Score One for the People

It isn't often that we get good news these days, but when I read that Bernard Ebbers, former CEO of WorldCom and world-class crook, had been sentenced to 25 years in prison, it was a welcome bit of news.

Excerpt from a CNN article:

Ebbers gets 25 years
Former WorldCom chief, 63 years-old, could spend the rest of his life in prison. 

NEW YORK (CNN/Money) - Ex-WorldCom chief executive Bernard Ebbers was sentenced Wednesday to 25 years in prison for his role in orchestrating the biggest corporate fraud in the nation's history.

Legal experts said the sentence is the largest ever against a top executive convicted of committing corporate crimes.

Ebbers was convicted in March for his part in the $11 billion accounting fraud at WorldCom that was the biggest in a wave of corporate scandals at Enron, Adelphia and other companies.

WorldCom, now known as MCI, filed the largest bankruptcy in U.S. history in 2002. The company's collapse cost shareholders and employees billions of dollars in losses.

Of course this development would have been even more powerful IF the U.S. Congress had decided that irresponsible and fraudulent corporate bankruptcies needed to be stopped at least as much as personal bankruptcies caused by divorce, illness or just plain bad luck in the job market. As it stands, the bankruptcy bill they passed this year hones in only on individuals, leaving corporate bankruptcies free and clear from additional regulation.

Still, it's always heartening to see arrogant crooks like this guy get their comeuppance, at least in some small way. I imagine Ebbers will be placed in the most comfortable federal pen that can be found, but at least there'll be no more telecom cowboy pleasures for this guy. Score one for the people. Now, when will justice visit Enron's Ken Lay?

Here's the Wikipedia profile on Ebbers.