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Bernard John "Bernie" Ebbers (born August 27, 1941 in Edmonton, Alberta), is a Canadian-born businessman. He co-founded the telecommunications company WorldCom and is a former chief executive officer of that company. Image File history File links Bernard Ebbers Source: http://www. ...
is the 239th day of the year (240th in leap years) in the Gregorian calendar. ...
For other uses, see 1941 (disambiguation). ...
Edmonton is the capital of the Canadian province of Alberta, situated in the north central region of the province, an area with some of the most fertile farm land on the prairies. ...
In the law of tort, the legal elements necessary to establish a civil conspiracy are substantially the same as for establishing a criminal conspiracy, i. ...
A prison is a place in which people are confined and deprived of a range of liberties. ...
A businessperson is a generic term for someone who is employed at a profit-oriented enterprise, or more specifically, someone who is involved in the management (at any level) of a company. ...
is the 239th day of the year (240th in leap years) in the Gregorian calendar. ...
For other uses, see 1941 (disambiguation). ...
For other places with the same name, see Edmonton (disambiguation). ...
For other uses, see Alberta (disambiguation). ...
A businessperson is a generic term for someone who is employed at a profit-oriented enterprise, or more specifically, someone who is involved in the management (at any level) of a company. ...
Copy of the original phone of Alexander Graham Bell at the Musée des Arts et Métiers in Paris Telecommunication is the assisted transmission of signals over a distance for the purpose of communication. ...
The term company may refer to a separate legal entity, as in English law, or may simply refer to a business, as is the common use in the United States. ...
MCI logo MCI, Inc. ...
âChief executiveâ redirects here. ...
In 2005, he was convicted of fraud and conspiracy in the largest (to date) accounting scandal in United States history, as a result of WorldCom's false financial reporting, and subsequent $11-billion loss to investors. He is currently serving a 25-year prison term at a federal prison in Louisiana. In the criminal law, a conspiracy is an agreement between natural persons to break the law at some time in the future, and, in some cases, with at least one overt act in furtherance of that agreement. ...
USD redirects here. ...
This is a list of U.S. federal prisons falling under the jurisdiction of the Federal Bureau of Prisons. ...
This article is about the U.S. State. ...
Early life
Born to the family of a traveling salesman, Bernard Ebbers was the second of five children. He was born in Edmonton and his family also lived in California and New Mexico, while he was growing up, before returning to Edmonton. For other places with the same name, see Edmonton (disambiguation). ...
Official language(s) English Capital Sacramento Largest city Los Angeles Largest metro area Greater Los Angeles Area Ranked 3rd - Total 158,302 sq mi (410,000 km²) - Width 250 miles (400 km) - Length 770 miles (1,240 km) - % water 4. ...
Capital Santa Fe Largest city Albuquerque Largest metro area Albuquerque metropolitan area Area Ranked 5th - Total 121,665 sq mi (315,194 km²) - Width 342 miles (550 km) - Length 370 miles (595 km) - % water 0. ...
After high school, Ebbers briefly attended the University of Alberta and Calvin College before enrolling at Mississippi College. During the time between schools he worked as a milkman and bouncer. While attending Mississippi College, Ebbers earned a basketball scholarship. An injury before his senior season prevented him from playing his final year. Instead of playing, he was assigned to coach the junior varsity team. The University of Alberta (U of A) is a public coeducational research university located in Edmonton, Alberta, Canada. ...
This article is about a liberal arts college in the United States. ...
Mississippi College, also known as MC, is a private Christian university located in Clinton, Mississippi. ...
This article is about the sport. ...
In 1968 Ebbers married Linda Pigott, and the two of them raised three daughters. Ebbers filed for divorce in July 1997 and married his second wife, Kristie Webb, in the spring of 1999. Divorce or dissolution of marriage is the ending of a marriage before the death of either spouse. ...
Education and degrees Mississippi College, also known as MC, is a private Christian university located in Clinton, Mississippi. ...
