Thursday, March 28, 2024
Miles from the Mainstream
D. R. ZUKERMAN, proprietor
Observations on the
Bernard J. Ebbers matter

JULY 17, 2005 --

Bernard J. Ebbers got 25 years in a low security prison. in the words of the story in The New York Times, July 14, "for orchestrating a record $11 billion fraud that toppled [WorldCom] the telecommunications company he founded."

LPR saw one comment in print referring to this sentence as "'vengeance.'" On TV, a former WorldCom employe thought the sentence sent "a message." And New
York State Comptroller Allan G. Hevesi was quoted in the Times, July that "it is so important to send a strong message with a severe sentence for Ebbers'"
because he "'cost thousands of employees their jobs and retirees their pensions.'"

(It is not clear to LPR just where the eleven billion dollars ended up.)

One can appreciate the strong views on the Ebbers sentence from a former WorldCom employee.

A public official like Mr. Hevesi, might, however, state his comments in a "the punishment fits the crime" context.

LPR, of course, recalls that as city comptroller, Mr. Hevesi stood aside as City Hall with the help of others steamrollered the Dayton Seaside bankruptcy, succeeding in getting new owners at these three Queens buildings (and removing this writer's interest in Dayton Seaside, along with that of other members of his family.)

The Times, July 14 reported that Mr. Ebbers will appeal his conviction, including the judge's charge that he could be found "guilty if [the jury] determined that he consciously avoided information
about the fraud."

LPR wonders if there are public officials in New York City - or elsewhere -- who "consciously avoided information" about the Dayton Seaside bankruptcy?


*********

Meanwhile, LPR urges clicksters not to be distracted from the Ebbers sentence and away from examples of corporate overreaching that the media seem to have
little problem with--26.99% credit card interest rates and gas getting very close to $3 a gallon.

Not to mention the overreaching of parking violations agencies in some urban centers who seem to have a motto: For every car a $65 [or $75] ticket [if not higher.]

Last year at this time, LPR reported the unjust ticket and attempted tow of the LPRmobile on Lexington Avenue, in Manhattan. The tow was stopped after a
supervisor agreed that there was was no sign justifying the ticket (The charge was parking in a truck zone.)

Although the tow was stopped, the ticket
claim continued. February 18, 2005, LPR sent PVB part payment -- $205 -- on several tickets, hoping to get the matter resolved PVB had its own method of
resolving the matter. While this writer was covering the IOC visit on New York's bid for the 2012 Olympics, the car was seized, with Shana inside.

Recovery of the car required payment of parking tickets -- without credit for the $205 sent on February 18, and high
towing charges.

On June 14, City Hall sent back the
$205, plus $1.36 -- apparently interest.

The return of this money, originally sent in good faith to resolve a PVB problem -- a gesture that was rather unsuccessful -- is appreciated. LPR hopes, of course, that its awful experience at the hands of PVB
had no part in the IOC decision not to award the 2012 Olympics to New York City.


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