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Summary:

Finally, one for the good guys. Corporate chieftain turned broadbandit, WorldCom founder Bernie Ebbers has been found guilty for his complicity in a $11 billion fraud, and was convicted of all counts. He can now be sentenced for upto 85 years in prison. A federal jury […]

Finally, one for the good guys. Corporate chieftain turned broadbandit, WorldCom founder Bernie Ebbers has been found guilty for his complicity in a $11 billion fraud, and was convicted of all counts. He can now be sentenced for upto 85 years in prison. A federal jury in Manhattan deliberated for nearly eight days before passing the “guilty” verdict on all charges including one count of conspiracy, one count of securities fraud and seven counts of false regulatory filings crimes. Sentencing was set for June 13.

A visibly upset Ebbers’ was accompanied by his wife Christie, and other family members who broke into tears. I am not shedding for the crook who cooked the books, with his sidekick Scott Sullivan. I hope he rots in jail, for he has destroyed too many lives, and has left many good people scrambling to find their lives again. If it was not early in the day, I would right now crack open a bottle of bourbon and raise a glass to the US justice system.

AP reminds us that 12 former directors and “some investment banks that underwrote WorldCom securities and auditing firm Arthur Andersen, also face a civil trial brought by angry investors. That trial is set for late March.” Bloomberg News adds: The conviction today signals a complete rejection of his testimony by the jury, and it will leave many questioning the wisdom of sending Ebbers to the stand in the first place,” said Robert Mintz, a former federal prosecutor who is now with the Newark, New Jersey, law firm of McCarter & English. “The high- risk gamble of taking the stand simply blew up on him.”

  1. My sentiments exactly. Ignorance is never a good excuse, and least of all for a senior manager of a company.

    Also, I was just wondering when the Board of Directors, the ‘Owners’ agents’ who were there to safeguard the shareholders’ interest were going to pay for this. They should have been the first ones to have been tried. Anyhow, I wish them really bad luck with the civil suits, and hope they are made to pay, at least symbolically, and barred from holding any future responsible positions of power and privilege.

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  2. I agree totally with Sunil.

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  3. Ignorance is inexcusable but thats not relevant in this case. Ebbers was hardly ignorant – he knew every facet of his company’s operation. But like the chicken-shit he is he didn’t have the courage to own up to the truth. Now, where’s that other chicken-shit, bald faced liar: Ken Lay?

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  4. i hope this is the start and none of the other crooks get away with any of their crimes, past present and future. i think if we could send martha to jail well its time for these guys also. what really tweaks me is that no one is doing anything about gary winnick. he is supreme crook of there was any

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