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Ex-WorldCom CEO Ebbers sentenced to 25 years

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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jul-13-05 10:43 AM
Original message
Ex-WorldCom CEO Ebbers sentenced to 25 years
Edited on Wed Jul-13-05 10:47 AM by UpInArms
http://www.marketwatch.com/news/newsfinder/pulseone.asp...

SAN FRANCISCO (MarketWatch) -- Bernard Ebbers, the former chief executive officer of WorldCom Inc. (MCIP) , was sentenced to 30 years in prison on Wednesday, almost three years after the telecommunications company collapsed in a massive accounting fraud, the Wall Street Journal reported on its Web site. Ebbers was convicted in March of all nine counts against him, including conspiracy and securities fraud, related to the $11 billion scandal, the Journal noted.

...very short blurb...

Wonder if Trent Lott will give back any money :rofl:

edited to add (and change title line):

11:43am 07/13/05 EBBERS SENTENCE IS CHANGED TO 25 YEARS -- CNBC
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DFWdem Donating Member (423 posts) Send PM | Profile | Ignore Wed Jul-13-05 10:44 AM
Response to Original message
1. What a shame
Can't help but feel sorry for old Bernie. Wait a minute; yes i can! Hope you rot in prison for the remainder of your years you bastard!
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edbermac Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jul-13-05 01:20 PM
Response to Reply #1
20. Let's get Martha Stewart to decorate his new abode...
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Moose_head Donating Member (25 posts) Send PM | Profile | Ignore Wed Jul-13-05 10:45 AM
Response to Original message
2. Next season on Oz on HBO-
Bernie Ebbers, Ken Lay and Karl Rove move into the cellblock.

now THAT would be worth the subscription.
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Zorra Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jul-13-05 10:49 AM
Response to Original message
3. Bu*h will probably pardon him. n/t
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MaineDem Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jul-13-05 10:50 AM
Response to Reply #3
5. Yikes!
You could very well be right. What a horrifying thought.
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sattahipdeep Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jul-13-05 10:49 AM
Response to Original message
4. Enron. Bernie-piss ant N/T
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quiet.american Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jul-13-05 10:55 AM
Response to Original message
6. Um -- it's actually "30" years.... n/t
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lateo Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jul-13-05 10:56 AM
Response to Original message
7. Is he going to be in a Federal "PMITA" prision?
"pound me in the ass"? Or does he get a cush prison with tennis courts?
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napi21 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jul-13-05 11:03 AM
Response to Original message
8. People are shaking in the boardrooms today!
Wonder how many of 'em are saying "WOW, that could be me!"

I'm very happy to hear this sentence. These arrogant bast*rds have been getting away with this crap for years, and none of them ever expected to see the inside of a cell!
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wake.up.america Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jul-13-05 11:08 AM
Response to Reply #8
9. Ebbers in the joint for stealing, Now, how about Bush in the joint?
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maseman Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jul-13-05 11:09 AM
Response to Reply #8
10. Hope he has a tight behind
However, he'll be in a minimum security with weight rooms, decent food, visitation, etc. Still not a great way to live your life, but hard time won't happen.
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Rich Hunt Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jul-13-05 01:00 PM
Response to Reply #8
18. I hope so...

They've thought they could get away with their crimes for far too long.
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mbperrin Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jul-13-05 11:09 AM
Response to Original message
11. Anybody seen Kenny-boy
around?

YAYYYYYYYYYYYYYYYYYYYYY!!
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Demobrat Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jul-13-05 11:38 AM
Response to Original message
12. 25 years with parole
in nine months. It will be interesting to see how much time he actually does. Not complaining though, it's a very nice precedent.
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RummyTheDummy Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jul-13-05 01:40 PM
Response to Reply #12
23. Parole? Not according to this story
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Coventina Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jul-13-05 11:40 AM
Response to Original message
13. I wonder how long he'll actually serve?
:shrug:
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bluestateguy Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jul-13-05 11:53 AM
Response to Original message
14. He should get the death penalty
This sentence does not cut it for me.

