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Comments on news posted 2003-10-18 10:10:53: WorldCom has declined to make annual payments of $1.5 million to founder Bernard Ebbers under a severance package agreed to on April 29, 2002, which WorldCom says Ebbers has breached. ..
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  Sr TechPremium
join:2003-01-19
New Fairfield, CT | OH What a Shame Ha Ha Ha... | |
| | petrus
join:2002-01-09
Atlanta, GA | Re: OH What a Shame Bernard Ebbers and the rest of his "gang" should go to prison. They ruined a lot of peoples lives while they were building their multi-million dollar homes and buying Yachts, while defrauding the public, their investors, their sales Agents and their employees. Many people lost huge investments, retirements, pensions and residual income because of their illegal activities. Why should these guys have anything at all? If You or I had done anything like this even on a very small scale, we would serve time. The wealthy crooks in this Country seem to be able to get away with thier crimes. These guys need to be made an example of. Yes I was affected. I was recieving a substantial amount of monthly commission income for work that I had done for Worldcom and in spite of a contract, they just decided they would no longer pay me along with many others.
I hope the public will not reward Worldcom further by doing business with the newly resurrected MCI (it's still Worldcom). They don't deserve Your business. Do I sound bitter? Yes, I suppose I am. I don't like getting screwed over. I say, put them in prison and throw away the key. | |
| | |  MaxoYour tax dollars at work.Premium,VIP
join:2002-11-04
Tallahassee, FL | Re: OH What a Shame Wbat are you talking about? This guy has to settle for the smaller jacuzzi. What more do you want out of him? Sheesh.
JKBTW;)
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For the memory of Johnny Cashhttp://www.maxolasersquad.com | |
| | | tempman
join:2003-04-30
Tarrytown, NY | Just put him in jail and throw away the key? No trial. No need to prove he is guilty of anything, just put him in jail. Now I'm not defending old Bernie, but I do think he is entitled to due process just like the rest of us. Bernie has been under the microscope for a while by the Feds, but that haven't charged him with anything yet. Only Oklahoma has filed charges against him. Before we sentence him to life in prison, I think we should allow him his constituional rights of a trial. I'm sure old Bernie is no boyscout, but that's my opinion and we don't send people to jail based on opinions.
Opinions are like a**holes, everyones got one. | |
| | | |  bistro777Donuts-Is There Anything They Can't Do?Premium
join:2002-02-07
Englewood, CO | Re: OH What a Shame I agree with due process and all...but I find it ironic that the only thing Bernie ever apparetnly "got down on paper" was his severance package. The rest of the smoke and mirrors that constituted his involvement with the massive fraud at WCOM was, for the most part, verbal and without a paper trail. So unfortunately - just like OJ - he'll probably escape criminal penalties and just get hit (maybe) with civil damages...while sheltering assets under Florida's homestead statues, etc.
Fly WorldConAir - staring Bernie Ebbers as Cyrus 'The Virus' Grissom | |
| | | |  jjoshuaPremium
join:2001-06-01
Scotch Plains, NJ
kudos:1 | So give him a fair trial and then throw him in jail. | |
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|  mrchrisOut and aroundPremium
join:2002-10-01
North Babylon, NY | He doesn't deserve the $$$$$ cause of his activities that screwed Worldcom up. | |
| | Sr TechPremium
join:2003-01-19
New Fairfield, CT | So True, the only thing Bernie deserves is a 8x10 cell.. | |
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| | And this changes what? Nice sentiment from Worldcom, only how does this change anything? Sure they are hitting Ebbers. He can be the scapegoat now. What about the current executives? What kind of bonuses and salaries are they receiving while the lower ranks have to deal with not-so-enticing salaries and fears of lay offs? It would be nice if the exhorbant bonuses were done across the board and not just on one guy they feel they can persecute just so they can look good.
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Love Science Fiction? www.spacestationzoom.com | |
| |  DaSneaky1Done wall to block them allPremium,MVM
join:2001-03-29
The Lou
 ·Charter
| Re: And this changes what? This does change things. For the past couple of years, Bernie has gotten away cleanly. He put the blame on fall guy Scott Thompson while he continued to receive his severence and life time health coverage for him and his wife. This is actually going to do some damage. Taking away his money and holdings forces him to repay his creditors. If no one will give him a loan to do it (who wants their name associated with him), the main person behind the whole Wcom failure is hit...and hard.
There may be other people that were involved, but his name was on my check...before I got laid off.
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] ::my trivial ramblings:: [ | |
| | | | | Re: And this changes what? Still I don't think the company has made any real changes since then. Maybe one person is getting their just desserts, but what about the rest of the cancer?
