MSNBC Breaking: Ex-WorldCom chief Ebbers sentenced to 30 years.

[Bush_Eats_Beef]

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



Former Worldcom Chief Executive Bernard Ebbers was handed a 30-year prison term for directing the biggest accounting fraud in corporate history, leaving thousands of investors empty-handed.

Ebbers, who built a small Mississippi-based long distance company into a telecommunications powerhouse, was found guilty on March 15 on all charges — one count of conspiracy, one count of securities fraud and seven counts of false regulatory filings.

A federal jury in Manhattan deliberated eight days before returning its guilty verdict.

The conviction came more than two years after an internal auditor began asking questions about curious accounting at WorldCom, touching off a scandal that eventually unearthed $11 billion in erroneously declared revenues and expenses.

[Wetzelbill]

1. wow, I never thought he'd get it that bad

[liberal N proud]

4. He is scum

Ruined many peoples lives while he road the gravy train

[Wetzelbill]

13. oh he is, no doubt

Guys like that tend to weasel their way out of stuff or get a slap on the wrist.

Bernie was never one of the boys though. He actually made his money so he don't fit in with all the other rats. He can be sacrificed. It's guys like Kenny boy who are virtally untouchable.

[Beaver Tail]

2. YES

He deserves every last day he spends in there

[quiet.american]

3. Ouch. n/t

[swag]

5. Capitalism: The Unknown Ideal!

[carnie_sf]

6. Sweet

When's Kenny Boy going down?

[madrchsod]

7. there is a guy in colorado

that is serving life for a scam he played on people across the country and he didn`t steal as much as bernie. i guess bernie should be greatful that he maybe still alive when he gets out...course there`s always georgie.

[patrice]

8. He's not the only one!

[TNOE]

9. Too bad not in a hard core prison

which is where I'd rather see him. Hopefully, he'll still become someone's bitch - and my Ken Lay have she same fate - SOON!

[Webster Green]

20. Yes prison rape is a very good thing....

We should all be very proud that it is commonplace in our correctional facilities.

:sarcasm:

[TNOE]

23. Can you think of anything else that my be a deference

against these greedy bastards?? A white collar prison, a couple of years, no sweat - they still get to enjoy the "fruits" of their theft at everyone else's expense.

The old addage, if you don't want to do the time, don't do the crime applies - even to the suits. And let this be the same fate for all those corporate executives who are running the airlines, General Motors, et al into the ground and screwing their retirees.

I make no apologies - I can't control what goes on in prison life,I only know perhaps the knowledge of becoming someone's bitch might not make those MILLIONS OR BILLIONS OF DOLLARS SEEM QUITE WORTH IT.

[Webster Green]

29. I assume you meant “deterrence”…

The answer to your question is: Confinement itself should be the deterrence, not torture and rape. Also, the food sucks.

Standards should be uniformly humane, regardless of the seriousness of the crime.

I also oppose the death penalty in all cases

[WhiteTara]

10. I am SOOOO Happy!

:bounce: :woohoo:
What a bastard. I am proud of this jury! No dummies on that panel

[oasis]

11. Mississippi. How many holes of golf has he played with Trent Lott and

Haley Barbour?

[chelsea0011]

12. His prison toga parties should be a can't miss among prisoners

[maxsolomon]

14. Scrushy walked, but he gets 30?

that jury that tried Scrushy were some rubes.

[bribri16]

16. Scrushy jury rich, don't give a damn folks--big diff

Now to get Bush and Rove in jail.

[MsTryska]

15. well it's about damn time somebody besides martha

got convicted.


I was disgusted with the the Tyco ruling. this makes my day a bit better.

[peekaloo]

17. Buh-bye Bernie.

:nopity:


meanwhile Ken Lay is still free.

[Cobalt Violet]

18. When will * pardon him? n/t

[marions ghost]

19. yes

long may he rot

[DaveJ]

21. Seems harsh

Sorry I don't know the details of this case, but people should know that investing in stocks is a risk. I don't feel sorry for shareholders, in general. If someone wants to sit on their butt while dividends role in (money for free) they should not be surprised if they find themselves in the company of scoundrels.

[jhawk_tim]

26. Yes, the stock market is risky.

However, those that are involved in it rely on honest reporting of financial conditions of publicly held companies in accordance with the law. When those reports are purposely inflated, then the playing field is no longer level and the "risk" turns into a scam. You made your statement with the tone that anyone getting dividends is not working and deserves to lose them. I work 10 to 12 hours a day and my 401(k) was very adversely affected by the actions of the Worldcom management team. Not to mention the affect it had on the telecom industry to raise capital and expand so that I wouldn't have to work 12 hours a day. Please don't insinuate that the only people that lose money in the market are fat cats sitting around living on dividends. I am glad to see Mr. Ebbers get a just sentence.

[redqueen]

30. Welcome to DU, jhawk_tim!

:hi:

Great post!

[redqueen]

22. CNN is reporting 25

It's NOT harsh. He destroyed lives with his book-cooking.

[joanne]

24. When is Ken Lay going to jail?

Oh I forgot.... he is a friend of Dumbya.

Could we send him to Iraq instead?

[DaveJ]

25. Anyone who invests their life savings in one stock....

....should know it's a mistake. They probably were getting great returns for a few years, so they should have known that meant higher risk.

If you are refering to pensions, wouldn't they have disappeared anyway when the company went under, regardless of whether he lied?

You know some of us don't even have enough money to invest or save even if we wanted to. (kinda ironinc that those who do have money get greedy with it and are surprised when they lose it)

[LaPera]

27. What about the con-man, big Bush donor & friend "Kenny Boy" Lay. Who

set American energy policy via Cheney to help Enron pollute and steal from tax payers. Lay stole hundreds of millions from his employees and stockholders, along with the billions ripped-off from Californians with the black out scams.

This little punk Lay should be in jail and getting punked each day...evil, wicked fuck!

[DaveJ]

28. Sounds like Ebbers is taking the fall for Enron too!

See, no need go hard on Lay now, since we punished Bernie twice as hard! :sarcasm: