Guess I know what we will be talking about on Cavuto today . .  .


"When all of the activities at WorldCom are fully aired and when
I get the opportunity — and I’m very much looking forward to it — to explain
my actions in a setting that will not compromise my ability to defend myself in
the legal proceedings arising out of the recent events, I believe that no one
will conclude that I engaged in any criminal or fraudulent conduct during my
tenure at WorldCom."

Bernie
Ebbers, July 2002

click for larger chart

Wsj_ebbersdfns0503_1

Source:  Courtroom
Accounting:
A testimony scorecard

Buh-bye !

>

Sources:
Ebbers Is Found Guilty
Former WorldCom CEO Is Convicted For Role in Massive Accounting Fraud
A WALL STREET JOURNAL ONLINE NEWS ROUNDUP
March 15, 2005 2:36 p.m.
http://online.wsj.com/article/0,,SB111090709921580016,00.html?mod=special_coverage

Ex-WorldCom CEO adds "Prison Etiquette" to Amazon wish list
John Paczkowski
GMSV, Tue, Mar. 15, 2005
http://www.siliconvalley.com/mld/siliconvalley/business/columnists/gmsv/11142112.htm

See also:
Chronology of Ebbers case
Associated Press, Tue, Mar. 15, 2005 http://www.siliconvalley.com/mld/siliconvalley/11142155.htm 

Whither Jack Grubman?
DAVID A. GAFFEN
THE WALL STREET JOURNAL ONLINE, March 15, 2005 12:51 p.m.
http://online.wsj.com/article/0,,SB110995658245970777,00.html

Category: Markets

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

One Response to “Ebbers Guilty on All Counts”

  1. thrashbluegrass says:

    Only slightly on topic, but somewhat interesting:

    A friend of mine worked for WorldCom and was responsible for (among other things) maintaining MCI’s long distance billing system. This system, according to my friend, was a chain of about a dozen decade-old servers, each doing a different portion of the accounting process. This meant, of course, that if one failed, the billing system failed (and these being decade-old machines, of course, failures were pretty common), costing MCI about a quarter of a mil every hour it was out of commission.

    He kept trying to get an identical failover in place, but was told that it wasn’t in the department’s budget (it would have cost about $10,000). This for a system that my friend ballparked as costing the company over ten million a year in lost billing.

    Banning free coffee to save money? Perhaps Mr. Ebbers wasn’t involved in the details he should have been.