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Ex-Worldcom CEO Guilty On All Counts!


It's time to bring it!
Edit: The article is now ready.

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.

The verdict comes two days before a massive securities fraud class action brought by WorldCom investors against more than a dozen investment banks, including many of Wall Street's top names, is set for trial. Settlements in that case total $4 billion, making it the largest securities class action settlement ever.

WorldCom first disclosed the accounting irregularities that led to Ebbers' prosecution and the investor lawsuit in June 2002. The news catapulted the No. 2 long-distance phone giant into the top tier of companies then reeling from accounting scandals, among them Tyco International, Global Crossing, Adelphia Communications and Enron.
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I'd love to see that happen, but it won't. If he goes at all, it will be "country club" jail like Martha. That's bullshit
Martha's situation was a bit different then this one, she was charged with insider trading of stocks worth I believe around a couple hundred thousand dollars. Ebbers was convicted of committing massive accounting fraud of about $11 billion dollars. While he probably will end up in the "country club" like Martha he certainly should be there for a much longer sentence.
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These bastards that steal money via 'white-collar' crimes need to get hit with sentences based on how much they stole. I think a minimum of 1 year per every million dollars should be imposed on these sentences.

And the hell with country-club prisons, let them do hard time with the other lifers. If folks don't think that those 2 changes would deter a lot of white-collar crime, they're kidding themselves.

Let those greedy bastards be somebody's bitch for a life sentence in a maximum security facility. I suppose the bleeding hearts would worry about the suicide rate for those with life sentences, but that's not a problem I'm concerned about.
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