quote:NEW YORK, March 15 -- Former WorldCom Inc. chief executive Bernard J. Ebbers was found guilty on all counts against him -- conspiracy, securities fraud and making false filings with regulators -- for his role in a massive accounting fraud that led to the downfall of the nation's second largest telecommunications firm, costing millions of investors billions of dollars.
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I wasn't invested in them, but Worldcom's actions are in great part what put my company into bankruptcy a few years ago, and me out of a job shortly thereafter. Hardly consolation or compensation, but it's something.
And, of course, being a SAHD has been wonderful, and probably not something I would have chosen originally. So there's that.
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After hearing the evidence on this, I'm amazed that they weren't caught earlier. They were so blatant with some of their actions that it boggles the mind.
Posts: 1480 | Registered: Dec 2004
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posted
The max for almost every crime is a bit much, except for crimes people think should have a life sentence. The actual sentence is usually far, far less than the maximum for two reasons: sentences for multiple convictions often are given concurrently, and the maximum is seldom actually given out.
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He killed more than one person by his actions, I am sure. I know he ruined thousands of peoples lives by trashing their life savings and pensions.
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It's a pity we don't tend to hold our political leaders accountable like this. I know one Canadian Prime Minister (and former finance minister) and a former Canadian Prime Minister that would be in jail right now, where they most definitely belong.
I'm tired of my country being run by crooks.
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You shouldn't begrudge them the time it took - these cases are incredibly hard to prepare and litigate. Extremely complex concepts have to be presented to the jury.
Posts: 26071 | Registered: Oct 2003
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posted
I have been leary of the financial morality of World Com since they were behind the wave of SLAMMING that happened about 10 years ago.
That is when they call a company and say, "Would your company like to save money on its long distance."
Whoever answer the phone usually answers, "well, I guess so."
They then switch you over to their service and charge you excessive amounts. They made much of their early money on the flaws in the system that let them keep a lot of that money, and the confusion in most companies that let such outrageous bills go unchallenged for a few months at a time.
And yes, I was the one they slammed. Luckilly my wife was comptroller of the company, noticed it at the first bill, and laid into them like a starving hyena into prime rib with garlic sauce. Their comments to her turned me off of MCI forever, and that probably saved me from investing in them.
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quote:"We are all devastated. We profoundly believe in our client. We believe this case is riddled with reasonable doubt," said Reid H. Weingarten, Ebbers's lead attorney.
Riddled with reasonable doubt? How so? It seems some lawyers will say anything to save face...
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posted
The mens rea - the mental state of the defendant at the time the acts were committed - leaves a lot of room for doubt in these types of charges.
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