Wow, quite some dissilusion there. Listen, if the penalty for corporate white collar crime became 6-18 months in a MAXIMUM SECURITY PRISON, I will put money that we would see a whole lot less corporate fraud. These pieces of sh*t get to rob the masses and then go to a country club. I'm sorry, but after seeing the building where Martha Stewart was held, I cannot take any of these sentences seriously. And realistically, with the lawyers these scumbags get, they get out much much sooner than their sentences may stipulate. Meanwhile we have "3 strikes" being exercised to the full extent on nonviolent offenders that hurt noone physically, mentally or financially. They get thrown into hell holes for most of their lives, where murder, violence & sexual slavery is a regular & ACCEPTED part of life. Yeah those poor CEOs & execs. I'll try to shed a tear, if I ever do too much crack.
You got to remember too. That they were handing out bonuses to themselves as they were kicking everyone else out the door. I remember seeing Bernie's exit agreement posted some time back...it was astonishing.... PENSION BENEFITS. Commencing as soon as practicable following May 1, 2002, and on each May 1 thereafter that occurs during the Executive's lifetime, the Company shall pay the Executive $1,500,000, in cash. Should the Executive be survived by the individual who is the Executive's spouse on the Termination Date, the Company shall pay such spouse $750,000 in cash on each May 1 after the Executive's death that occurs during such spouse's lifetime. These pension benefits are subject to complete discontinuance pursuant to Section 14. The Executive will have use of the Company aircraft for a maximum of 30 hours per calendar year, subject to reimbursement of the Company by the Executive on the same basis as is currently in effect with the Company for personal usage, in order to avoid imputed income. SECTION 4. STOCK OPTIONS. Each outstanding option granted to the Executive to purchase WorldCom group common stock or MCI group common stock (collectively, "Company Stock") shall become fully vested and exercisable on the Termination Date, and each such option shall remain exercisable until the fifth anniversary of the Termination Date (or, if earlier, the expiration of such option's original term), except to the extent the applicable option agreement cannot be amended to permit such extension of the option's exercise period. ...He at least did not make any thing off the stock options.... they went into the tank like all the rest of the shares everyone else owned. My 2cent....
In China i think they cut ur head off...so he got off good. They are just setting a precedent and it should be way more effective than before when they just got a slap on the wrist...is it too high? perhaps but you should definitely see a drop in "cooking the books"....