Bernard Ebbers, ex-CEO convicted in WorldCom scandal, dies

[lastlib]

Source: CNBC

A former telecommunications executive convicted in one of the largest corporate accounting scandals in U.S. history died just over a month after his early release from prison. Bernard Ebbers was 78.

The former WorldCom chief died Sunday, according to a family statement cited by WAPT-TV in Mississippi.

The Mississippi-based WorldCom collapsed and went into bankruptcy in 2002, following revelations of an $11 billion accounting fraud that included pressure by top executives on subordinates to inflate numbers to make the company seem more profitable. The collapse caused losses to stockholders, including those who had invested through retirement plans.

The Canadian-born Ebbers was convicted in New York in 2005 on securities fraud and other charges and received a 25-year sentence. He was imprisoned from September 2006 until Dec. 21, when he was released from the custody of the Bureau of Prisons in Texas.


Read more: https://www.cnbc.com/2020/02/03/bernard-ebbers-ex-ceo-convicted-in-worldcom-scandal-dies.html?&qsearchterm=Ebbers%20Worldcom

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A Wall Street frauder bites the dust.

[Dennis Donovan]

1. Rec for him finally reaching room temperature

Say hi to Ken Lay in hell...

[JudyM]

2. His sentence was too short, anyway. No tears here.

[dalton99a]

3. Throw his carcass in the trash

[William Seger]

4. Not nearly soon enough

My retirement would be considerably more comfortable if it weren't for that bastard killing off half my 401K.

[bucolic_frolic]

5. WorldCom was spawning satellite startups

that were little more than feelers. Selling discount phone service, calling cards, internet service. Even one for online security, who I talked to once, free consult phone call about half an hour. Too good to be true. Don't think it went far.

[Farmer-Rick]

6. These thieves who become filthy rich like Trump

Think they will never die. Their money won't protect them from that.

[asiliveandbreathe]

7. AH, Bernie Ebbers...Worldcom....did he ever express regret to those who lost so much

due to cooking the books..

I remember during my AT&T days, mid-late nineties before retirement, the telco wars.."I will give you $25 to switch carriers" - this went on for a couple years, the incentive went to $50, then $75, then $100, little did ATT know, we were fighting cooked books..our compensation was based, in part, on the number of new customers..number of customers who switched...performance reviews included % improved..training was developed around this "War"..

Big downsize '94..and then again '98 at ATT...and then SBC buys ATT 2005...

Don't even get me started on one of our old bosses at ATT Joe Nacchio -

[AtheistCrusader]

8. A reminder about religious piety:

Religious faith[edit]
While CEO of WorldCom, he was a member of the Easthaven Baptist Church in Brookhaven, Mississippi. As a high-profile member of the congregation, Ebbers regularly taught Sunday School and attended the morning worship service with his family. His faith was overt, and he often started corporate meetings with prayer.[23] When the allegations of conspiracy and fraud were first brought to light in 2002, Ebbers addressed the congregation and insisted on his innocence. "I just want you to know you aren't going to church with a crook," he said. "No one will find me to have knowingly committed fraud."

The biggest thieves cloak themselves in this shit. It's a warning sign.

[dalton99a]

9. +1. Beware of overly religious people

and repairmen with Jesus symbols on their bumper stickers

[bucolic_frolic]

11. King Henry VIII knew a thing or two about religion

[AtheistCrusader]

12. He's basically the Bender (futurama) of the Royal Family.

[MLAA]

10. Had Ebbers committed his crimes during the impotus regime

instead of being convicted and sent to jail, he would have been given the ambassadorship of his choice.