Word: martha
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Even if she wins on appeal, a long shot in any criminal case, Martha Stewart's name and company have suffered phenomenal damage. Yet Americans love to rehab their celebrities after they have been trashed seemingly beyond repair, and brand names have proved to be nearly indestructible. Maybe Martha will...
Move over, Martha. As the troubled phone company now known as MCI prepares to emerge from the brink, its erstwhile commander, Bernard Ebbers, may be headed for the pen. Ebbers is the folksy former Mississippi high school basketball coach who hatched WorldCom in 1983 and, through a series of audacious takeovers, built it into the second largest U.S. long-distance operator. But his single-minded pursuit of growth and, in the end, his manic desperation to please Wall Street led him to mastermind, according to his federal criminal indictment last week, an accounting fraud estimated by some experts...
...keeping score at home, that's about $10,999,955,000 more in financial skulduggery than was involved in Martha Stewart's trial. (Stewart saved $45,000 by selling her ImClone shares when she did.) No one embodies late 1990s speculation more than Ebbers, 62, who as CEO of a high-flying telecom operated at the epicenter of the tech bubble. Ebbers grew unimaginably rich on paper by securing millions of stock options. When WorldCom's growth machine began to sputter so did its stock price, denting Ebbers' net wealth. Yet he tapped WorldCom's cash reserves for hundreds...
...Guilty Martha Stewart may be headed to prison. How did it come to this...
...inconsistent theories to explain the obvious. Lawyers for the Rigas family, which performed the remarkable feat of bankrupting a cable company, say their clients can't be guilty of a conspiracy to loot the company because they are too dimwitted: one is "not the savviest guy," another is "clueless." Martha Stewart's defense, by contrast, was in part that she is too clever to have done anything as dumb as conspiring to break the securities laws...