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Ex-Chief of WorldCom Convicted of Fraud Charges. Naturally, Ebbers will appeal the conviction. A heavy prison sentence certainly won’t make up for the staggering losses suffered by investors, but it would go a long way towards restoring my faith in the judicial system.

Mr. Ebbers, 63, was convicted of securities fraud, conspiracy and seven counts of filing false reports with regulators. He now faces up to life in prison, with the convictions collectively carrying a maximum penalty of 85 years in prison. Sentencing was set for June 13. He remains free on bail.

Meanwhile, the same WorldCom that emerged from bankruptcy nearly a year ago and renamed itself MCI is the target of a heated bidding war between Qwest and Verizon. How insane is that? Too bad Congress didn’t write any provisions into the recently passed bankruptcy bill to prevent abuse by corporations.