One Corporate Oligarch Down...

Word on the wire is that former Worldcom CEO Bernard Ebbers has been found guilty on all counts of conspiracy, securities fraud &c. Despite being paid millions of dollars for his services, Ebbers' defense was that he was completely ignorant of the financial scandals occuring under his watch. Today, he was told that ignorance is no excuse.

This bodes poorly for Kenneth Lay, whose self-pronounced "Elmer Fudd Defense" for his role in the Enron Collapse will soon be put to the same test Ebbers' was. L. Dennis Kozlowski of Tyco is also currently on trial for similar economic flim-flammery, and I hope the gavel slams down hard on both of them, as well as the pasty faceless corporate hitmen who helped to choreograph the economic gymnastics that cost so many their livelihood.

One corporate oligarch down, many more to go.