Mississippi College, also known as MC, is a private Christian university located in Clinton, Mississippi. ...
{{Infobox University |name = Tougaloo College |image = |caption = |motto =Where History Meets the Future |tagline = |established = 1869 |type =[[Private College |affiliation =United Church of Christ |endowment =$8 million |staff = |faculty =108 |president =Dr. Beverly Wade Hogan |students = |undergrad =913 (in 2006-2007) |city = Tougaloo |state = Mississippi |country = USA |campus = suburban, 500...
Business achievements Ebbers began his business career operating a chain of motels in Mississippi. He joined with several other people in 1983 as investors in the newly formed Long Distance Discount Services, Inc (LDDS). Two years later he was named chief executive of the corporation. The company acquired over 60 other independent telecommunications firms, changing its name to WorldCom in 1995. In 1996, WorldCom acquired MFS Communications, Inc., which itself had recently acquired UUNet and its Internet backbone. At the time, this $12 billion transaction was one of the largest corporate acquisitions in U.S. history, although it would soon be eclipsed by much larger deals, including WorldCom's proposed $40 billion acquisition of MCI. Holiday Inn Great Sign Exterior of a Howard Johnsons motor lodge. ...
UUNET Technologies Logo Post-WorldCom UUNET Logo Original UUNET Logo UUNET is one of the oldest and largest Internet service providers and one of the nine Tier 1 networks. ...
Look up Backbone in Wiktionary, the free dictionary. ...
Ebbers gained public notice on October 1, 1997 when he announced that WorldCom was making an unsolicited bid for MCI Communications. The successful acquisition of MCI was completed in September 1998. The fame from this accomplishment caused Ebbers to receive a number of accolades from the press, including: is the 274th day of the year (275th in leap years) in the Gregorian calendar. ...
For the band, see 1997 (band). ...
MCIs original corporate logo MCI Communications was an American telecommunications company that was instrumental in legal and regulatory changes that led to the breakup of the AT&T monopoly of American telephony. ...
- Mississippi Business Hall of Fame (May 1995)[1]
- Member of Wired 25 (November 1998)[2]
- Being named to The 25 most powerful people in networking by Network World (January 4, 1999)[3]
- Listing in the TIME Digital 50 (September 27, 1999)[4]
In 1999, Ebbers announced that MCI WorldCom would acquire its rival Sprint Communications for over $115 billion. This transaction, however, was abandoned after U.S. and European antitrust regulators raised objections. This combined with a general downturn in the telecom market resulted in a downturn in WorldCom stock price. For a time, WorldCom (WCOM) was the United States second largest long distance phone company (AT&T was the largest). ...
Sprint Corporation (NYSE: FON) is one of the worlds largest telecommunication companies. ...
EU redirects here. ...
This article is about anti-competitive business behavior. ...
For other uses, see Stock (disambiguation). ...
Much of Ebbers' personal holdings were purchased with loans that had been backed by his WorldCom stock holdings. As the stock price declined he received a number of margin calls to provide additional collateral for these loans. In an effort to prevent Ebbers from having to sell his shares, the WorldCom board of directors authorized a series of loans and loan guarantees between September 2000 and April 2002. In finance, a margin is collateral that the holder of a position in securities, options, or futures contracts has to deposit to cover the credit risk of his counterparty. ...
Collateral within a financial context is used to indicate assets that secure a debt obligation. ...
Chairman of the Board redirects here. ...
WorldCom announced the resignation of Bernie Ebbers on April 30, 2002. As part of his departure, Ebbers' loans were consolidated into a single $408.2 million promissory note. is the 120th day of the year (121st in leap years) in the Gregorian calendar. ...
Also see: 2002 (number). ...
Personal holdings At his peak in early 1999, Ebbers was worth an estimated $1.4 billion and listed at number 174 on the Forbes 400. His personal holdings included:[5] The Forbes 400 or 400 Richest Americans (est. ...
