Wednesday, December 18, 2019

Bernie Goes Home (Updated)

A federal judge ordered the release of an ailing Bernie Ebbers.  The order is posted below.



52 comments:

Anonymous said...

He gets to go to a 10,000 sf mansion and relax and enjoy himself

Thousands are out billions and died cold and broke

Only Libtards would like this result

Anonymous said...

Where is he going. I have always felt he got in a trap accidentally and did not know how to get out.

Anonymous said...

The right thing to do.

Unknown said...

Good. He never should have been in jail in the first place.

Anonymous said...

He should have been released years ago and his crew (Scott Sullivan) should have taken the heat for what Scott did!!!

Anonymous said...

What 10,000 sft mansion is that? He lived in a 3000 sft home in old town Ridgeland with his then wife the day he was taken into custody. She has since divorced him to dig gold in a trial lawyer's well. The Feds took everything he had. He'll probably go live with his daughters.

Anonymous said...

How long did he serve?

Anonymous said...

@7:13 & @7:19- I completely agree and I’m a former employee. While I’d like to have back the stock options and the 401k at their peak values, I don’t blame Bernie. I blame sleazy Sullivan.

It’s exhausting hearing people complain of being devastated by the stock loss. IT HAPPENS! No company’s stock is guaranteed to never crash, whether through scandal, bad press, lawsuits, etc., etc. It’s a gamble... just like the lottery. People gambled and lost. Hopefully, no companies or individuals are investing in one stock as their 401k option. Diversify people!! I know WAY more employees that cashed out options when stock was high (they weren’t complaining then), than I do folks who were even slightly “devastated” by the fall.

I’m thankful he’s being released.

Anonymous said...

6:22 - Mansion was forfeited and sold to pay creditors when Worldcom was liquidated. Wife got a modest house (in Reunion) but she let daughter and hubs move in when she divorced Bernie and married trial lawyer David Nutt. Bernie probably won’t be living at the Home Place, but chances are he won’t be living in luxury. We lost a chunk of money when Worldcom went down, so I won’t be defending Bernie. Just pointing out the facts.

Anonymous said...

The Grinch gets to go home for Christmas. 🖕🏻

Anonymous said...

People did get hurt financially but putting Bernie in prison for 25 years will not help get there money back. He is just cost us more money keeping him there. He and several people did wrong and were rightfully convicted. I do think he was given too much time.

Anonymous said...

6:22, anybody who lost money on the WorldCom deal did so on their own accord. I'm assuming you are talking about 'losses' that those millions had from their purchasing of the stock. You seem to ignore the fact that they could have SOLD the stock as well. That's what 'investing' in the stock market is all about.

And, I'll bet a dollar to your stock certificate that most of those 'millions' you are referring to lost paper money - money that the stock rose to, not the amount that was invested.

I've heard those stories for years now - and I have little concern for them. People who decided they had money to invest in the dot.com market bubble and then complained when their get rich concepts didn't work out as they thought they should.

Of course they chose not to sell at the peak, expecting it to go higher. Then as it started dropping, they didn't want to get out either - at $60, or $50, or.......

Bernie rode his stock all the way down to zero, even buying it up as it was falling trying to support the market price.

Besides, just how long do you think someone should stay in the federal pen for such a crime? More than many folks that kill cashiers at a 7-11 while trying to get a little drug money?

Anonymous said...

I think his big house in Brookhaven was sold years ago

Anonymous said...

6:22 is spot on. I know people who lost their entire retirements after BE convinced them that he was going to bring it back.

he knew what was going on and it was proven in court. let him rot in jail

Anonymous said...

Thousands are out billions and died cold and broke ...

If they died broke it was due to their own stupidity.

Anonymous said...

He may not be in prison but he’s an unethical scumbag.

Lost money betting on his company.

Anonymous said...

@6:22 you obviously have no clue what you are talking about. He’s 78 years old with ailing heath. People who have committed much harsher crimes have served a shorter sentence than Mr. Bernie.

