal sentencing guidelines that call for 30 years to life.
She said she took into consideration the more than 160 letters of support sent on behalf of Ebbers.
Ebbers will have to report to prison on Oct. 12, but his attorneys say they are planning to appeal. They will also seek an appeals bond so Ebbers can remain free during that process.
Jones denied a motion for a new trial on Tuesday, saying none of the defense claims was grounds for a new trial.
Brian Heberlig, one of Ebbers' attorneys, said after the sentencing that the defense still believes a mistake was made when the jury was allowed to use conscious avoidance in deciding Ebbers' guilt. Conscious avoidance allows the jury to find a defendant guilty if they believe he turned a blind eye to the crime.
Venue also remains an issue for the defense lawyers.
"I believe this trial should have been in Mississippi," Heberlig said, who is an attorney with Washington-based Steptoe & Johnson.
Ebbers did not speak at the sentencing, which lasted about two hours. He teared up as the sentence was read. His wife, Kristi kept her composure until people vacated the courtroom. She began crying when she hugged her husband.
Defense lawyer Reid Weingarten pleaded with Jones for leniency, mentioning Ebbers' heart condition and charitable works.
Henry J. Bruin Jr., 37, a former WorldCom salesman from White Plains, N.Y., made a statement in court saying the fraud had ruined his life.
Weingarten said in addition to disagreeing with the conscious avoidance instruction from Jones, the appeal will be mounted on the fact certain evidence was not allowed. He says three people could not testify on Ebbers' behalf because they were listed by the government as unindicted co-conspirators.
He said venue also will be an issue in the appeal.
"We wanted this trial in Mississippi," Weingarten said. "I think an innocent man got sentenced today. We can't wait to appeal this case."
Ebbers testified during the trial that he was unaware of the fraud that took place at the former Clinton, Miss.-based company.
Former WorldCom chief financial officer Scott Sullivan testified against Ebbers, saying he told Ebbers the accounting, which removed line cost expenses from WorldCom's books wasn't right.
Sullivan and four other WorldCom employees have pleaded guilty and will be sentence over the next few weeks.
1. "He never sold the stock"....nope..they loaned him hundrfeds of millions..he didn't need to sell it.and BTW..in NOT selling, he avoided any capital gains taxes..
2. " He gave millions to charity"...The markets are a zero sum game..Every winner is offset by a loser..So the millions he gave to charity came fromt he pockets of the thousands of little investors who each lost tens of thousands of their savings..
"Rags to riches to orange jump suit" bump!
"Ebbers testified during the trial that he was unaware of the fraud that took place at the former Clinton, Miss.-based company."
This is NOT a dumb man.
Of course he knew.
This is NOT a dumb man.
Of course he knew.
See he's not really from Ms
So he can't be dumb
He's Candanian National like trains the hit head on Sunday.
That train wreck only killed 4 people
"He's Candanian National like trains the hit head on Sunday.
That train wreck only killed 4 people"
LOL!
Bernie "killed" way more than that! ;o)
Diligent planning is different from due diligence on specific investments. I was referring to diligent portfolio planning.
One nice bit of justice performed by the marketplace though: Arthur Anderson was put out-of-business because what Board of Director's would hire them after failing so miserably.
I don't think that was justice.
I think justice would be if those in charge at AA were fired for incompetence. But thousands of good people who worked at AA lost their livelihoods and that merely added to the misery that these slimy greedy bastards spread around.
The 2 of them were total dead ringers for each other, I mean the resemblance was such that it was difficult to tell them apart.
He was a wee bit sensitive about it, but it had been implied by other teachers that people had thought they were one and the same.....and usually acted hostile towards him.
One of my friends worked there, when the crap started to hit the fan, he jumped ship to Ernst and Young, where he is doing quite well now, but unfortunatly, not all of his collegues can say the same.
Alot of them can't even put working at AA down on their resumes, its considered a stain and the fear of something going wrong with a former AA employee at an accounting firm is so great that you literally have to find a way to cover up or pretend you never worked there.
Quote: He gave millions to charity"...
USA today said he gave most of it after the fraud charges were piling up against him. Tried to make himself look better.
USAT also said the defense attornies for that worm Kozlowski gave millions to charity (48million)but it was actually paid by Tyco in his name. What a scumbag.
The greatest shot was Ebbers crying as he left the courtroom today. Hope he got some from his wife last night. It will be a while before he get's it again.
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