White collar crime get's fines ... bank robbers get jail time...? help me

[cthrumatrix]

Spitzer targets fund management industry
By David Wells, Gary Silverman and Deborah Brewster in New York
Published: September 3 2003 18:04 | Last Updated: September 3 2003 18:04


Eliot Spitzer, New York attorney-general, has taken aim at the fund management industry, saying his office intends to put an end to illegal trading schemes that cost investors billions of dollars a year.

Mr Spitzer announced on Wednesday an expanded investigation into mutual fund trading as he meted out his first major punishment: a $40m settlement with a hedge fund he said committed illegal trades involving mutual funds operated by Bank of America, Bank One, Janus and Strong.

The settlement - with Canary Capital Partners, two related entities, and manager Edward J. Stern - includes restitution of $30m and a $10m penalty. Canary's officers and employees also must continue to cooperate with the attorney general."

http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&c=StoryFT&cid=1059479532674&p=1012571727088

This is the same pattern as Enron, JP Morgan, Worldcon and more. They abuse tax laws, SEC violations, dupe and steal $$$millions from the public...and what happens ...they get a fine.

No different from the no-bid Hallibrton contracts and more... it's all crime that goes un-punished.

[G_j]

1. it's an American tradition

made me think of these lines from Dylan's "Sweetheart Like You",

"They say that patriotism is the last refuge
To which a scoundrel clings.
Steal a little and they throw you in jail,
Steal a lot and they make you king."

[The Backlash Cometh]

2. Same double-standard that you find with penalties for crack cocaine

and powder cocaine...and same reason too.

[recidivist]

5. Same reason indeed.

Crack cocaine was associated with an extremely violent wave of street crime. The higher penalties for crack had to do with the body count.

By the same token, the guy who sticks a pistol in a teller's face, and maybe pulls the trigger, deserves a stiffer penalty than the embezzling accountant.

Mind you, I'm not in favor of letting white collar criminals off the hook. I'd gladly stiffen sentences all around if you would agree to pay for the prison space. But personal crimes are more serious than property crimes.

Hell, hang 'em all, but hang the violent ones slower ....

[The Backlash Cometh]

7. Actually,

The U.S. Sentencing Commission determined that there was no difference between a crack or powder cocaine addict when it came to committing crime to support their habit. The Commission recommended that the disparity between the two sentencing structures be eliminated. They recommended this in the late 80s.

Also, I disagree with white collar crime less harmful to society than the bank robberies. Frankly, how do you know that the former isn't responsible for creating the situation that led to the latter?

[pansypoo53219]

3. white collar

supposedly isn't as scary. whhooooohooooBOO!

[Blue_Chill]

4. The rich take care of the rich.

Behold the human animal

[WhoCountsTheVotes]

6. Are our 401k and retirement even safe?

The last time we had a meeting for our retirement plan, I asked the fund manager how much we were paying in fees - he said, "I wouldn't worry about it, it's all done automatically, I can't tell you the exact amount."

No one, including my boss, said anything, or even seemed surprised. I have little choice but to use these funds - if I don't, I have to pay very high taxes on any money I save.

Now we find out these fund managers, at some of the biggest and most reputable corporations in the US, are trading our money off books and off hours. They will pay a fine, and the whole thing will be swept under the rug - yet again.