Fed Frats

Ever since I heard Bernie Ebbers speak in 2001, I’ve been fascinated with that alien breed known as Fed Frats. They’re the troubled titans fallen from afar who set off resplendent fireworks all the way down.

Ever since I heard Bernie Ebbers speak in 2001, I’ve been fascinated with that alien breed known as  Fed Frats.  They’re the troubled titans fallen from afar who set off   resplendent fireworks all the way down. 

WorldCom’s  Ebbers, has been  joined by [tag-tec]Dennis Kozlowski [/tag-tec] of [tag-ice]Tyco[/tag-ice] and the late Kenneth Lay of Enron.  It’s a unique group, once rich beyond all get out, now despised by millions and destined to spend their retirements in medium security fed pens. 

When you become a  Fed  Frat at age 80,  facing a 15 year sentence as John Rigas of Adelphia, you really don’t have to worry anymore  about such mundane things like how to literally ship the yacht to Monte Carlo for the winter. Yet I’ve got an inkling  he’s not trying to figure out the new Prescription Drug Plan  either. 

So I guess they  all got some sort of justice in the end  if you can describe it as such. 

New moneyed  Kozlowski seems to get the most bad press as far as spending habits. And there’s a   multitude  that thinks Kenneth Lay cheated  the system by dropping dead at a very appropriate time.  But it’s Ebbers who is the most hypnotic  to me since my Dad is  still holding antique Scottish Inns stock  that had morphed into WorldCom. 

During the speech I heard  Ebbers make in front of a largely conservative Christian audience, he kept  pointing out how he taught a  Sunday School class every week at the East Haven Baptist Church.  Looking back I reckon  we were  being  well warned as  he kept repeating that  for some reason.    If he’s still teaching Sunday  School today  it’s at the Oakdale, Louisiana facility  where he  won’t  be eligible for parole until  he’s 85. 

However, Kozlowski probably holds the distinction of being the most in- your -face.  At least the others   showed some sort of golf club  exterior  respectability  as they grew rich and then poverty-stricken again, taking a whole lot of people to the poorhouse with them.   

But I think it was that infamous $2 million  shareholders’ meeting /birthday party for  wife #2, Karen Kozlowski,  that really did him in.  Who needs a press release when you’ve got an ice sculpture of Michelangelo’s  David that  I’m much   too blushable to discuss in this blog?    Is it really smart to parade your  $6000 shower curtain in front of guests?   Not to mention  the IRS ?   

But in the end, it was not enough to hold Karen’s long lived  loyalty. She served the ex-Tyco tycoon   divorce papers last July.    

They’ve all  been  pressurized to trade in  a magnificent  collection of properties which brings me to the big question.  What happened to all that real estate?  We’ll find out in the next post.   

 

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