Anonymous said...

He starved himself in prison to look sick, so he gets out. Bernie, where's my money you fellator.

Anonymous said...

Heard he owes nothing, has no assets, and is going to live with his daughter.

Anonymous said...

Why didn't you link the story. It said he's going blind, has dementia and other ailments. Be a good idea to tell the whole story.

Anonymous said...

His estate was liquidated while he was in jail

27000 contiguous acres in Louisiana sold to Walmart heirs
Yatch company
Ranches across Midwest and Canada
Personal loans to friends totaling millions
Houses and cars

While he was running the place he looted it

He has more money stashed than most will ever see

And his kids and ex knew he was a crook so they cashed in on his lies early and often
They kept their loot...all of it

He is a fraud and should have died in jail



Anonymous said...

Hopefully there will be a book that will tell his side of the story. Fame and fortune changed him, and now that he is near the end of his life and has lost everything, he has many lessons to convey. I knew him well in his early days, and he was a good Christian man.

Private Tours Available said...

@ 8:23 - "A modest house in Reunion"? WTF?

Let me show you some 'modest decorations' on Sundial Road in Madison.

Anonymous said...

Bernie Ebbers was sacrificed unjustly so politicos could grab a few headlines. Meanwhile the real bad guy who caused the loss of billions got a few months at an Air Force base.

This whole matter is a travesty of justice.

And yes, I lost money on the Worldcom fraud. The Feds nailed the wrong guy and they knew they were nailing the wrong guy.

Anonymous said...

It is easier for a camel to go through the eye of a needle, than for a rich man to enter into the kingdom of God.

Anonymous said...

The blame belongs primarily to scumbag CFO Scott Sullivan and idiot auditors Arthur Andersen & Co. I've always contended that Bernie didn't know the details and wouldn't understand what the bean-counters were doing. He had a Phys Ed degree from MC! I also blame myself for putting too much money in a single stock. Hard lesson learned for everyone. P.S. After about 4 years in the slammer, Sullivan walked away with over $2 million in a trust account.

Anonymous said...

This is just setting a precedent so people won't make such a stink when Bernie Madoff and other NYC crooks get released by Trump prior to the next Dem President's inauguration.

Anonymous said...

of all the photos of certain well known people on the walls at ticos steak house, only two have been taken down and thrown in the garbage can..............tommy turburville and bernie.

Anonymous said...

My dad knew him well , was not associated the company or any investments.
The ship was sinking by the time Bernie had full knowledge of the crap
Show. Investigators were in his face and we all know the rest. I am not saying he is innocent at all.
His wife was a little feisty lady, but a decent woman. I remember her smile.
I don’t know the children. My heart aches for them as they lost time
with their father and now will see him die. I will pray for all of them.

I actually may even reach out to the family to offer to help.
Wonder if any of you would even consider doing the same.

Anonymous said...

@8:11 Sorry you harbor so much hate in your heart

Anonymous said...

To 8:11

Bernie Madoff and the other unnamed NYC crooks that you mention will have been dead long before the next Democrat is elected President.

Anonymous said...

I don’t think this is being done for Bernie’s benefit. It is being done primarily to relieve the federal prison system from Bernie’s very substantial medical bills. Bernie is blind, can’t walk and is extremely thin. He was attacked by a crazy guy who beat him to a pulp.

Anonymous said...

I don't see why this grifter gets a pass. Others have died in jail for less.

Anonymous said...

I want my money back that his daughter used to buy her house in an upscale neighborhood in Madison. She has never worked and lives off of our money while I’m still working.

Anonymous said...

@8:49pm

The issue is not that investors were chasing the dot-com boom and got burned. It was the information they were being given by Bernie and company was deliberately and materially false. If you have all the facts and lose your shirt on an investment then I have no sympathy for you. On the other hand, if you are deliberately lied to and have no reason to suspect otherwise then the entire blame falls on the person making the false representations.

