Worldcom chief Bernie Ebbers convicted all counts

[Cowperson]

Bernard Ebbers, a former junior high basketball coach who built WorldCom into a telecommunications giant, was convicted Tuesday of directing the biggest accounting fraud in U.S. corporate history, leaving thousands of investors empty-handed.

A federal jury in Manhattan deliberated eight days before dismissing Ebbers’ testimony that he knew nothing about the details behind the $11 billion securities fraud, which drove the company into the nation's largest corporate bankruptcy in 2002.

The jury convicted him on all charges — one count of conspiracy, one count of securities fraud and seven counts of false regulatory filings. Ebbers, 63, could face up to 85 years in prison.

It's gonna be fun to watch Lou Dobbs on CNN Moneyline tonight.

A good profile of the Edmonton-born Ebbers.

http://www.msnbc.msn.com/id/7080668/

Cowperson

[I-Hate-Hulse]

Awesome. I applaud the US for getting tough with corporate fraud and crime. 85 yrs is an effective life sentence for the 64 yr old Ebbers. In this day of mass corporate failures due to fraudulent financial reporting the line's got to be drawn there.

Now if only Canada would stop it's collective hand wringing and finally pass some laws and regulations on corporate governance. The CSA keeps pushing the date back and back, it's a farce. Canada doesn't have a great reputation when it comes to corporate shenanigans and the harsh language we have for punishment isn't much of a deterrent.

85 years gets any CEO / CFO's attention in a hurry.

PS the thread title should say Worldcom, not Enron.

[Mike F]

And off to an appeal we go...

Speaking of court decisions, the Air India decision comes down tomorrow. Should be interesting and emotional.

[peter12]

Originally posted by fotze@Mar 15 2005, 02:12 PM
I hope but know it won't be, one of those real prisons where tossing salad is not a food preparation activity.

You mean a federal fata me in the ass sort of place.

[V]

Haha, hope he enjoys his retirement!

[Looger]

glad to see one of the REAL crooks get it, instead of someone that stole a mere $40,000 (martha stewart).

seriously though, business culture seems to be, make as much as you can make. how many companies cheat the government by the way they list their assets and debts? probably a lot, i've worked for some shady places.

perhaps that line is easy to cross, i've never dealt with that kind of moolah before.

next up, kenneth lay. or better yet enron's CFO, can't recall his name.