Some economic notes adding up to a picture

- Can't Win 'em All: Bernard Ebbers, former CEO of telcom giant WorldCom Inc., has been sentenced to 25 years in prison for his part in the huge accounting fraud that ultimately bankrupted the company and cost investors billions of dollars.

Five other former WorldCom executives, including ex-finance chief Scott Sullivan - the chief prosecution witness in Ebbers' trial - are also expected to face sentencing this summer. All five have pleaded guilty to fraud.

He joins Adelphia Communications' ex-CEO John Rigas, sentenced to 15 years for conspiracy and fraud, and Dennis Kozlowski, former CEO of Tyco, convicted of looting nearly $600 million from the company and who faces up to 30 years in prison.

Absent from the party is Richard Scrushy of HealthSouth Corporation; the feds have given up on pursuing further criminal charges after his acquittal in a multi-billion dollar fraud scandal.

Fifteen former HealthSouth executives pleaded guilty in the fraud, including five former finance chiefs who implicated Scrushy in the conspiracy. Jurors rejected that testimony and sided with the defense, which argued that Scrushy was duped by corrupt subordinates.

Scrushy does still face "dozens" of civil lawsuits, including one filed by the SEC.

Ebbers also tried the "Wha'? Who, me?" defense employed by Scrushy, but without success.

- Meanwhile, Back in the Real World: AP reports that

[s]hareholders gave overwhelming support to Sprint Corp.'s $35 billion acquisition of Nextel Communications Inc. on Wednesday, in another step toward creating the nation's No. 3 wireless company. ...

The combination, which still requires approval from the Federal Communications Commission and the Justice Department....

I'm all a-flutter with suspense.

- And Finally, An Entry from the Unintentional Humor Dept.: "White House: Deficit Plummeting to $333B" - headline on AP article for July 13.

The tax-cut-for-the-filthy-rich-Iraq-War-DOD-budget-driven deficit? Now, a mere bagatelle!