- Douglas Lake - Canada's biggest ranch, 500,000 acres (2,000 km²) in British Columbia. General partner/president. Acquired in 1998 for about $65 million. Sold on 30 May 2003 by MCI to E. Stanley Kroenke[6]
- Angelina Plantation - 21,000 acre (85 km²) farm in Monterey, Louisiana. Co-owner with brother, John Ebbers. Acquired in 1998.
- Joshua Holdings - which combined with Joshua Timberlands and Joshua Timber totals 540,000 acres (2,200 km²) of timberlands in Mississippi, Tennessee, Louisiana and Alabama. Majority owner. Acquired properties in 1999 for about $600 million
- Pine Ridge Farm - Livestock and crop farm in Mississippi. Owner. Limited-liability company formed in 1997
- Columbus Lumber - High-tech lumber mill in Mississippi. Majority owner since at least 1996
- Yachts - BCT Holdings, owner of Intermarine a yacht building and repair company in Georgia. Primary owner. Intermarine acquired in 1998 for about $14 million
- Hotels - Nine hotels in Mississippi and Tennessee: Co-owner or owner. Acquired over many years
- Trucking - KLLM, a trucking firm in Mississippi. Director. Acquired with partner in 2000 for about $30 million. Its present President is K. William Grothe, who served as Senior Vice President of Corporate Development for WorldCom, where he headed the company’s merger and acquisition activities
- Sports - Mississippi Indoor Sports/Jackson Bandits, a minor league hockey team. 50% owner. Acquired in 1999. Sold stake in September 2003
Motto: Splendor sine occasu (Latin: Splendour without diminishment) Capital Victoria Largest city Vancouver Official languages English (de facto) Government Lieutenant-Governor Steven Point Premier Gordon Campbell (BC Liberal) Federal representation in Canadian Parliament House seats 36 Senate seats 6 Confederation July 20, 1871 (6th province) Area Ranked 5th Total 944...
is the 150th day of the year (151st in leap years) in the Gregorian calendar. ...
Year 2003 (MMIII) was a common year starting on Wednesday of the Gregorian calendar. ...
The engraved names of the 2000-01 Stanley Cup champion Colorado Avalanche Enos Stanley Stan Kroenke (born 1947 in Columbia, Missouri) is an American business entrepreneur who is listed in the Forbes 400 as one of the richest people in the world. ...
This article is about the U.S. state. ...
Official language(s) English Capital Nashville Largest city Memphis Largest metro area Nashville Metropolitan Area Area Ranked 36th - Total 42,169 sq mi (109,247 km²) - Width 120 miles (195 km) - Length 440 miles (710 km) - % water 2. ...
For a time, WorldCom (WCOM) was the United States second largest long distance phone company (AT&T was the largest). ...
The Jackson Bandits competed in the ECHL from 1999-2003. ...
Other activities Bernard Ebbers served as Chairman of the Board of Directors of the Competitive Telecommunications Association from 1993 through 1995. In 1997 he then became the chair for Mississippi College's New Dawn Campaign, a fund raising effort initially intended to provide $80 million that raised its goal to $100 million. In July 2001, Ebbers was proposed as the chair for the President's National Security Telecommunications Advisory Committee.[7] Federal courts Supreme Court Circuit Courts of Appeal District Courts Elections Presidential elections Midterm elections Political Parties Democratic Republican Third parties State & Local government Governors Legislatures (List) State Courts Local Government Other countries Atlas US Government Portal For other uses, see President of the United States (disambiguation). ...
Personality Dubbed the Telecom Cowboy,[8] Ebbers was known for his unorthodox style. Instead of the typical corporate uniform he often wore boots and blue jeans. His direct style of speech, typified by such comments as: - following the announcement of WorldCom's unsolicited bid for MCI when he joked that then MCI CEO Bert C. Roberts Jr. should be in the office "a little bit earlier."
