Palaces For The People
Tuesday, June 08, 2004
 

Gordon Macklin -- Another CORRUPT link in the Alexis de Tocqueville Institution chain of frauds



Newsgroups: sci.environment
Subject: Gordon Macklin -- Another CORRUPT link in the Alexis de Tocqueville Institution chain of frauds
Message-ID: <2275a3c5.0406081854.38bcd943@posting.google.com>

http://www.groklaw.net/comment.php?mode=display&sid=20040607153801202&title=Gordon%20Macklin%20--%20Another%20CORRUPT%20AdTI%20link&type=article&order=&hideanonymous=0&pid=149404#c149420


Another CORRUPT link in the Alexis de Tocqueville Institution chain of
frauds -- Gordon Macklin, who was director during WorldCom's
$9,000,000,000.00 stockhold fraud.

http://www.usatoday.com/money/industries/telecom/2003-06-10-worldcomboard_x.htm

Posted 6/10/2003 10:51 PM Updated 6/11/2003 8:39 AM

WorldCom directors' credibility doubted
By Jim Hopkins and Edward Iwata, USA TODAY

Former WorldCom directors should get the boot from other boards
because their credibility has been so damaged amid the telecom giant's
collapse, say corporate governance experts.

At least five former directors sit on the boards of 15 companies and
non-profits - including such blue-chip outfits as pharmaceutical
powerhouse Wyeth, mutual fund manager Dreyfus and Johns Hopkins
University.

The directors were blasted Monday in two reports detailing events that
drove WorldCom into the USA's biggest bankruptcy filing. They were
criticized for racking up piles of debt, approving multibillion-dollar
deals with little discussion and deferring too often to the very
executives they were supposed to be supervising.

"It severely impairs the personal credibility of the individuals
involved," says Nell Minow of The Corporate Library, a research firm.

Former WorldCom director Gordon Macklin, who was president of the
National Association of Securities Dealers from 1970 to 1987, serves
as a director for at least five companies: Martek Biosciences,
MedImmune, Overstock.com, Spacehab and White Mountains Insurance
Group.

http://www.usatoday.com/money/industries/telecom/2003-06-09-board_x.htm

Posted 6/9/2003 11:04 PM

Report: WorldCom board passive
By Jim Hopkins, USA TODAY
While WorldCom's board did not appear to know about the company's
accounting fraud, it was so passive that it had little chance of
discovering it, an internal WorldCom report charged Monday.

What's more, the board, by allowing former CEO Bernie Ebbers to rule
practically unchecked, created incentives that might have helped spur
the misconduct.

Together, two reports - one internal and one by the bankruptcy court
examiner - blast WorldCom's ex-board like never before.

Instead of guarding investors, they often "rubber-stamped" decisions
by Ebbers and former CFO Scott Sullivan. One unnamed board member
referred to Ebbers as "God," "Jesus Christ," and "Superman," says the
report by bankruptcy examiner Richard Thornburgh. His report is
especially critical in areas that include ...


... WorldCom created a new board as part of a settlement last month
with the Securities and Exchange Commission. In additional to Kellett,
the Thornburgh report mentions former directors James Allen, Judith
Areen, Carl Aycock, Max Bobbitt, Francesco Galesi, Gordon Macklin and
Lawrence Tucker.


http://www.accountancyage.com/News/1131956

WorldCom continues boardroom clearout
By David Rae [18-12-2002]
Six WorldCom directors have resigned in a move which will help sever
all ties with the telecom group's $9bn accounting fraud.
Link: WorldCom special report

The resignations are part of new chairman and chief executive, Michael
Capellas', pledges to restore standards and integrity at the
beleaguered company.

'These actions show that WorldCom is absolutely committed to
establishing the highest standards of ethics and integrity at all
levels throughout the organisation,' said Capellas. The resignations
follow two New York judges approval of Capellas as the group's new
chairman and chief executive.

The departing directors include former chief executive John Sidgmore
and former chairman Bert Roberts. Both were close allies of former
chief executive Bernie Ebbers and CFO Scott Sullivan.

Other resignations include non-executive directors Carl Aycock, Max
Bobbitt, Francesco Galesi and Gordon Macklin. Judith Areen, another
director, resigned last week.

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