Bernard Ebbers Quotes
No one will find me to have knowingly committed fraud.
Despite huge lobbying and political pressure, Dr. Kelsey would not sign off on the drug initially because she found information on her own about Thalidomide that the company, Merrell, must have known about and didn't reveal to her and her staff or in their applications. She was aware that the drug had been approved by England, Canada, and many nations of Europe, but she saw little data in the Merrell submissions and responses and that made her suspicious, and caused her to demand more. During the time the company was to submit more data, the reports of the deformed newborns were starting to come in from the countries that had approved the drug. When she gathered that information, she rejected the application and prevented thousands or perhaps tens of thousands of children to be born with missing limbs because their mothers had been treated with Thalidomide. In 1962 she was awarded the highest civilian medal by President John F. Kennedy.
Here is another example of “the good old days” phenomenon. Similar complaints are made in most generations about most vices.
At the time of this interview there had been a decade of business fraud at many different levels. The regulatory agencies supposedly responsible for the regulation had neither the staff or the political will to even enforce the laws and regulations then in existence and there were many loopholes in those. Many business interests opposed all regulation and strict enforcement as a diminution of the health of the economy. Others, like Greenspan, saw fraud as corrupting the markets themselves and therefore the usual capitalistic economic competitive forces that would control business do not operate with extensive fraud.
Bernard John Ebbers was a Canadian businessman, the co-founder and CEO of WorldCom and a convicted fraudster. Under his management, WorldCom grew rapidly but collapsed in 2002 amid revelations of accounting irregularities, making it at the time one of the largest accounting scandals in the United States. Ebbers blamed his subordinates but was convicted of fraud and conspiracy. In December 2019, Ebbers was released from Federal Medical Center, Fort Worth due to declining health, having served 13 years of his 25-year sentence, and he died just over a month later.