- during his trial "I know what I don't know." and "I don't know technology and engineering. I don't know accounting."
Ebbers' personal faith was another important factor in his personality. While CEO of WorldCom, he was a member of the Easthaven Baptist Church in Brookhaven, Mississippi. As a high-profile member of the congregation, Ebbers regularly taught Sunday School and attended the morning Worship service with his family. His Christian faith was overt, and he often started corporate meetings with prayer.[9] Brookhaven is a city located in Lincoln County, Mississippi. ...
This article is about the U.S. state. ...
When the allegations of conspiracy and fraud were first brought to light in 2002, Ebbers addressed the congregation and insisted on his innocence. "I just want you to know you aren't going to church with a crook," he said, "No one will find me to have knowingly committed fraud."[10][11]
Post-WorldCom The June 25, 2002 announcement by WorldCom of $3.85 billion, a figure that would grow to $11 billion, in accounting misstatements caused a series of investigations and legal proceedings to commence. Ebbers, being the CEO of WorldCom during the time the inflated earnings occurred, was a major figure in these investigations and legal proceedings. is the 176th day of the year (177th in leap years) in the Gregorian calendar. ...
Also see: 2002 (number). ...
Congressional hearing In response to a subpoena, Ebbers appeared before the U.S. House Committee on Financial Services on July 8, 2002. At these hearings Ebbers stated "I do not believe I have anything to hide, I believe that no one will conclude that I engaged in any criminal or fraudulent conduct."[12] After making this statement Ebbers asserted his Fifth Amendment right against self-incrimination. A subpoena is a command to appear at a certain time and place to give testimony upon a certain matter. ...
Meeting of the House Financial Services Committee The House Committee on Financial Services oversees the entire financial services industry, including the securities, insurance, banking, and housing industries. ...
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Following his actions, Ebbers was threatened with Contempt of Congress charges.[13] The basis of the allegation was that Ebbers' statement constituted testimony that could not be cross-examined. No charge of contempt was ever filed. Contempt of Congress is the act of obstructing the work of the United States Congress or one of its committees. ...
In law and in religion, testimony is a solemn attestation as to the truth of a matter. ...
In law, cross-examination is the interrogation of a witness called by ones opponent. ...
Criminal charges On August 27, 2003, Oklahoma Attorney General Drew Edmondson filed a 15-count indictment against Ebbers.[14] The indictment charged that he violated the state's securities laws by defrauding investors on multiple occasions between January 2001 and March 2002.[15] These charges were dropped, with the right to refile retained, on November 20, 2003.[16] An agreement to extend the statute of limitations on these charges, allowing Oklahoma prosecutors time to see the results of federal sentencing, was signed on March 30, 2005.[17] is the 239th day of the year (240th in leap years) in the Gregorian calendar. ...
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Official language(s) None Capital Oklahoma City Largest city Oklahoma City Largest metro area Oklahoma City metro area Area Ranked 20th - Total 69,898 sq mi (181,196 km²) - Width 230 miles (370 km) - Length 298 miles (480 km) - % water 1. ...
William Andrew Drew Edmondson (born October 12, 1946), is an American lawyer and politician from Oklahoma. ...
In the common law legal system, an indictment (IPA: ) is a formal accusation of having committed a criminal offense. ...
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Year 2003 (MMIII) was a common year starting on Wednesday of the Gregorian calendar. ...
