Tuesday, March 15, 2005

Ebbers Convicted of All Counts

A New York jury has FINALLY convicted Bernard Ebbers on all counts in an accounting fraud that sank WorldCom.

After an eight day dilberation, Ebbers was convicted of conspiracy, securities fraud and making false filings with federal regulators. Ebbers himself took the stand and said he knew nothing about fraud on his watch. (Maybe they should have hit him with contempt of court, too.)

This means that this greedy billionaire could go to prison for up to 85 years. (But with billions to bribe with, what are the chances of that happening?)

His conviction follows an accounting investigation that found more than eleven billion dollars in cooked books.

I wonder how this conviction will impact the loyal employees whose 401K's dropped in value from $1,000,000 to only $500?


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