Bernie Ebbers Found Guilty

[scottcomstock]

Bernie Ebbers, former CEO of WorldCom a/k/a MCI a/k/a my former employer, was found guilty on 15 March 2005 of one count each of conspiracy to commit securities fraud and committing securities fraud, and seven counts of lying to the SEC (false filing).

The total possible sentence is 85 years, although federal sentencing "guidelines" say he'll probably do a lot less. Sentencing is set for June, and he will be free on bail until then.

For the 35,000 people who lost their jobs and their savings through the machinations of this coward and his cronies, I sincerely hope that he gets at least a few years at hard time -- none of this "club Fed" crap.

When I worked at MCI, I had to watch a lot of good people get shown the door, and even more people lose their retirement savings. Hopefully we'll see some justice be done in June.

[coolhandtouc]

I think JP Morgan was also fined 2Billion for not doing due diligence on the debt they wrote.

[chuck]

Bernie Ebbers, former CEO of WorldCom a/k/a MCI a/k/a my former employer, was found guilty on 15 March 2005 of one count each of conspiracy to commit securities fraud and committing securities fraud, and seven counts of lying to the SEC (false filing).

The total possible sentence is 85 years, although federal sentencing "guidelines" say he'll probably do a lot less. Sentencing is set for June, and he will be free on bail until then.

For the 35,000 people who lost their jobs and their savings through the machinations of this coward and his cronies, I sincerely hope that he gets at least a few years at hard time -- none of this "club Fed" crap.

When I worked at MCI, I had to watch a lot of good people get shown the door, and even more people lose their retirement savings. Hopefully we'll see some justice be done in June.

Scott,
I gotta say seeing the picture of this guy's rich, spoiled wife bawling her way out of the courtroom made me sick. She's got it so tough with her diamond earrings and makup that cost more that my wife's whole wardrobe, when he's responsible for 1,000's of people out of work and many out of retirement and savings that they'd worked years for. I feel so bad for her. To quote a country song... "go ahead, water the lawn, my give-a-damn's busted!"

[scottcomstock]

Scott,
I gotta say seeing the picture of this guy's rich, spoiled wife bawling her way out of the courtroom made me sick. She's got it so tough with her diamond earrings and makup that cost more that my wife's whole wardrobe, when he's responsible for 1,000's of people out of work and many out of retirement and savings that they'd worked years for. I feel so bad for her. To quote a country song... "go ahead, water the lawn, my give-a-damn's busted!"

I didn't see this picture on TV or anywhere else (and I watch practically no TV these days), but the mental image alone is enough to make me puke. Too bad there don't seem to be any financial penalties involved for Bernie. Even if there were, I wouldn't put it past Bernie to try to hide his ill-gotten fortunes (i.e. buy a new house in Florida, put money offshore in a relative's name, etc.)

I honestly don't know how Bernie's attorney(s) can sleep at night defending this scumbag.

As soon as the verdict came down, I made a sign and put copies on the wall behind my desks at home and at work -- a big, color photo of Bernie with the word 'GUILTY' superimposed.

[Bill]

I hope the old b*stard dies in jail. He cost me $7K and cost my son his job as well. He also took over and wrecked a pretty darn good company. Hope he gets everything he deserves and more :mad:

[scottcomstock]

Looks like Bernie's sentencing got moved back to 13 July.

http://www.clarionledger.com/apps/pbcs.dll/article?AID=/20050527/NEWS0108/505270343/1041

Come on, what's the damn holdup...

[Bill]

Well Scott, today they got somewhere between 30 & 45 mil out of him. including everything they could find. They did leave a "living" allowance for his wife -- probably more in a month than we'd make in 5 years -- but at least they got into his knickers pretty good. Now, in a couple of weeks, we'll see how many years off his life sentence he has been able to buy. I hope very little!!! :rolleyes:

[scottcomstock]

Well Scott, today they got somewhere between 30 & 45 mil out of him. including everything they could find. They did leave a "living" allowance for his wife -- probably more in a month than we'd make in 5 years -- but at least they got into his knickers pretty good. Now, in a couple of weeks, we'll see how many years off his life sentence he has been able to buy. I hope very little!!! :rolleyes:

http://www.lightreading.com/document.asp?doc_id=76679&WT.svl=news1_2

He's basically got to hand all of his assets over to WCOM {share,bond}holders, to MCI itself, and the government, except for legal fees and living expenses for his wife as you duly noted. The latter definitely implies he's gonna wind up in prison.

I think he'll get time, irrespective of the settlement. Prosecutors are gunning for the full 85 years, although I seriously doubt he'll get that many. He'd better do at least ten years.

[scottcomstock]

http://hosted.ap.org/dynamic/stories/W/WORLDCOM_EBBERS?SITE=NYONE&SECTION=ASIA&TEMPLATE=DEFAULT

Send him away, Your Honor.

[scottcomstock]

http://www.msnbc.msn.com/id/8474930/

I've got no problems with the 25-year sentence, or the settlement that was reached earlier. Given Bernie's age, it might as well be a life sentence. As for the settlement, Bernie's wife will have to get an honest job like the rest of us.

I consider myself very fortunate that all I'd lost was my job. Many others lost pensions, investments, and savings due to the scheming of Bernie and his cronies.

May they all find redemption ... in prison.

[Bill]

Will probably not make it to age 85 in jail, so it's really a life sentence. Pretty tough for old Bernie, but a good message to others out there willing to ruin countless thousands of lives, eh? :(