Bernie Ebbers: Fraud, Cheat, Crook – Updated
The DoJ is expected to announce filing charges of security fraud and conspiracy against former WorldCom CEO Bernie Ebbers. It’s about time. This little weasel managed to take a huge, multi-national communications firm and send it soaring $11 Billion in the hole. The reason the company did this poorly is the direct mismanagement and misleading by Ebbers and his crew. Anyone who’s been remotely connected with WorldCom knows that Ebbers was lying through his teeth when telling investors and employees alike about the status of the company. He, of course, got away wonderfully banking millions in stock sales that employees were not allowed to take advantage of. He deserves to be jailed and have every dime taken from his entire estate.
Update – Well, that didn’t take long.
|Space Here||WASHINGTON — Former WorldCom CEO Bernard Ebbers (search) has been indicted on federal charges stemming from the multi-billion dollar accounting fraud at the telecommunications giant, a government official said Tuesday.
The official, who spoke to The Associated Press on condition of anonymity, said the charges include securities fraud.
Attorney General John Ashcroft (search) planned a 1 p.m. news conference in New York to announce the charges, which first were reported late Monday by WNBC-TV.
Go get him, guys.