Wow, Mr. WorldCom really took it in the chin from this jury. A sad ending to a sad saga, in which “everybody” lost.
Does that mean Enron guys get similar sentences? It may not matter…Ken Lay & Co. (Dubya’s infamous compadres) could possibly have a presidential pardon coming their way in late 2008. Better keep delaying… I guess Ebbers has more “friends in low places.”
Ironically, I (with my father as partner) did really well being long WCOM and ENE stock.. We more than doubled our $ in both, selling WCOM within a few % of its all-time-high (lotta luck there) and ENE on its way back down, somewhere in the mid-$70’s.
It was the non-fraud-related losing trades that dented our account the most.. not that we got clobbered by the Bear.. though we did take some big lumps.. XO Communications, anyone?
Our biggest losses came from my staying short at the Bottom in late 2002.
My failure to adeptly play that pivotal turning point is partially what drove me to trade the markets full-time.. And to rely heavily on Charts & Technical Analsyis… along with the Money Management discipline afforded by Charting.