I think Sullivan should have done more time, at least as much as Bernie, but in the end Bernie was the one who was insisting the company exceed expectations to keep the money train coming in through further acquisitions.

Anonymous said...

He had been known to show a graph of an increasing share price of WorldCom and ask: "Any questions?"

Go to the case study at Tuck SOB, Dartmouth at http://mba.tuck.dartmouth.edu/pages/faculty/syd.finkelstein/case_studies/03.html

Who's going to really miss $9 Billion dollars, anyway?

Excessive loans to executives in order to protect stock price: The compensation committee agreed to loan Bernie Ebbers, Worldcom founder, approximately $400 million at 2% interest rate when his margin loans against Worldcom were called.

Although Ebbers owned 0.5% of the total shares outstanding, the compensation committee's logic for the loan approval was to prevent further decline of the stock price since he would have been required to sell his shares in order to cover the margin call.

Funny enough, the loans were secured on 27 million shares of Worldcom in addition to his other personal items. Interestingly, Stiles Kellett Jr., the compensation committee chairman and venture capitalist, received a $5 million investment for one of his start-ups from Ebbers in 2001;

Kellert was also the beneficiary of a $1/month leasing arrangement for use of the corporate jet shortly after the loan was approved.

Ebbers approved major personal loans to board members, offered board positions to executives of newly acquired firms and allowed board members to heavily invest in competing companies. In exchange, it appears board members lent their support to Ebbers.

Board members who were not supportive were sometimes ridiculed in public.


Not only were customers being double billed for services, sales representatives were reaping the benefits by arbitrarily boosting their sales numbers to generate higher commissions. When Worldcom acquired MCI, Worldcom maintained both company's order-booking and billing systems, which allowed sales representatives to book the same sale in two different systems. The result: inflated sales commissions.

As one salesperson said, "It was the Wild, Wild West, with no sheriff and no rules."

Sniff. Poor guy. "How's the share price doing, eh?"

Anonymous said...

@9:40AM
No hate here. Quite the contrary. I'm full of joy like the majority of Americans. Trump was impeached last night! He will forever be recorded in history as impeached! And we will watch every criminal and co-conspirator he pardons on his way out on his yuge behind!

Anonymous said...

Believe this or not. I picked up a three way folded quarterly report from LDDS in its infancy. I actually read it (that is what I was trained (educated) to do). I read through it and I could easily see they were buying companies and immediately overstating the newly purchased businesses worth. I was an investment broker. After this revelation, I never solicited another share. If someone wanted to buy, I would enter the order. If they asked my opinion, I gave it to them. It is much like my recent opinion on the Uber initial public offering. The new issue appeared to make a lot of “insiders” immediately wealthy while selling virtually nothing more than a service to uneducated investors.

Anonymous said...

Don't forget that Bernie owned a majority of KLLM before he got convicted. Then the company went to receivership and was bought by the brothers from Hattiesburg whose name also appears on the USM field house. Those two saved the company's bacon since the place had gone to shit before Bernie even got involved.

Anonymous said...

He's paid the price.

Here comes the "Others have rotted in jail for less" crowd again in 3.2.1

Anonymous said...

He certainly deserved to get out ahead of thatFlowers guy who committed those heinous murders in Winona years ago.

Anonymous said...

Bernie did more than Clinton or Biden will ever do and that in itself is a travesty

Anonymous said...

The CFO was riding the elevator with an employee who asked if he should sell his stock because the CFO was selling his. The CFO explained that he was selling his stock to use the money to buy a home and that there were no problems.

He lost everything based on the CFO's lying insider's advice.

Anonymous said...

