Ebbers

[Svenwulf]

from the AP:

Appeals Court Upholds Ebbers Conviction
Friday July 28, 3:10 pm ET
By David B. Caruso, Associated Press Writer
Conviction of Former WorldCom CEO Ebbers Upheld; Could Clear Way for Jail Term
NEW YORK (AP) -- A federal appeals court on Friday upheld the conviction of former WorldCom Inc. Chief Executive Bernard Ebbers on charges related to a multibillion dollar accounting fraud. The ruling by the three-judge panel of the 2nd U.S. Circuit Court of Appeals could clear the way for Ebbers to begin serving a 25-year prison sentence for his actions as head of the telecommunications company.
Convicted in 2005, Ebbers had argued on appeal that he had been denied a fair trial and that his lengthy prison sentence was unreasonable.

there is more of the article, its easy to find on yahoo. i know its not exactly fresh off the wire, but i thought i had to post in homage to Cramer the wise.

[tr0llman]

what does this have to do with cramer's wiseness? did he predict this?

[Svenwulf]

Originally Posted by tr0llman

what does this have to do with cramer's wiseness? did he predict this?

...wiseness...
maybe i shoulda taken a longer weekend

from "you got screwed" pg21, and only a portion:

The 300m he used to make a "statement" with his buys, required Ebbers to risk nothing. It was opm, other peoples' money. Ebbers was using WorldCom as his own private bank, even though it was a public company and no one on the board, .... objected.

I get the impression that Cramer thought WorldCom was a bigger fraud than Enron. But Ebbers was just one rotten apple, and Cramer points out the culpability of the CEO, the board, and especially the analyst Grubman and the mutual funds who all received little to no punishment for their roles.

Cramer's wisdom is not what or when, but why and how. As i have previously posted, a good to excellent reporter, who just happens to love the market.