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Bernie Ebbers Keeps the Silverware

By Jeralyn, Section Crime in the News
Posted on Mon Jul 11, 2005 at 03:04:54 PM EST
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Update: Bernie Ebbers gets 25 years.

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Two days before his sentencing, convicted former WorldCom Exec Bernie Ebbers has settled his civil suit with the government, and will be giving up almost all that he owns:

A judge gave her blessing Monday to a civil suit settlement under which former WorldCom chief Bernard Ebbers will forfeit nearly all his cash and personal assets - as much as $45 million.

U.S. District Judge Denise Cote gave preliminary approval to the deal two days before Ebbers, 63, faces sentencing, and almost certain lengthy prison time, on his criminal conviction in the record WorldCom fraud. The civil settlement, which springs from a suit filed by angry former investors in the toppled telecom, will leave a modest Mississippi home for Ebbers' wife and roughly $50,000 for her to live on.

"Basically we left them with their furniture and the silverware," said Sean Coffey, a lawyer for New York state Comptroller Alan Hevesi, the lead plaintiff in the investor suit.

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    Bernie Ebbers Keeps the Silverware | 14 comments (14 topical)
    Re: Bernie Ebbers Keeps the Silverware (none / 0) (#1)
    by nolo on Sat Dec 17, 2005 at 01:01:05 PM EST
    "The silverware" also includes some oil and gas assets and a retirement account.

    Re: Bernie Ebbers Keeps the Silverware (none / 0) (#2)
    by ppjakajim on Sat Dec 17, 2005 at 01:01:06 PM EST
    et al - Which is a helluva lot more than many employees and investors were left with.

    Re: Bernie Ebbers Keeps the Silverware (none / 0) (#3)
    by nolo on Sat Dec 17, 2005 at 01:01:06 PM EST
    Ain't that the truth.

    Re: Bernie Ebbers Keeps the Silverware (none / 0) (#4)
    by Randinho on Sat Dec 17, 2005 at 01:01:06 PM EST
    Here's a first: What PPJ said.

    Re: Bernie Ebbers Keeps the Silverware (none / 0) (#5)
    by John Mann on Sat Dec 17, 2005 at 01:01:06 PM EST
    "Here's a first: What PPJ said." Guess who invested in WorldCom.

    Re: Bernie Ebbers Keeps the Silverware (none / 0) (#6)
    by Kitt on Sat Dec 17, 2005 at 01:01:06 PM EST
    "Here's a first: What PPJ said." Ditto, Randy.

    Re: Bernie Ebbers Keeps the Silverware (none / 0) (#7)
    by ppjakajim on Sat Dec 17, 2005 at 01:01:06 PM EST
    John Mann - Nope. I imvested in MCI and made a ton. When Ebbers showed up, I sold. BTW - I have zapped some other corporate thieves, but really, what fun is there in telling each other that we agree? I could spice it up by pointing out that it was a Demo admin that let all this corporate greed inflate the Internet bubble costing people billions, but we all know it was really Reagan's fault.

    Re: Bernie Ebbers Keeps the Silverware (none / 0) (#8)
    by nolo on Sat Dec 17, 2005 at 01:01:06 PM EST
    PPJ, are you saying the market should have been *more* regulated?

    Re: Bernie Ebbers Keeps the Silverware (none / 0) (#9)
    by Che's Lounge on Sat Dec 17, 2005 at 01:01:06 PM EST
    Too bad he couldn't be barred by the court from holding certain titles and participating in further corporate adventures. Cause you know rich folks look after each other. I just wonder where he'll not turn up next, and whose money he'll be playing with then.

    Re: Bernie Ebbers Keeps the Silverware (none / 0) (#10)
    by ppjakajim on Sat Dec 17, 2005 at 01:01:06 PM EST
    nolo - As a social liberal I don't quiver and quake over some regulation. But the biggest problem with the Internet bubble was people believing everything the brokers told them.

    Re: Bernie Ebbers Keeps the Silverware (none / 0) (#11)
    by Jlvngstn on Sat Dec 17, 2005 at 01:01:06 PM EST
    Does it make PB&J a social liberal because he said that they got a lot more than the investors? I bet Rush and Hannity feel the same way, are they social liberals? I agree with PPJ's statement, but certainly that does not make him a liberal.

    Re: Bernie Ebbers Keeps the Silverware (none / 0) (#12)
    by Che's Lounge on Sat Dec 17, 2005 at 01:01:06 PM EST
    But the biggest problem with the Internet bubble was people believing everything the brokers told them The same would happen with SS if it was privatized.

    Re: Bernie Ebbers Keeps the Silverware (none / 0) (#14)
    by Talkleft Visitor on Sat Dec 17, 2005 at 01:01:09 PM EST
    I could spice it up by pointing out that it was a Demo admin that let all this corporate greed inflate the Internet bubble costing people billions, but we all know it was really Reagan's fault.

    Re: Bernie Ebbers Keeps the Silverware (none / 0) (#15)
    by Kitt on Sat Dec 17, 2005 at 01:01:09 PM EST
    Oh-oh...just saw this on Yahoo! Not a good time for Bernie. The judge had this to say: "I find that a sentence of anything less would not reflect the seriousness of this crime," Jones said. That's why, Jeralyn - the "seriousness of the crime." Bilking, I think it's called.

    Bernie Ebbers Keeps the Silverware | 14 comments (14 topical)