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Federal authorities indicted Ebbers with security fraud and conspiracy charges on March 2, 2004.[9][18] An amendment to the indictment on May 25, 2004 increased the list of charges to nine felonies: one count each of conspiracy and securities fraud, and seven counts of filing false statements with securities regulators. Ebbers was found guilty of all charges on March 15, 2005. On July 13, 2005, federal judge Barbara Jones, of the U.S. District Court, Southern District of New York in Manhattan, sentenced Ebbers to twenty-five years in a federal prison in Louisiana, the toughest sentence yet among other recent corporate accounting scandals. Ebbers was allowed to remain free for another year while his appeal was being considered, however, his conviction was upheld in a federal circuit court on July 28, 2006.[19] On 6 September 2006, the presiding judge ordered him to report to jail[20] on 26 September to start serving his 25-year sentence. Ebbers self-reported to Oakdale Federal Correctional Institution in Oakdale, Louisiana on September 26, 2006, driving himself to the prison in his Mercedes.[21] He is serving his sentence as inmate #56022-054 [22] in the low-security portion of the complex, which typically houses non-violent offenders and is built more like a school dormitory. The earliest date he can be considered for parole is 2028 when he will be over 85.[23] is the 61st day of the year (62nd in leap years) in the Gregorian calendar. ...
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Year 2004 (MMIV) was a leap year starting on Thursday of the Gregorian calendar. ...
A felony, in many common law legal systems, is the term for a very serious crime; misdemeanors are considered to be less serious. ...
is the 74th day of the year (75th in leap years) in the Gregorian calendar. ...
Year 2005 (MMV) was a common year starting on Saturday (link displays full calendar) of the Gregorian calendar. ...
is the 194th day of the year (195th in leap years) in the Gregorian calendar. ...
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A corporate scandal is a scandal involving unethical behavior on the part of a company. ...
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Oakdale is a small city located in Allen Parish, Louisiana. ...
Civil suits On 11 October 2002, WorldCom investors brought a class action civil lawsuit against Ebbers and other defendants, alleging injuries as a result of Ebbers' securities fraud violations.[24] Judge Denise Cote of the U.S. District Court for the Southern District of New York ordered the parties in the lawsuit to participate in settlement negotiations. On 12 September 2005, Judge Cote approved the settlement reached by the parties, and dismissed the lawsuit against Ebbers.[24] The parties agreed that Ebbers and his codefendants would distribute over $6.13 billion, plus interest, to over 830,000 individuals and institutions that had held stocks and bonds in WorldCom at the time of its collapse. Under the terms of the settlement, Ebbers agreed to relinquish a significant portion of his assets, including a lavish home in Mississippi, and his interests in a lumber company, a marina, a golf course, a hotel, and thousands of acres of forested real estate. It is believed that Ebbers was left with around $50,000 in assets after settlement. is the 284th day of the year (285th in leap years) in the Gregorian calendar. ...
Also see: 2002 (number). ...
In law, a class action is an equitable procedural device used in litigation for determining the rights of and remedies, if any, for large numbers of people whose cases involve common questions of law and fact. ...
is the 255th day of the year (256th in leap years) in the Gregorian calendar. ...
Year 2005 (MMV) was a common year starting on Saturday (link displays full calendar) of the Gregorian calendar. ...
See also // In 1996, turnaround specialist Al Dunlap (âChainsaw Alâ, because of his fondness for firings) was hired to resurrect Sunbeam Corporation, an appliance maker in deep trouble. ...
References - Lynne W. Jeter (2003). Disconnected: Deceit and Betrayal at WorldCom. Wiley. ISBN 0-471-42997-X.
Notes - ^ Finance Conference 2000: The New Economy. Retrieved on 2006-08-11.
- ^ "Wired 25 Bernie Ebbers Wants To Reach Out And Touch Everyone", Wired 6.11: The Wired 25, Wired, November 1998. Retrieved on 2006-08-11.
- ^ "BERNARD EBBERS CEO, MCI WORLDCOM", The 25 most powerful people in networking, Network World, 1999-01-04. Retrieved on 2006-08-11.
- ^ "26. Bernie Ebbers", TIME digital 50, TIME, 1999-09-27. Retrieved on 2006-08-11.
- ^ http://www.usatoday.com/money/industries/telecom/2002-12-11-ebberscov_x.htm
- ^ http://global.mci.com/ca/news/ca_archive03.xml
- ^ "President Bush Plans to Appoint WorldCom’s Ebbers to NSTAC", National Communications System, 2001-07-16. Retrieved on 2006-08-11.
