Wednesday, February 09, 2005
The Power of the Market
WorldCom's ex-boss Bernie Ebbers ordered adjustments to the firm's books, the telecoms firm's ex-financial chief has told a Manhattan court.
Scott Sullivan is the prosecution's key witness against Mr Ebbers, who has denied charges of fraud and conspiracy in relation to WorldCom's collapse.
In his second day of testimony, Mr Sullivan said his ex-boss repeatedly told him: "We have to hit our numbers".
Source: BBC article Worldcom Boss 'Ordered Fraud'
For those who don't recall Charles Keating, he was a prime mover in the collapse of Lincoln Savings and Loan during the big S&L scandal during the 80's. Lots of people lost their life's savings and were reduced to living on nothing but their Social Security checks.
If we had all the billions of dollars stolen by during S&L deregulation scandal (yet another Reagan-era triumph) by free-market hucksters, Social Security would be rolling in money.