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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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[ March 15, 2005, 02:05 PM: Message edited by: Dagonee ]
 

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Posted by Zamphyr (Member # 6213) on :
 

 

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Posted by Papa Moose (Member # 1992) on :
 
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.

--Pop
 

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Posted by Dagonee (Member # 5818) on :
 
From what I could tell, Ebbers was way more culpable than Lay seemed to be (not that Lay was a choirboy).

I can't justify a company lending hundreds of millions of dollars to its CEO to buy company stock by any contortion of fiduciary duty.

Dagonee
 

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Posted by TheHumanTarget (Member # 7129) on :
 
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.
 

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Posted by TMedina (Member # 6649) on :
 
The audacity and sublime stupidity of their crimes boggle the mind.

People are often slow to catch on to new crimes.

-Trevor
 

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Posted by Lupus (Member # 6516) on :
 
85 years seems like a bit much...can't you get less time for killing a person?

But, it is good to see that people realize that there is a punishment for committing these crimes.
 

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Posted by Dagonee (Member # 5818) on :
 
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.

Dagonee
 

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Posted by TMedina (Member # 6649) on :
 
Bah - the American justice system is fluid and dynamic.

The standard will vary by crime, by location, by judge and by prosecuter.

And, let's be honest, they were probably trying to make an example of these twits.

-Trevor
 

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Posted by Kwea (Member # 2199) on :
 
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.

IMO, 85 years is too light.

Kwea
 

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Posted by digging_holes (Member # 6237) on :
 
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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Posted by The Silverblue Sun (Member # 1630) on :
 
Took a while, but good job team.
 

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Posted by Dagonee (Member # 5818) on :
 
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.
 

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Posted by TMedina (Member # 6649) on :
 
Trials are only fast on tv.

-Trevor
 

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Posted by Dan_raven (Member # 3383) on :
 
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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Posted by Tstorm (Member # 1871) on :
 
*shakes fist*

Take THAT, swindling telecom companies.
 

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Posted by syipress (Member # 7569) on :
 

quote:

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"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.

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