March 15, 2005
Ebbers: Guilty on All Counts
Posted by Christine Hurt

The WSJ is reporting that Bernard Ebbers was found guilty on all counts:

Mr. Ebbers was found guilty of one count of securities fraud, one count of conspiracy, and seven counts of filing false statements with the Securities and Exchange Commission.

I'm running off to a workshop, but I'm sure that we'll have more analysis later at Conglomerate. Because of this verdict, Mr. Ebbers could spend the rest of his life in prison. Is that proportionate to the crime?

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Comments (2)

1. Posted by Eric Barber on March 15, 2005 @ 13:19 | Permalink

Write your congressional representatives if you think the sentence is disproportionate to the crime.

Had you lost significant amounts of money as a result of Mr. Ebbers' misrepresentations and fraud, sympathy might be more difficult for you to conjure up (an inference, right or wrong, that I draw from the fact that you even asked the question of whether the punishment fits the crime).

This is not an area I'm too familiar with, but it strikes me that as a society we cannot tether so much of our wealth creation, saving and retirement vehicles, etc. to performance of publicly held companies and then say that those who jeopardize all of the above are somehow less deserving of punishment than those who sell drugs or engage in other non-violent, non-white collar crimes.

While I feel for Mr. Ebbers' family, he had a responsibility to many more than those who shared his surname. Congress has decided he deserves a lot of punishment, a jury agreed (at least to the guilt part).

2. Posted by Ned LaTeef on April 14, 2005 @ 11:42 | Permalink

I used to keep my WorldCom Stock Certificate in my file cabinate with a special key lock. I looked upon them as a nestegg. Now, to see them as just pieces of paper with bogus number of stocks and with Bernie Ebbers signature and not even having the value to buy a stick of gum is disgusting. Further insulting was the settlement from the NY Bankruptcy Ct. and that was a chance as a result of the Class Action Law Suit to something amounting to $100! You can see who gets the money from that. The Lawyers and other fatcats. So, I think what Mr. Ebbers has received is just a slap on the writst. I'm sure time for good behavior he'll probably spend a little time in a Blue Collar Prison and that is just too good for that low life piece of --------.

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