THE VERDICT IS IN
Four months after being convicted of overseeing the $11 billion WorldCom fraud, Bernard Ebbers was sentenced to 25 years in prison today.
Investor Reaction?
"The man's 63," Cavallo (who lost tens of thousands of dollars in retirement money) told reporters. "He's going to die in jail. How much sterner could you get?"
Restitution?
Ebbers will forfeit nearly all his personal assets to settle a civil suit filed by aggrieved investors. Under that settlement, Ebbers' wife will be left about $50,000 of Ebbers' assets and a modest home in Jackson, Miss. A far more lavish family home in Brookhaven, Miss., will be sold off as part of the settlement.
Wow. I guess Ebbers never heard the saying "money is the root of all evil".
posted by Sar at 4:23 PM
7 Comments:
That's amazing. Almost seems like justice.
Something tells me he had a little something tucked away, um... offshore?
It really says something about the justice system in this country when corporate executives get 25 years for fraud, while most child molesters and rapists get far less. Our priorities are not in order.
Ebbers is a slimeball, for sure, but 25 years is a bit excessive.
Yeah, Doug, a justice of sorts.
Chris, you're probably right. And if so, I hope it's found and every last penny finds its way back to the victims he scammed.
TLM & Airaider - I thought about writing the post from that perspective. To me, there's justice in stripping him of his ill-gotten riches. But then they should let him live in public society, trying to get a job with his fraud conviction and infamy, while trying to support their single remaining smaller home with a tiny nest egg (compared to what they had). Force him to clip coupons and shop at Wal-Mart. That's justice for greedy bastards like him. Save imprisonment for the violent, malicious criminals who need to be locked away for our own protection.
I've been thinking that 25 years is still too good for him. But after reading some of the comments here, maybe it would be even more poetic if he has to live in the real world, stripped of all his wealth. Make him look through the want ads and get nothing but "I'm sorry, that position is filled."
Or make him be a telemarketer; he'll be reciting "Hi, this is Bernard Ebbers calling for ____________. How are you this evening?" 900 times a day. (Yes, I was a telemarketer a long time ago. It's the sickest job ever invented.) Yeah, a Twilight Zone, morality tale kind of punishment might be just what that scumbag needs.
Yeah, Tom. I'd image the conversation would go something like this:
Wife: Hello?
Ebbers: "Hi, this is Bernard Ebbers calling for..."
Husband in background: Who is it honey?
Wife: Bernard Ebbers.
Husband: See, I told you telemarketers were after our money!
This is very interesting site...
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