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Love Science Fiction? www.spacestationzoom.com | |
| | | | DaSneaky1Done wall to block them allPremium,MVM
join:2001-03-29
The Lou Reviews:
·Charter
| Re: And this changes what? I still keep in touch with some people that work there. They are making everyone take an ethics course and other things like that. True, there probably are still some very shady pratices going on, but considering how much debt they had to clear, I think they will try to with hold as much money from key people as possible.
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] ::my trivial ramblings:: [ | |
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| | | | Scott Sullivan not Scott Thompson. | |
| | | |  calvoiper
join:2003-03-31
Belvedere Tiburon, CA | Re: And this changes what? Yeah, it'd be nice if these folks who know so much could at least get the names right--especially when they come around to jail people.
Bernie probably can't get a loan--there's this little problem of his last loan, for over $300 Million. That went to maintain his investment in WorldCom.
Of course, if he hadn't borrowed that loan, he would have had to sell off his WorldCom stock. The embarrassment of that would have forced his resignation even earlier.
And he'd still have his ranch, his yacht building business, and his other assets. If he just hadn't believed in WorldCom enough to borrow $300 Million to stay in its stock....
Calvoiper
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VoIP--the death knell of remaining voice monopolies! | |
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|  oliphant5Got Identity?Premium
join:2003-05-24
Corona, CA | said by SRFireside:
Nice sentiment from Worldcom, only how does this change anything? Sure they are hitting Ebbers. He can be the scapegoat now. What about the current executives? What kind of bonuses and salaries are they receiving while the lower ranks have to deal with not-so-enticing salaries and fears of lay offs? It would be nice if the exhorbant bonuses were done across the board and not just on one guy they feel they can persecute just so they can look good.
Anyone who is not happy with their station in life should worry less about why someone is doing better than them and concentrate more on improving themselves by their own merit.
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-- Munis Killed the Telco Star -- Powered by Barry McKockenner Racing in association with Jack Mikkokov Motorsports | |
| | | | | Re: And this changes what? I'm talking more about the lack of raises and massive on those levels while upper management and the executives continue to get massive bonus checks, company perks and more. They try to validate the layoffs while at the same time paying themselves a lot more than necessary. Lets not forget the stockholders who got screwed by the same thinking.
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Love Science Fiction? www.spacestationzoom.com | |
| | | | oliphant5Got Identity?Premium
join:2003-05-24
Corona, CA
| Re: And this changes what? But the "bonuses" are part of their salary. People have screamed that top management shouldn't just get money to get money but rather it should be tied to performance. Now when the company performs, top management successfully navigating the company through bankruptcy and no doubt getting the company great deals from the court (staying off liquidation and ultimately 100% layoffs) and they get a bonus people still bitch. MCI elected to buy top people including Capellas, who saved Compaq.
My feelings are, unless the CEO just gets a straight $50K/yr salary people will bitch.
If you want to punish Worldcom leadership, then you should devote your efforts toward to leadership that drove Worldcom to bankruptcy, not the all new current one who is getting them out faster than anyone could have imagined much to the dismay of Worldcom's competitors.
Meanwhile, we see from this article, that MCI isn't just going to pay fatcats for the sake of paying. If you visit the MCI restructuring site, you'll see just how much they've accomplished since kicking out the old regime. »global.mci.com/news/ But like most news, the good doesn't make the from page while the bad or controversial does.
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-- Munis Killed the Telco Star -- Powered by Barry McKockenner Racing in association with Jack Mikkokov Motorsports
[text was edited by author 2003-10-19 11:23:26] | |
| | | | | | | Re: And this changes what? All I am reading from that link is restructuring to help deal with their creditors and a blurb about the new ethics leader. My stance is still the same because I really don't know how much has changed yet. For a company that is under bankruptcy protection I am figuring the bonuses shouldn't be that high. Afterall the books are now showing very poor performance. This is the stuff we keep reading about with a lot of other telecommunication companies in the past.
So again I ask what has changed? Has the bonus structure changed to reflect a more realistic acceptance of rewards or is it still business as usual with the executives getting gobs of cash in spite of poor performance? Are they looking closer into decisions that harm the support staff (such as layoffs) when considering bonuses during times when the company's stock is faltering? I can't call a company very ethical in the long run if these issues haven't been resolved or at least met. Yeah I know. That means I would call most companies with investors unethical, but that's the way I see it.
BTW if the stuff I mentioned has been addressed and is on the site I didn't see it. Please provide a direct or quote if you can. If it's not mentioned then that's where I stand.
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Love Science Fiction? www.spacestationzoom.com | |
| | | | | | oliphant5Got Identity?Premium
join:2003-05-24
Corona, CA
| Re: And this changes what? Showing poor performance?!? They netted over $200 million in July and another $132 million in August AND they are building cash reserves at a huge rate ($600M in Aug to now over $5 billion). All this despite high reorganization costs.
