Tom Petters shipped to Leavenworth: 50 years

[MineralMan]

Source: Minneapolis Star Tribune

The CEO of Minnesota's largest fraud is headed to Leavenworth, the federal pen that once held Capone henchman Frank Nitti.

By JENNIFER BJORHUS, Star Tribune
Last update: July 15, 2010 - 8:50 PM

Leavenworth has housed some of the country's most-publicized criminals -- Frank (The Enforcer) Nitti, one of Al Capone's deputies; Robert Stroud, better known as the Birdman of Alcatraz, and even quarterback Michael Vick. Now the federal prison will have a new inmate: Tom Petters.

It's not clear exactly when Petters will arrive at the Big House or the Hot House as the prison in Leavenworth, Kan., has been called, but that's where he's headed. The Federal Bureau of Prisons already lists him as an inmate there. Release date: 04-25-2052.
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Read more: http://www.startribune.com/business/98560904.html?elr=KArksi8cyaiUjc8LDyiUiD3aPc:_Yyc:aUHDYaGEP7eyckcUs

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Petters was the multi-billion dollar Ponzi Scheme perpetrator that bankrupted so many in Minnesota and elsewhere.

[Selatius]

1. He went about it the wrong way. He should've sold derivatives.

Then, to make more money, he should've bought CDSs on those derivatives in case they go bad. CDSs are basically like insurance in case the underlying credit instrument (like a bond or a loan) goes into default.

BAM. You make money from both ends, and you get a bail-out from the federal government at low interest.

[Cirque du So-What]

2. Sadly, I must plead ignorance concerning this miscreant and his well-deserved sentencing

The corporate media don't typically allot 24/7 coverage to white-collar criminals unless the story becomes so big that nobody wants to ignore it any longer (Bernie Madoff...*COUGH, COUGH*).

More's the pity, considering studies that show punishment for economic, white-collar crimes actually serves as an effective deterrent to would-be corporate thieves (when they actually GET jail time, that is). May Petters' incarceration provide a warning to those who would practice economic terrorism in the name of personal enrichment!

[MineralMan]

3. Petters did make national news, but such things often get lost in

the huge amount of news out there.

You're absolutely right about this long sentence being an example. I'm sure that was the reason for imposing such a sentence. Petters will almost certainly die in prison.

[lonestarnot]

4. Gee that breaks my heart.

just in case :sarcasm:

[zipplewrath]

5. He will almost assuredly get out

Some variation of humanitarian release or something. I'd strongly suspect ultimately he'll see the light of day again. 20 years or so.

[MineralMan]

6. Could be, but he'll get to enjoy the pleasant evironment

at Leavenworth for a good long time.