The ERM Current™

Well, it is Christmas Eve and children across the globe are wondering if good, old St. Nick will bring them toys for being nice this year or a lump of coal for being naughty.  Add to the list former CEO of Worldcom, Bernie Ebbers, who is requesting a Presidential pardon of his 25 year prison sentence for his role in one of the largest accounting frauds in history.  His request has attracted worldwide attention.  Here’s what The Telegraph in London reported:

Mr Ebbers, 67, who was sentenced to 25 years in jail in 2005 for his part in WorldCom’s spectacular collapse, has applied to have that sentence commuted by President George W Bush.  He continues to serve his sentence at Oakdale prison in Louisiana, a low-security facility, from which he is due for release on July 4, 2028, when he will be aged 86.  The fraud at WorldCom led to the country’s biggest bankruptcy filing in July 2002, with almost 17,000 employees losing their jobs as a result of the scheme to bury expenses and inflate revenue.

In this season of giving, Bernie should be thinking about how he can give back to the 17,000 people who were impacted by his wrongdoing rather than asking for a gift.  Let’s all hope he gets what he deserves for his request – the world’s largest lump of coal.