THE EDITOR, Sir:
Mismanagement is not a criminal offence, stealing a mango is. WorldCom Chief Executive Officer Bernard Ebbers was recently found guilty of fraud, and is likely to spend the rest of his life in prison.
"Ebbers, 63, accused of being the mastermind of the US$11 billion fraud that forced the telecom giant into bankruptcy in 2002." U.S. Attorney General Alberto Gonzales said, "We are satisfied the jury saw what we did in this case: that fraud at WorldCom extended from the middle-management levels of this company, all the way to its top executive."
"It was the world's largest accounting fraud, it was far from a victimless fraud," Boehm said, "People's pensions were wiped out, many people lost their jobs and livelihood. I think it sends a message to corporate executives that, unlike in the past, they will be held accountable for their actions."
The judge in summing up the case mentioned "wilful ignorance." No longer will CEOs, presidents, managing directors, vice- presidents and boards of directors be able to hide behind ignorance.
Ebbers' lawyers meanwhile contended that the CEO delegated most authority. Well, that is what CEOs do, but they must retain responsibility. Persons who are given this level of responsibility must be expected to face legal actions when companies are mismanaged. The same voices that loudly proclaim that teachers must be licensed are silent on CEOs, board of directors etc.
We pay CEOs, presidents, ministers of government, so that they only should concentrate on the job at hand. Remember, they don't have to worry about wife/mistress allowance, dog allowance, vacations abroad, illnesses. We fly them to the best hospitals, fund children school fees, and the list is never ending. We therefore must expect that when they cost us billions of dollars they don't hide behind ignorance.
Mismanagement affects the state of our fire services, hospitals, crime, potable water, and therefore there is no disconnect between these activities. We must hold people accountable. We sold the sugar industry to private sector interests and they racked up billions of dollars in losses then we bought it back for a dollar. We sold Air Jamaica and the same thing happened.
I am, etc.,
MARK CLARKE
Frome P.O.
Westmoreland
