Worldcom Directors Settle


More dominoes keep falling in the wake of Bernie Ebbers being found guilty by a jury in New York on all counts of fraud and other nefarious stuff. Bert C. Roberts Jr., WorldCom’s onetime chairman, today agreed to pay $4.5 million of his own money as part of a $60.75 million settlement between the New York State Common Retirement Fund, and former directors of WorldCom. Eleven of the former directors previously agreed to a $55.25 million settlement in the case on Friday, reports Dow Jones News. I am surprised how lightly these guys are getting off, for they were as guilty of all the crimes at WorldCon as Bernie. They were supposed to protect shareholders’ interests and instead they simply were busy lining their pockets. I think it is time to make the company directors – who are fat cats who get paid thousands of dollars for what amounts to nothing – pay for their lack of effort.

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