Should worldcom ceo bernard ebbers been

scott sullivan

Sullivan, 43, agreed to cooperate with prosecutors in the hopes of receiving a lighter sentence. He was back on Wall Street working as a consultant, violating his probation, by the time I finished my freshman year of college.

bernie ebbers net worth

He was known as a grandfatherly CEO who preferred cowboy boots to suits, but he also has been described as an exacting, cost-obsessed boss. Both Ebbers and Lay have insisted they were unaware of the fraud at their companies. Sentences longer than 23 years and 6 months typically mandate a medium-security facility.

Linda pigott

This avoidance of problems created a company culture that demanded success at all costs. And so are investors. Primary owner. Ebbers transformed WorldCom into a telecommunications powerhouse through a string of takeovers. Two years later he changed the name of the company, to WorldCom in He did not speak to reporters. Acquired in The news catapulted the No. Ebbers's fate may prompt other executives facing charges to give serious consideration to plea agreements, said Charles L. When the extent of WorldCom's fraud became clear in , its share price plummeted, and the company soon filed for bankruptcy protection.

The company acquired over 60 other independent telecommunications firms, changing its name to WorldCom in Ebbers's sentence, Judge Jones allowed remarks from a former employee of the company who said he represented people who had not benefited from a class-action shareholder settlement that Mr.

Case written by [citation redacted per publisher request].

Should worldcom ceo bernard ebbers been

My hope is that the lesson we all learn from the WorldCom scandal and others like it is that we must remain vigilant in our fight against corporate corruption not only when it affects our pocketbooks, but all of the time. Growing up during the s, I was exposed to my fair share of corporate corruption on the evening news. Ebbers's age and failing health, as well as his philanthropy. Ebbers first formed LDDS, which was a discount telephone company in Judging from history, it's not as though regulators had any reason to trust these guys. As WorldCom acquired new companies, its accounting procedures, computer systems, and customer service issues became increasingly more complex, and industry experts note that WorldCom struggled to keep up with the growth. The company acquired over 60 other independent telecommunications firms, changing its name to WorldCom in Rigas, L. Executives at several companies have gone to trial in the last year, with mixed results, and some are still waiting. Weingarten told reporters outside the courtroom.
Rated 5/10 based on 8 review
Former WorldCom CEO was 'aware of fraud'