Today is a momentous day for US corporate law. Former milkman, club bouncer, and boss of Woldcom when it went down, Bernie Ebbers begins his 25 year jail sentence. The 62 year old said he wasn’t good at maths and the problems at Worldcom weren’t his fault. He was just a simple man who believed what the money men told him. Sadly for him, the court didn’t believe him.
Meanwhile, what of the architects of the Enron collapse? Andrew Fastow, who was the financial chief at the company who concealed its financial weaknesses through the infamous LJMs while pocketing a tidy profit, will hear his jail sentence today.
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