WorldCom Forcing Bernie Ebbers To Sell His Ranch

from the oh,-poor-guy dept

Jeff Fenyo writes “It’s good to be the King… or maybe not. It seems that WorldCom is upping the pressure to call in a massive debt held by its chief executive Bernie Ebbers. The Financial Times reports that Bernie has apparently amassed a tidy debt of $375 million through personal loans that he received from the company. There are rumors that the financially strapped telecom boss will be forced to literally “sell the farm”, that is, auction off a massive Canadian ranch that he bought in 1998 for $60 million in order to start paying back the loans. It’s getting quite tiring hearing of all these head honchos treating publicly traded companies as their personal banks. Hell, I would love WorldCom as my bank. They’re only charging him 2.14-2.18% interest on his loans! However, WorldCom is drawing the line in the sand and a company spokesman has stated that there was “no indication that the company will forgive the loan”.” Yet.

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