What poor performance are you referring to? You should look at the monthly reports.
I think the new MCI leadership is doing an excellent job bringing the company back after the trashing by the old regime. MCI will emerge in a great position despite the huge hole it was in and despite the sluggish economy. I don't know what else you could expect from this management team that they haven't delivered. IMHO they deserve every penny they're getting, and those 55,000 employees who had their jobs saved would, if they think about it, think about how bad it could have been, would agree. Every employee was at risk for layoffs, whether it's Worldcom, Boeing or any other large corporation...but that's not the case now, especially at MCI.
The only ones critical of MCI now are their competitors. Customers are getting good service (according to recent industry awards) and their employees are working and MCI will certainly start expanding again.
MCI continues an excellent employee benefit package, 100% matching contributions to 401K to 5% of employee salary, comprehensive medical including prescriptions, dental, vision, life insurance, and disability.
And the continued success of the MCI recovery is reflected in that they're hiring, they are putting more and more people back to work.
In the face of all of their success, you question the bonuses paid to the leadership that made it happen? IMHO, that's how it should be...bonuses for company success. It seems to me that with this all new administration at MCI you get what you pay for, Capellas and the rest have saved 55,000 jobs, maintained the employee benefit packages (while many other companies can't as evidenced by worker strikes here in Cali), made MCI profitable in such a short time...and hell, they aren't even out of bankruptcy yet.
Say what you will about the old corrupt regime of Worldcom (they should all get life in Federal ass-pounding prison and their assets liquidated) but the new leadership at MCI shouldn't be painted with the same brush, especially in the face of such continuing success.
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-- Munis Killed the Telco Star -- Powered by Barry McKockenner Racing in association with Jack Mikkokov Motorsports
[text was edited by author 2003-10-19 13:53:38] | |
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| | He screwed over all shareholders He shouldn't get a dime, and should get some jail time on top of it. He screwed over millions of people who bought shares based on his lies. | |
| bmn? ? ?Premium,ExMod 2003-06
join:2001-03-15
hiatus | Bleeding him slowly... quote:
WorldCom has already begun selling off Ebbers's yacht-building business and Canadian ranch. However, they are at the same time trying not to push Ebbers into bankruptcy, which would wipe out his obligation to repay his debts.
Heh heh heh... I like that. Instead of killing him with one fell swoop, bleed him dry. Hopefuily when they are done with him and the like of people like Kenneth Lay, they their class position goes from being in the corporate spike to the American underclass.
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Male by birth... Geek by choice. -- I seen the error of my ways... Politics are the greatest waste of human effort ever! | |
| rshochPremium
join:2003-09-01
Santa Ana, CA | Community Service. Perhaps some justice would be served if Ebbers, Lay, certain stock analysts, and select investment bankers did some serious community service as atonement.
There are more than a few opportunities for these folks to repent and apply their skills for the betterment of others.
How 'bout 10 years in Iraq, Afghanistan, Bosnia, Africa, South America, Haiti, ... | |
| |  Iowan5Premium
join:2002-11-27
Des Moines, IA
| Re: Community Service. No, not Bosnia or South Africa or similar countries, it's not that bad.
Iraq or Afghanistan only 
[text was edited by author 2003-10-18 16:16:00] | |
| | | | | Re: Community Service. Bernie loves to preach so community service in the third world would be good for him. | |
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| | Are they serious? "The company fears that if Ebbers filed for personal bankruptcy, it would wipe out his obligation to repay his debts. Under WorldCom's reorganization plan, all but about $6 billion of its $41 billion in debt would be erased by the bankruptcy process."
Is the new Worldcom, or MCI, whatever they are called so naive as to think that Ebbers will pay back .01 of this money in a million years?? We are talking 400 million dollars. What a joke! | |
| |  trisomyPremium
join:2002-05-23
Katy, TX | Re: Are they serious? My guess is MCI is liquidating some of his assets based on his loan. If they call the loan "bad" then it may complicate the recovery process by liquidation since if they judged it 'uncollectable' they might need to concede that they would have no basis for the liquidation.
As well, it is likely his bonus/severance has been 'booked' as an obligation, again if they declared the loan 'uncollectable' until there is a final ruling they would need to carry the liability (since it involves employee wages) without the loan offset. | |
| | | oliphant5Got Identity?Premium
join:2003-05-24
Corona, CA | Re: Are they serious? But as a last resort MCI could charge it off as a bad debt. | |
| | | | trisomyPremium
join:2002-05-23
Katy, TX | Re: Are they serious? I agree, whatever is not collected or settled will necessarily be handled in this manner...not that they need them mind you | |
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| |  Get a Job
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|  old_dawg"I Know Noting..."
join:2001-09-22
Westminster, MD | Burn Bernie Burn !!!! Rot in the fires of Hades. | |
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