Bernie Ebbers get sentenced tomorrow. the NY Times anticipates a long sentence--tantamount to life for the 63 year old, former Hattiesburg motel and long-distance telephone entrepreneur. He's been stripped of his assets--his wife gets a modest ranch house in Jackson and $50,000. Looks like she'll be going back to work.
That Mississippi's change to develop a high-tech industry had to be undone by the biggest thief in American history is a base tragedy. He has shamed the hard-working people of our state.
Isn't there a Latin expression "caveat emptor" that means "let the buyer beware"? I think investing should be the same way. If you're willing to invest big bucks and then spend zero time monitoring your investment, you're asking to get cleaned out.
Here's the key quote from the Clarionledger article:
"He was benevolent with other people's money and gave it to who he wanted to," said Rep. Phillip Gunn, R-Clinton, a former WorldCom investor, who said he and a number of friends lost a lot of money."
Ebbers is a thief whose crimes have affected millions of people. If he had robbed a convienence store, there would have been no question about a long sentence. He steals billions and perpetrates the largest financial fraud in American corporate history, ever, and folks defend him because he gave some money away.
I found it interesting that when jurors were interviewed after the trial, a number of them said that Ebbers' own testimony convinced them of his guilt.
Remember, his defense was "oh, I didn't know. I didn't pay too much attention to the company finances" Yeah, right. He can think about that while he sits in the pokey.