Worldcom CEO found guilty

[greenfreak]

Interesting. The CEO of my parent company just resigned last week amid lawsuits and shareholders demanding this resignation. I may be reading something similar about my company down the road.

NEW YORK (CNN/Money) - Bernard Ebbers, the former CEO of WorldCom, was found guilty Tuesday for his role in the mammoth accounting scandal that resulted in the largest bankruptcy in U.S. history.

A federal jury in New York, on its eighth day of deliberations, convicted Ebbers on all nine counts that he helped mastermind a $11 billion accounting fraud at WorldCom, now known as MCI.

Ebbers, 63, had been charged with one count of conspiracy, one count of securities fraud and seven counts of filing false statements with securities regulators. He faces up to 85 years in prison, but sentencing guidelines are expected to result in a much shorter term.

http://money.cnn.com/2005/03/15/news/newsmakers/ebbers/index.htm?cnn=yes

 

[chcr]

My brother-in-law used to work for them in Iowa. He hung on to his job longer than many. He now live and works in (brace yourself, GF) New Jersey. For Subaru.

 

[HomeLAN]

As I said in the other thread, he needs to go bye-bye for a long time.

 

[chcr]

On a related note, did anyone see the former CEO of ENRON explaining why he wash\n't guilty of anything on 60 Minutes Sunday? It was off the scale on the bullshit-o-meter.

 

[HomeLAN]

Oh, yeah. Ken Lay oughtta be sharing Ebbers' cell.

 

[greenfreak]

It blows my mind, after all this, that people still bitch and moan about the Sarbanes-Oxley laws. That seems to be the only good thing to come out of all this, that companies are being forced into compliance.

 

[greenfreak]

My brother-in-law used to work for them in Iowa. He hung on to his job longer than many. He now live and works in (brace yourself, GF) New Jersey. For Subaru.

Gasp!

Why would you choose to live in Jersey anyway? Hope Subaru is paying him well to live in there.

 

[chcr]

Gasp!

Why would you choose to live in Jersey anyway? Hope Subaru is paying him well to live in there.

Same thing I though when they said they were looking at moving there.

Really well, I assume. They live in a quarter-million dollar log cabin on an extremely picturesque little creek just upstream from a beaver damn.

 

[greenfreak]

There are live beavers in Jersey?

 

[chcr]

Yeah. There's even one that occasionally gnaws a tree on the island across from the gazebo on their dock. My bro-in-law is afraid it's tall enough to damage the gazebo if it falls, but you're not allowed to shoot the little suckers.