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  • 25 years in jail for corporate crime

    http://news.bbc.co.uk/2/hi/business/4680221.stm

    Former Worldcom boss Bernard Ebbers wept openly as he was sentenced to 25 years in jail for his part in the scandal which brought down the firm.

    Mr Ebbers was found guilty of fraud and conspiracy in March, following revelations of an $11bn (6.2bn) accounting fraud at Worldcom in 2002.
    The settlement leaves Mr Ebbers' wife with about $50,000 of her husband's fortune, and a modest home in Jackson, Mississippi.
    Justice served? I personally think this might be good. The crimes at the top of these corporations make armed bank robbery look like purse snatching, and purse snatching look like taking an extra penny out of those "give a penny take a penny" things, and taking an extra penny out... uhh, well you get the idea.

    Still, this is a rough sentence for a man and woman who had everything just a couple short years ago. Especially considering he's 63, this is like a life sentence.

  • #2
    Re: 25 years in jail for corporate crime

    I feel an appeals coming? ;)
    ~~ Veritas simplex oratio est ~~
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    • #3
      Re: 25 years in jail for corporate crime

      Excellent. I hope more Worldcom execs will join him; he didn't mishandle 11 billion dollars all alone.
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      • #4
        Re: 25 years in jail for corporate crime

        Originally posted by Pokerface
        Excellent. I hope more Worldcom execs will join him; he didn't mishandle 11 billion dollars all alone.
        Me too!
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        • #5
          Re: 25 years in jail for corporate crime

          Their fraud affected potentially millions of investors around the world.. While it is not the same as armed robbery, multiply the crime by the number of victims.

          25 years was light, IMO.

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