- ^ Photo of President and CEO of WorldCom Inc. Bernard J. Ebbers By Phillip Gould. BusinessWeek (1997-10-13). Retrieved on 2006-08-11.
- ^ a b "Ebbers indicted, ex-CFO pleads guilty", CNN/Money, 2004-03-02. Retrieved on 2006-08-11.
- ^ Waller, Scott. "Ebbers tells church members he's no crook", The Clarion-Ledger, 2002-07-02. Retrieved on 2006-08-11.
- ^ Bole, William. "Cheap Grace': Are Churches Giving Corporate Execs Free Moral Ride?", Pew Forum on Religion & Public Life, 2002-07-28. Retrieved on 2006-08-11.
- ^ Schoenberger, Robert. "Former WorldCom execs invoke Fifth", The Clarion-Ledger, 2002-07-09. Retrieved on 2006-08-11.
- ^ Schoenberger, Robert. "Ebbers threatened with contempt", The Clarion-Ledger, 2002-07-09. Retrieved on 2006-08-11.
- ^ Moritz, Scott. "Judgment Day Coming Sooner for Ebbers", TheStreet.com, 2003-08-27. Retrieved on 2006-08-11.
- ^ Ebbers indictment (PDF). FindLaw (2003-08-27). Retrieved on 2006-08-11.
- ^ "Oklahoma 'drops' Ebbers charges", BBC News, 2003-11-20. Retrieved on 2006-08-11.
- ^ "Former WorldCom chief signs agreement over fraud charges", Associated Press, 2005-03-31. Retrieved on 2006-08-11.
- ^ "U.S. CHARGES EX-WORLDCOM CEO BERNARD EBBERS; FORMER WORLDCOM CFO SCOTT SULLIVAN PLEADS GUILTY", United States Department of Justice, 2004-03-24. Retrieved on 2006-08-11.
- ^ "Appeals court upholds Ebbers conviction", USA Today, 2006-07-28. Retrieved on 2006-08-12.
- ^ http://1010wins.com/pages/79899.php?contentType=4&contentId=201667
- ^ Floyd, Nell Luter. "Ebbers receives prison order", The Clarion-Ledger, 2006-09-08.
- ^ Inmate Locator. Retrieved on 2007-11-12.
- ^ "Reports to the medium-security Federal Correctional Institution in Oakdale, Louisiana", BBC, 2006-09-26. Retrieved on 2006-09-26.
- ^ a b KEY DEVELOPMENTS. WorldComlitigation.com. Retrieved on 2006-08-11.
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Year 2006 (MMVI) was a common year starting on Sunday of the Gregorian calendar. ...
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Year 2006 (MMVI) was a common year starting on Sunday of the Gregorian calendar. ...
is the 269th day of the year (270th in leap years) in the Gregorian calendar. ...
Year 2006 (MMVI) was a common year starting on Sunday of the Gregorian calendar. ...
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External links - Douglas Lake his former ranch
- "The New World Order", BusinessWeek, October 13, 1997.
- "Bernie Ebbers, a 19th century-style tech tycoon?", Salon, October 6, 1999.
- National Communications System (July 16, 2001). President Bush Plans to Appoint WorldCom’s Ebbers to NSTAC. Press Release.
- Opensecrets.Com (April 25, 2002). Bernard J Ebbers' Political Contribution to John Kerry. FEC Filing.
- First Interim Report of Dick Thornburgh, Bankruptcy Court Examiner, United States Bankruptcy Court for the Southern District of New York, In re WorldCom, Inc., Case No. 02-15533 (AJG) (November 4, 2002)
- PBS transcript. Frontline: the wall street fix: worldcom: the players. Retrieved on March 15, 2005.
- Mug shot at The Smoking Gun
- Ebbers' current location within the Bureau of Prisons system
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