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Sign up to view source full version. Readings on scandals for this saturday: For every scandal, there are separtae readings but many of them are pages. The fortune magazine articles tend to provide details and the references are from the SEC website. For your convenience, identify the fraud, who were condisidered as sleeping at the wheel, what sort of pressure from 20 pressures article last week and current status of the case.
This is a comprehensive reading list -- just make sure you read what you need to in order to understand the fraud. How a small group of insiders made billions as the industry collapsed Business Week August 5, A revealing look at the man behind the Tyco scandal" Business Week Dec 23, http: Business Week, Oct 14,http: Business Week, June 17, http: Many executives have never heard of Tyco's Dennis Kozlowski--until he's acquired their companies Business Week May 28, How did they miss a scam so big?
Ebbers's role in leading the fraud. Ultimately, they decided to put Mr. Ebbers on the stand to respond himself, a possible tactical mistake.
Jurors interviewed after the verdict in March said they couldn't reconcile Mr. Ebbers's insistence that he was unaware of the fraud Bulletproof Biz Plans Masterminds Trailer Song his image as a hands-on CEO. But, she said, "Mr. Ebbers created the fraud that caused a number of investors to suffer losses. This fraudulent scheme defrauded the click here as a whole as well.
It seems quite clear to me that Mr. Ebbers was a leader in criminal activity in this case. Ebbers could receive treatment for his heart condition in prison. Reproduced with permission of copyright owner. Further reproduction or distribution is prohibited without permission. Ebbers, the year-old founder and former chief executive of WorldCom Inc. Ebbers hung his head as Judge Barbara Jones sentenced him yesterday in U.
District Court in Manhattan for fraud, conspiracy and making false filings. His shoulders shook as his lawyers and prosecutors discussed details. At the end of the hearing, when he rose from the defense table, his eyes were red, his face sober. His wife, Kristie Ebbers, rushed into his Bulletproof Biz Plans Masterminds Trailer Song, and the couple embraced for click minutes.
The former CEO is to report to prison on Oct. Judge Jones said she would recommend that he serve his time at the low-security portion of a federal prison in Yazoo City, Miss. Ebbers, dressed in a dark suit and light blue tie, didn't speak to reporters after his sentencing.
When asked by Judge Jones if he had anything to say, he indicated, in barely audible tones, that he didn't. The sentence for Mr.
That made it a key win for federal prosecutors in their push to crack down on corporate crime. Yet the government also Bulletproof Biz Plans Masterminds Trailer Song a setback yesterday when prosecutors decided not to retry another former CEO, HealthSouth Corp.
Scrushy, on perjury charges that were dismissed before he was acquitted earlier this month on 36 other criminal counts. Ebbers, Judge Jones said she believed federal guidelines called for a sentence of 30 years to life. But she cited Mr. Ebbers's charitable work in handing him 25 years. Ebbers said, "I think an innocent man got sentenced today.
Bernie Ebbers was transformed into a symbol, a distorted picture of corporate corruption. Ebbers continues to maintain that the fraud was committed by underlings without his knowledge.
He is planning to appeal, Mr.
Judge Jones more info decide later whether Mr. Ebbers can remain free while an appeal is being considered; attorneys not affiliated with the case estimated such an effort could take up to a year. Legal observers underscored the severity of the penalty for a corporate crime. Newhouse attributed the sentence to public outcry against corporate criminals, noting that it followed similarly tough penalties given to John Rigas, the year-old founder of Adelphia Communications Corp.
They received sentences of 15 years and 20 years, respectively. If these individuals had been sentenced 30 years ago, I wonder if they would have gotten jail time. Ebbers for his role in the WorldCom fraud. Ebbers agreed to settle the matter by consenting, without admitting or denying anything, according to the SEC. He will be permanently barred from serving as an officer of a public company.
The settlement is pending court approval, and the SEC said its investigation is ongoing. How many millions -- or billons -- of dollars were lost has been a subject of intense Bulletproof Biz Plans Masterminds Trailer Song, since the telecommunications industry as a whole was in meltdown well before WorldCom's fraud was disclosed.
Investors who bought shares early in the fraud may have lost less as Bulletproof Biz Plans Masterminds Trailer Song direct result of the fraud than those who invested later, when more investment decisions likely were based on false information.
Earlier this month, Mr. The company, now a significantly smaller entity known as MCI Inc. Ebbers's multimillion-dollar home in Brookhaven, Miss. He will be left with "certain amounts" to pay for legal bills, a modest living allowance and small house for his wife.
The sentencing punctuated the fall of a man who rose from being a Mississippi basketball coach and motel owner to heading what was considered to be a rising giant of the telecom industry during its peak in the late s.
From a tiny Mississippi reseller of phone calls, WorldCom grew through a series of acquisitions to become the nation's second-largest long-distance company and a stock-market star of the boom market of the s.
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Ebbers was celebrated on Wall Street as a brash but folksy CEO -- especially after he pulled off what was then the biggest corporate takeover in U. But by latea fraud was brewing beneath the surface, as WorldCom executives falsely boosted profits by marking operating expenses as capital spending, an improper practice.
Ebbers masterminded the fraud, ordering employees to "hit the numbers" and meet Wall Street expectations. Two months later, the company announced it would restate financial results and lay off about 17, employees -- the Bulletproof Biz Plans Masterminds Trailer Song public inkling of fraud.
Soon it was in bankruptcy protection and under investigation by prosecutors and regulators. By then, a crash was well under way for technology and telecom companies, as the industries struggled with heavy debt and overcapacity. Scores of small upstarts had failed, and even WorldCom had begun to sputter. The company had been among the big proponents of the view that Internet traffic was article source so rapidly that virtually no amount of spending and networkbuilding was too much.
For nearly two years after the company's problems began, prosecutors were unable to charge Mr.
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Ebbers, in good part because the executive hadn't used email and left virtually no paper trail. Then, on the eve of Mr. Sullivan's trial in Marchthe former chief financial officer agreed to plead guilty to three counts of securities fraud and testify against his former boss. That enabled prosecutors to charge Mr. Ebbers that same month.
Lead prosecutor David Anders built a case that relied heavily on the testimony of Mr.
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During the trial that began in January, defense attorneys worked to tarnish Mr. Sullivan as he described what he said was Mr. Before the sentence was handed down yesterday, Mr. Weingarten asked Judge Jones to consider Mr. Sullivan's role as the "mastermind" of the fraud and his eleventh-hour guilty plea. He said while he didn't want to "do anything that cranks up" Mr. Sullivan's sentence, the judge should make them comparable. Sullivan is to be sentenced on Aug. In asking for leniency, Mr.
During the trial, Mr.
Ebbers said he suffers from cardiomyopathy, a serious condition in which the heart muscle doesn't pump blood properly. Weingarten also cited his client's charity work, referring to letters submitted to the court on Mr.
Ebbers's behalf by friends, family and former colleagues. Weingarten said most of Mr. Ebbers helped one child get into school when his family had financial hardship.
And the angel was Bernard Ebbers. Judge Jones said she was impressed by the letters.