Should Have Bernard Ebbers Gone to Jail?

In: Business and Management

Submitted By Scout
Words 1406
Pages 6
Abstract
Ebbers began his business career running a chain of motels in Mississippi then transformed a small discount phone business he started into the telecommunications giant WorldCom. After he resigned he was convicted of one of the largest accounting scandals in the United States that had happened while he was the CEO. As a defense Ebbers tried to say that he was unknowing and don't know about technology or finance and accounting. The jury did not buy into his theory and convicted him.
.

Should have Bernard Ebbers gone to jail?
Background
Bernard Ebbers was born August 27, 1941 in Edmonton, Alberta. He earned his degree is Physical Education at Mississippi College in 1967. He worked as milkman and bouncer when he was not in school. Ebbers first began a business career by operating a chain of motels in Mississippi.
He began working in the telecommunications business in 1983 when he joined several other investors in the newly formed Long Distance Discount Services, Inc (LDDS) were he was named Chief Executive Officer (CEO) within 2 years. In 1995 the company was renamed WorldCom after it had acquired over 60 other telecommunications companies.
In April 2002 Ebbers resigned as CEO and In June 2002 WorldCom releases that they had to recalculate earning figures for the last five quarters. In March 2004 he was indicted of fraud and conspiracy and in July 2005, he was convicted on all nine counts against him for the WorldCom accounting scandal that lost investors 11-billion dollars. In September 2006 he began serving his 25-year prison term at Oakdale Federal Correctional Complex in Louisiana.
Should Ebbers have gone to jail?
Legally, I would say that CEO would be held liable for the actions that sent their company into bankruptcy if it could be proven that they knew or should have known about the financial accounting errors. Whether the CEO…...

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