By Harry Moskos
Of the Journal
I certainly hope the proverb "money begets money" is true.
If so, my ship has docked. Happy days are here again.
The checks— yes, two of 'em— arrived in the mail this week representing my "final payment" in the $6.13 billion— plus interest— settlement in the famed WorldCom securities litigation case.
Former WorldCom CEO Bernard Ebbers is serving 25 years in a federal prison for his role in the $11 billion corporate scandal involving conspiracy, securities fraud and false regulatory filings.
I owned stock in WorldCom and another "winner," Enron, because my retirement fund was rolled over into an IRA managed by a big-time investment companies. My only instructions: Don't invest in anything risky.
When WorldCom and Enron showed up in the portfolio I calmly— well, maybe it was a notch or two above calmly— informed my soon-to-be ex-managers that I wasn't a happy client and started the procedure to move my account to an Albuquerque firm.
"We thought we had done our homework," one wrote at the time in offering a belated explanation.
But for the very short duration of holding those stocks, soon followed reams and reams of forms to be filled out. In fact, another batch of Enron forms came in the mail only a few weeks ago.
But, alas, WorldCom is over with. As I quickly opened the two separate mailings, I was pleased that it was a weekday so I could rush to the bank. Heavens, I wouldn't want those checks sitting around the house over a weekend.
I must point out that last year I had received two earlier settlement checks in the WorldCom class-action suits.
Those two checks totaled $5.30. The two "final" checks I received this week were 80 cents each.
Fortunately my funds invested were trivial, and I realize payments to individuals varied on the number of shares each individual held and the purchase and sale prices.
I'm not upset with the 16 plaintiff lawyers who probably walked away with millions. But the irritation remains with those financial consultants who are supposed to be representing their clients and failed to do their "homework."
Now we need to look on the bright side: There may be an Enron check in the mail!
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