Former WorldCom CEO Bernard Ebbers was found guilty yesterday on securities fraud and conspiracy charges. I can only say that justice is (finally!) being served in a small dose. This creep and his fellow executives ruined thousands and thousands of people’s livelihoods, and they deserve to spend long stretches (or the rest) of their lives behind bars.
I honestly didnt think the justice system had it in its ability to actual send one of the corporate crooks to jail (outside of a plea bargain). Some measure of faith has been restored to the criminal justice system.
Additionally, Im glad to see that the jury just didnt buy the testimony from this micromanager that he had no clue about the accounting fraud going on within his company. When I was doing competitive intelligence against WorldCom it was apparent from what knowledge we did have of their cost base, the prices at which they sold and their reported profit margins that there was something funky going on accounting-wise. I had generally operated under the assumption that profits from the consumer side were being shifted in their accounting practices to underpin their business sales. Nope. Turns out they were just lying.
Anybody who doesnt think Ebbers knew all along is welcome to buy this bridge in Brooklyn I have for sale.