I for one am so excited to see Bernie get out of jail. I worked at WorldCom for years in the payroll department might I add and I used to cut Bernie's, Scott Sullivan, David Myers all the board members million dollar bonuses. I used to wonder how the hell were they getting these ALL the time. But I loved Bernie, he was a good man. He did a lot of good during his rise to fame here in the metro area. Whether we like it or not. He might not have been completely innocent in the whole scandal but he certainly did not deserve to get 25 years. I am so happy he's coming home

Anonymous said...

I misread the title.

During my first glance, I thought it read "Bennie goes Home".

I thought the article might be about a Delta Congressman.

Anonymous said...

So to summarize, if you lost your investment, you are so upset that you think this man should rot in jail. You are willing to cut off your nose to spite your face by keeping an ailing man in jail at taxpayer expense so you can have your revenge. If you actually worked for WorldCom and knew the man, you lost not only your investment but your retirement and your primary income, yet you feel he's served more than his share of time and should be released to his family. I'm glad I'm one of the latter who just lost his job, options, and retirement.

Anonymous said...

When WorldCom went under, I had around $10,000 in my 401k. Two years later, I received a letter from Merrill Lynch informing me that after the litigation, bankruptcy proceedings, attorney fees, etc., my account was worth $10.00. I asked for a check. After processing fees, I received a check for one cent. I framed it and hung it over my desk to remind me to never again trust anyone outside of my immediate family. I moved on to another gig, taking a fifty percent pay cut and enjoying the hell out of my new job until I retired. I also made a few dollars selling my WorldCom employee memorabilia on eBay.

Anonymous said...

I met Bernie in a business setting just before he took World Com public.

I begged friends not to invest and those who did to sell high the minute they could.

The reason is that I knew after talking with Bernie that he was totally unprepared to swim with the sharks. He didn't know how to protect himself in the Ocean that is Wall Street.

He shows up in New York in a cheap suit with a plastic briefcase and cowboy boots and a bad haircut totally unable to distinguish the " good guys" from " the bad guys" or understand the difference between the jargon of finance and BS.

The outcome was inevitable.

But, I agree that he did not act honorably when he knew he'd screwed it all up by taking bad advice from those targeted him by playing to his ego.

Shadrick Brown said...

Mr. Ebbers was not nearly as devious and intelligent as some of you suggest. Behind every crooked CEO, there are four crooked CPAs guiding his every action.

Anonymous said...

I am reflecting on 9:59’s comment about trust no one except immediate family. How true that is and above all he found happiness in a job paying half a s much. It makes you wonder how many people live so miserably working at a job that they hate, trying to keep up appearances so the family can live well. So many people do that and it’s sad. I like to promote a work environment where everyone is happy at what they do and be productive for me and themselves.

True, Bernie wasn’t prepared to take the plunge nor was an associate of his who was in business with him owning a hockey team in Jackson. That man was playing Bernie and HIS investors when he took his ship building company public also. Let’s don't forget that and that man was also a prominent player in a large church in Madison as he pulled their strings also. Bernie didn’t have a chance. Too nice of a guy. With that being said, money does make a persons true colors come out and you will see their true identity when it comes to the almighty dollar. This also plays into what the commentator said about the sharks on Wall Street. Yes, we have certainly lost our way haven’t we?

Anonymous said...

Let’s all Venmo Bernie’s daughter and request our money he and his cohorts owe us. I know it won’t bring back any of the money lost but at least she will feel a little annoyed just as her Facebook posts begging for his release annoyed many of us.

Anonymous said...

I get it that he took the hard fall for many who were caught up in this mess. Sullivan and Myers should have definitely spent more time in jail. However, Bernie was at the helm of the machine so when the boat goes down, so must it’s captain. He knew what was going on and continued buying property and wives. That’s a huge problem for us regular people.
Surly his daughter and friends understand why people who lost money are upset! Why advertise so loudly that their dad is coming home? WHY ARE THINGS ALWAYS SO OVER THE TOP WHEN IT COMES TO THE EBBER FAMILY? Why are they now vacationing in New York? I can’t afford a trip there. How do they still have money if he is broke?

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