I want him in the electric chair, sizzling until his eyes pop out.
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The Backlash Cometh Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jul-13-05 11:54 AM
Response to Original message
15. How much of that money are we going to realistically get back?
Who benefitted the most from this fraud?
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northzax Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jul-13-05 12:57 PM
Response to Reply #15
16. in the settlement
he forfeited all of his assets, except a 'modest' house and $50,000 for his wife to live on when he's in prison.

For Ebbers, this is in essence, a life sentence.
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The Backlash Cometh Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jul-13-05 12:59 PM
Response to Reply #16
17. Is that $50,000 a year of just $50,000?
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Redstone Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jul-13-05 01:46 PM
Response to Reply #17
25. I think it's 50K one shot. They really gutted his bank accounts
and property (and deservedly so), from what I've read.

Anyone feel free to correct me if I'm wrong.

Redstone
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northzax Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jul-13-05 02:07 PM
Response to Reply #17
26. I don't have a link
so I'm going by memory, but I believe it is a one-time payment of $50,000.
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Booster Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jul-13-05 02:23 PM
Response to Reply #26
27. You know that hurts him more than the jail sentence; take the money
away from these boys and it just kills them. I like this sentence and applaud the jury for a just verdict. About time the little people got a chance at these guys. Ken Lay's wife is probably getting stuff ready for another garage sale.
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notadmblnd Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jul-13-05 01:00 PM
Response to Reply #16
19. good, because he really should be out on the
street with a sign that says "will work for food".
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SheWhoMustBeObeyed Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jul-13-05 01:31 PM
Response to Original message
21. AP: WorldCom's Ebbers Weeps at 25-Year Sentence
*snip*

(Judge Barbara) Jones ordered Ebbers to report to prison on Oct. 12. She said she would recommend Ebbers be designated to the federal prison in Yazoo City, Miss., close to his home.

The judge said she would accept written arguments from the lawyers on whether Ebbers should be allowed to remain free while he appeals the verdict.

Even if Ebbers began doing time in October and got a possible 15 percent reduction in his sentence for good behavior, he would serve at least until early 2027, when he would be 85 years old.


http://news.yahoo.com/news?tmpl=story&cid=509&e=3&u=/ap...


Good.
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gratuitous Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jul-13-05 01:36 PM
Response to Reply #21
22. Remain free pending his appeal?
Oh, I don't THINK so. If jail's good enough for Lamont Crackhead pending his appeal, it's good enough for Bernie boy.
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northzax Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jul-13-05 02:38 PM
Response to Reply #22
31. white collar felons
usually can post bail during appeals. think about it, he'll have gone though a bondsman (his assets were forfeited, so any assets he might use to pay the bail are forfeit) and you think Bernie Ebbers can hide from a bondsman who got burned for $2 million bucks?
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malaise Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jul-13-05 02:27 PM
Response to Reply #21
28. Can't he skip the country in that time? n/t
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northzax Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jul-13-05 02:36 PM
Response to Reply #28
30. if he can get another passport
his would be confiscated. So he's have to travel under a fake name, and get another country to take him, under a fake name, while his assets have been seized. He's too high profile for that.
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emad Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jul-13-05 01:46 PM
Response to Original message
24. Yippee! Hope Enron's Ken Lay has got his colostomy bag handy
in case of any fall-out jitters.......
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Psephos Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jul-13-05 02:28 PM
Response to Original message
29. Finally, a strong message to financial criminals
Ebbers is 63, I believe, so this is pretty much a life sentence.

From the OP: "Wonder if Trent Lott will give back any money"

About the same chance that Terry McAuliffe will give back any of the money he made.

Ken Lay and Jeff Skilling of Enron gave mostly to Republicans but also gave to seven Democratic senators and four Dem representatives. Sam Waksal of ImClone and Paul Allaire of Xerox gave only to Democrats, including Hillary and HillPac, the DNC, Tom Daschle, Al Gore, and over a dozen Democratic senators and representatives. Ebbers gave about equally to both parties, focusing on members of House and Senate committees who had legislative power over his telecom affairs. John Sidgmore (also of WorldCom), gave exclusively to Democrats, including the DNC.

Greed knows no political boundaries.

Peace.
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