It looks like you're using an Ad Blocker.

Please white-list or disable AboveTopSecret.com in your ad-blocking tool.

Thank you.

 

Some features of ATS will be disabled while you continue to use an ad-blocker.

 

BUSINESS: Ebbers Found Guilty of All Charges in WorldCom Fraud

page: 1
0

log in

join
share:

posted on Mar, 15 2005 @ 11:36 AM
link   
A federal jury in Manhattan convicted Bernard Ebbers, former CEO of WorldCom, of conspiracy, securities fraud, and seven counts of filing false documents with the Securities and Exchange Commission. The telecommunications giant collapsed in 2002 when auditors uncovered massive accounting fraud in the company's books. He faces up to 85 years in prison.
 



www.reuters.com
NEW YORK (Reuters) - Former WorldCom Inc. Chief Executive Bernard Ebbers was convicted of fraud Tuesday.

Ebbers, 63, had been charged with fraud, conspiracy and filing false documents with regulators -- all of which relate to the $11 billion accounting scandal at the telecommunications company he founded. He faced up to 85 years in prison if convicted on all counts.



Please visit the link provided for the complete story.


This verdict is not unexpected -- Ebbers was clearly guilty of defrauding millions of investors and robbing employees of their retirement savings invested in company stock. Hopefully the sentencing will lead to Ebbers spending the rest of his life in federal prison and will act as deterrent so other corporate leaders won't be tempted to do the same thing.

Related News Links:
www.foxnews.com

[edit on 3/15/2005 by djohnsto77]




posted on Mar, 15 2005 @ 01:06 PM
link   
Can we expect the same treatment to Enron execs?

This Ebbers guy must of ripped off people in high places to get this verdict.



posted on Mar, 15 2005 @ 01:21 PM
link   
Djohn, up, up ,f------ up.This is the best news I read all day. I've been waiting for this for years now. There have been a couple of white collar convictions in the last couple of years that have almost, laughable. Martha Stewart at the top of the heap. But Bernie is the firstof the all-too-many crooked bastards that take our investments and personally steal them. It is still happening in most if not all major corporations in one fashion or another, excessive salary, hidden fees, excessive stock options, retirement umbrellas, the list goes on in ways most of us don't understand. But it goes on because of the misregulation by Washington and the take as you wish that has been more than running rampart since Bush took office. Old Kenny-Boy Lay has been allowed to sit on the sidelines and wait-out the scandal, but maybe , just maybe juries will start to educate themselves on the evils perpetuated by execs and their hand picked board of Directors.
The time has come for The plush Board of Directors jobs handed out to close friends and people with influence, to start meaning that liability can put them behind bars.
I'd give a hundred dollars to know what will go on in Bernies mind, tonight.

Now to go find more about this .

[edit on 15-3-2005 by kazi]



posted on Mar, 15 2005 @ 01:25 PM
link   


more than running rampart since Bush took office.


Umm you're giving Bush too much credit. It's been going on long before you or I were alive and it will continue on for the foreseeable future. Only way to deal with it is to lock the bastards up and restore some corporate confidance which is pretty well nonexistant atm. Private Industry only has itself to blame... Classic case of biting the hand that feeds it...



posted on Mar, 15 2005 @ 01:38 PM
link   
Thanks for the ups kazi, but most of the illegal activity found in the recent prosecutions took place during the Clinton administration.



posted on Mar, 15 2005 @ 01:50 PM
link   

Originally posted by djohnsto77
Thanks for the ups kazi, but most of the illegal activity found in the recent prosecutions took place during the Clinton administration.


I really do not see how you can lay the blaim on Clinton either, the Presidents power to administer the nation is fairly limited and Clinton didn't even have control of the Congress and had a Slim Majority in the Senate. This is a Bi-Partisan issue and any attempts to make it seem partisan by both sides are attempts to obscure the truth and deflect blame onto scapegoats like Clinton or Bush or Martha. This is the first real verdict


Lets all stop trying to spin this one way or the other. It's good news and lets leave it at that mmkay


[edit on 15-3-2005 by sardion2000]



posted on Mar, 15 2005 @ 01:54 PM
link   

Originally posted by sardion2000
Lets all stop trying to spin this one way or the other. It's good news and lets leave it at that mmkay



Yes! I didn't mean to blame any administration for this, simply dispute the allegation that the wrongdoing is due to Bush.

[edit on 3/15/2005 by djohnsto77]



new topics

top topics



 
0

log in

join