David Myers, a former Worldcom executive who served 11 months in
prison after being convicted of fraud, received a $7.5 million loan that
was guaranteed by the federal government with money from the 2009
stimulus.
Worldcom filed
the largest Chapter 11 bankruptcy in U.S. history 2002, after three
years of “falsely professing financial growth and profitability to
increase the price of WorldCom’s stock.” As Worldcom controller, Myers was one of the three executives most intimately involved in perpetrating the fraud, which exaggerated that company’s value by $11 billion.
Myers was sentenced to a lighter sentence – year and a day in prison
— than his cohorts “because of his extraordinary cooperation with the
government and his early admission of responsibility and remorse.”
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1 comment:
Shows you no matter how much these elitists screw us,their friends in high up places continue to help them get ahead while we all struggle to make ends meet!
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