It is all very well handing out long jail terms for corporate fraudsters, but the real need is not for tougher regulations and codes of governance, but for genuine efforts to implement best practice in the boardroom.The 25-year jail sentence handed down to former Worldcom boss Bernard Ebbers last week for his part in the scandal that brought down the firm served as a stark reminder to all organisations about the importance of good corporate governance.
WorldCom's collapse was the biggest bankruptcy in US corporate history, with shareholders losing an estimated $180bn and around 20,000 workers ending up jobless.
Ebbers was found guilty of fraud and conspiracy following revelations of an $11bn accounting fraud at Worldcom three years earlier.
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