Bye bye Bernie- former WorldCom Executive is sentenced to prison
After being found guilty of the largest corporate fraud in U.S. history this past March, Bernie Ebbers was sentenced today to 25 years in jail.
Judge Barbara Jones of U.S. District Court in Manhattan said
“I find that a sentence of anything less would not reflect the seriousness of this crime”
25 years is serious indeed. Overseeing the $11 billion accounting fraud that occured on his watch is going to cost him the golden years of his life. The 63 year old former Worldcom boss well into his 80’s before he would be released, and that is also accounting for reduced time for good behavior.
What a crazy world.
Mr. Ebbers was supposed to be the golden boy, from humble beginnings, who rose to the top of the corporate ladder to achieve glory.
The harder they come, the harder they fall or so they say.
Way back when (1987), there was this movie by Oliver Stone called “Wall Street.”
One of the themes in this picture was the desire for more can bring you to greatness.
Sounds a lot like capitalism to me.
But what happens when you cheat? Doesn’t that undermine the whole bring you to greatness part?
Hey Gordon Gekko, Is greed still good?