Friday, August 12, 2005

Be Like China: Off The MF'er !

5 years for $11 billion? That's nothing. In China they would have roasted him.

WorldCom's Sullivan Gets 5-Year Term

By Walter Hamilton, Times Staff Writer

NEW YORK — It pays to spill the beans.

That was the consensus opinion of legal experts Thursday as former WorldCom Inc. finance chief Scott D. Sullivan was sentenced to five years in prison for his central role in the company's $11-billion accounting fraud — the same fraud that led to a 25-year sentence for his boss, Bernard J. Ebbers.

U.S. District Judge Barbara Jones called Sullivan the "architect" of the scam, but said the light sentence was warranted because his court testimony proved pivotal in convicting Ebbers.

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AP
China Banker Gets Suspended Death Sentence

Former Senior Chinese Banker Gets Suspended Death Sentence in Major Embezzlement Case

BEIJING (AP) -- The former president of state-owned Bank of China's Hong Kong branch was given a suspended death sentence Friday in a major embezzlement case, state media reported.

Liu Jinbao, who was also a deputy chairman of the Bank of China, was sentenced to death but given a two-year reprieve at the Intermediate People's Court in the northeastern Chinese city of Changchun, the official Xinhua News Agency said.

Such suspended death sentences in China are usually commuted to life in prison.

He was convicted of embezzling 14.3 million yuan ($1.8 million) with others, plus another 7.5 million yuan ($930,000) for himself, the report said. It said Liu also was convicted of taking 1.4 million yuan ($170,000) in bribes.

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