How much do you want to bet that money's gone or hidden some place?
I'll take that bet. The money went straight to the banks that originally lent Ebbers the money to buy WCOM stock, loans that were secured by a WCOM guaranty.
Yes, after I posted I remembered he used the money to buy WCOM shares. So how much you want to bet he won't pay back the loan, now that his shares may be worthless? ;~))
Pretty much what I've been saying for the last two days. Everyone here should really read these WSJ articles. Infinitely better journalism, BTW, than any of the Reuters, The Street.com, CBS Marketwatch or any other online sources covering this story.
No question..........the other media are making this into another ENE. At least so far, I do not see that as being true. I do think this fiasco is making it harder for WCOM to stay afloat. Its credibility in the financial markets has only worsened if that were possible.
I have to feel a little sorry for Sidgmore. I suspect he didn't have a clue re the accounting errors. However, I don't feel too sorry.
PS: Wonder who has the movie rights.
Steven Speilberg........it will be about ET and Ebbers meeting on the moon after he's been banished from earth.
ted |
