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Saturday, July 16, 2005

Ebb[ers] Tide

This just might help to stem the tide of greed, for those who aren't already drowning in it. Bernie Ebbers of WorldCom fame, gets an unbelievably stiff sentence:
The Ebbers sentence, handed down Wednesday by Judge Barbara Jones of Manhattan federal court, was the stiffest penalty yet in the Enron-era fraud prosecutions.

Even if Ebbers, 63, reports to prison in October — he may be allowed to stay out on appeal — and gets time off for good behavior, the earliest he could leave is 2027, at age 85.

[snip]

This gets the attention of every executive in the nation," said Michael Proctor, a Los Angeles securities lawyer. "It is harsh. It will have executives thinking."
Ebbers' punishment follows another sentence that amounted to life behind bars: In June, Adelphia Communications Corp. founder John Rigas, 80 and in poor health, got 10 years for leading the fraud and looting that bankrupted that company. His son, former Adelphia chief financial officer Timothy Rigas, got 20 years.
And about time if you ask me. Grannies all over the country are eating dogfood and moving in with the kids because of these greed-piggies and their ilk. They should all die in jail - and just might. Reputedly prisoners aren't particularly sympathetic. It will only take bunking with one whose parents are homeless now because their pensions went bankrupt.

Sorry Bernnie if I don't sound appropriately forgiving. You essentially "robbed" thousands of decent hard working folks just to get richer than you could ever need to be. Now see what good it'll do you. Enjoy your cell. Maybe they'll let you bunk with Ken Lay. HA!

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