Tycoon Ebbers to begin jail term
Former Worldcom boss Bernard Ebbers
Bernard Ebbers was once a star of corporate America
Former Worldcom boss Bernard Ebbers will report to prison on Tuesday to start his 25-year jail sentence.
Ebbers was convicted of fraud and conspiracy for his role in an $11bn (?5.8bn) accounting scandal that led to the collapse of Worldcom in 2002.
Ebbers was ordered to arrive at a federal prison on 26 September but the location has not been revealed.
The earliest date at which Ebbers will be released is 2028, by which time he will be over 85 years old.
The two closest prisons to Mr Ebbers' home are the Yazoo City Federal in Mississippi and the Oakdale Correctional Complex in Louisiana.
The former Worldcom boss was originally sentenced in March 2005 but had subsequently appealed against the decision.
A federal appeals court in New York upheld the guilty verdict in July 2006 after a judge found that personal gain had been the main motivating factor behind Ebbers' actions.
Prosecutors said that Ebbers co-operated in a scheme to falsely boost the value of the company's shares by hiding the true state of the firm's finances. During the technology boom of the 1990s, Ebbers was a star of corporate America as Worldcom's standing went from strength to strength.
But when Worldcom collapsed it was the biggest corporate bankruptcy the US had seen.
When the firm filed for bankruptcy protection, some 20,000 employees lost their jobs and shareholders lost about $180bn.
Ebbers left the firm in 2002 after admitting borrowing money from Worldcom to cover losses he incurred in buying its shares.
Not having the thread to go to, here is an answer.you can copy and paste.
We allowed our world (US included) to live off embezzlement's,trickery and corruption so a small controlling group(that is open to anyone who wants to pay the price)to mass large amounts of money to employee the middle class.
We are powerless to stop them, they are in control. Two example, the US IRS personnel income tax is about 20%, same for corporations; except all corporation tax is build into the selling price of a product,repaid by the buyer, after the corporation re collects the taxes they paid to the IRS for you as an employee. Then the gov. gives tax credits to the corporation so they end up paying a lessor tax than they collected, meaning if before the tax credit they were to pay 20% tax that they already collected from the sale of their product.. with a tax credit they pay 15% meaning they overcharge 5% tax in the sale of their product. The middle class pays 20% for their own tax,plus 20% built in corporate tax, plus 15% advance IRS tax taken from each paycheck, 55% of your gross income goes to taxes,plus your property tax,credit card interest,interest on loans, studies tell us that 68-70% of gross income go to pay tax.
NEXT;Telephone calls; The US was broken into 7 LATA's of 10 Billion in sales in 1984, today a LATA generates over 80B per LATA,your bill shows a bundled charge, when a telephone company delays closing a switch by 3 seconds per switch,they get an unearned preplanned overcharge of more than 500 million dollars(US only)a day.(500 million$ times 360 days a year)
or overcharge 180 Billion a year.
If we did not have these thieves cheating us more people would be unemployed.If I told you more you would do anything to join the small group of ultra wealthy or quit your lob.