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Financial

Report: Ebbers to Face Criminal Charges

U.S. Attorney General John Ashcroft is due to outline federal criminal charges against former WorldCom Inc. CEO Bernie Ebbers at a press conference in New York City today, according to a report on TV channel WNBC.

The station cited Justice Department sources saying that Ebbers would face charges of securities fraud and conspiracy relating to the accounting scandal at the carrier, now known as MCI (Nasdaq: WCOEQ, MCWEQ) (see Reports: It Began With Bernie and MCI Settlement: What's Next?). It is not thought that Ebbers would be arrested today.

These would be the first federal charges against Ebbers, who is due to return to an Oklahoma court soon to face charges made by that state's attorney general (see Ebbers Gets Brief Reprieve).

MCI is still in Chapter 11 proceedings and was due to emerge before the end of February, but the carrier applied for an extension to complete its filings with the Securities and Exchange Commission (SEC) (see MCI Wants a Chapter 11 Extension).

— Ray Le Maistre, International Editor, Boardwatch

btierney 12/5/2012 | 2:20:17 AM
re: Report: Ebbers to Face Criminal Charges Bye Bye Bernie.

I'd fine him $NETWORTH-100,000

LightMan 12/5/2012 | 2:20:15 AM
re: Report: Ebbers to Face Criminal Charges why not fine him $networth+$1
BlueWater66 12/5/2012 | 2:20:13 AM
re: Report: Ebbers to Face Criminal Charges A good friend of mine left MCI/Worldcom well before its collapse. It was about 1-2 yrs prior to the blow-up. At that time (while Worldcom was riding high in the stock market), he stated that the company was out of control and that much of the upper management were crooks....especially Ebbers.

He left because it was a dangerous place to work. It seems that EVERYONE at Worldcom/MCI knew Ebbers was raping the company and stealing huge sums of money. It was not a secret.

... During the telecom meltdown, we were all trying to contain the damage and hold our companies together. There were fundamental business issues that had to be addressed. At that time, having Ebbers and his partners add a criminal undertone to the our industry segment was terrible. It made a very bad situation much, much worse.

Ebbers deserves to get locked in a Mississippi prison for years with the nasty roommate named "Bubba." I hope he rots in hell. He's a criminal in every sense.
materialgirl 12/5/2012 | 2:20:09 AM
re: Report: Ebbers to Face Criminal Charges More people need to go. What about the WCOM board of directors? Why are they clean? What about Joe Nacchio? The Qwest board?

Bottom line, if we are to keep our capital markets working, this behavior cannot be tolerated at any level. Our markets work on trust. If we cant trust our own markets, we may as well invest all of our dough in developing markets like Russia, where product/service saturation is not so high, and where more raw materials are available for export.
lightreader 12/5/2012 | 2:20:06 AM
re: Report: Ebbers to Face Criminal Charges i guess this time is scared, go get the bad guys!
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