Friday, March 18, 2005
Ignorance no defense
THE higher they are, the harder they fall. Bernard Ebbers, former WorldCom CEO, is no exception.
Little solace, perhaps, to former employees and investors who lost jobs and billions of dollars in the collapse of Ebbers' telecommunications giant. But for a chief executive snared in a greedy corporate web of epic proportions, it is justice at last after three years of waiting.
Ken Lay can't be sleeping well after Ebbers' convictions on all nine counts against him for securities fraud, conspiracy, and filing false documents in an $11 billion accounting scandal that drove WorldCom into the largest U.S. bankruptcy ever.
If the former Enron CEO goes with the same defense strategy that Ebbers' attorneys did, with assertions that the defendant was unaware that company executives directly accountable to him were cooking the books, acquittal may not be in the cards for Mr. Lay, either.
posted by Brian Moran @ 9:33 AM