Quote of the day: Ebbers pleads ignorance
If the former WorldCom CEO had a theme song, it might go like this: Don't know much about technology.
Former WorldCom CEO Bernard Ebbers is pleading ignorance to proclaim his innocence in a trial over accounting improprieties at the telecom company. Taking the witness stand Monday, Ebbers delivered this definitive statement to a crowded courtroom: "I don't know about technology, and I don't know about finance and accounting." He's sure about one thing, though: "I know what I don't know."
But this isn't the first case of a top executive type employing the "Sgt. Schultz defense" in the recent spate of corporate accounting scandals. Enron's Kenneth Lay and Global Crossing's Gary Winnick have also mounted similar defenses. To read the full story of Ebbers' visit to the courtroom, click here.