What ever happened to the "Forfeiture and Seizure Act" and why can't it be used for bailouts?

[KansDem]

Supporters of forfeiture laws cite the laws' effectiveness in fighting crime and stripping criminals of their resources. Many legal observers argue that the increasing use of government forfeiture is a flagrant violation of several constitutional rights. The state of forfeiture in contemporary law has been compared to "an Orwellian nightmare" (Aznavoorian 1995, 553), creating a climate that has "turned police agencies into bounty hunters, who, in their quest for cash, have harmed innocent citizens or those guilty of only minor offenses" (Henry 1994, 52). In 1992 alone, the federal government seized $531 million in cash and property under the Forfeiture Act, and 80 percent of the owners of the seized goods were never charged with a crime.

Answers.com

I'm not a supporter of this Act, but as I understand it, the F&S Act was created to combat piracy on the high seas. If ever there was piracy on dry land, it was this whole Wall Street mess. So what's become of the billionaires who attempted to subvert taxes by moving their monies offshore to banks in Lichtenstein? It seems to me their accounts could be seized, their homes and property confiscated, and those monies used to bail out Wall Street.

I mean, why settle on seizing the cars and bank accounts of somebody selling cannabis when you can go, really, really BIGTIME!!!

Would also set an example for future white-collar crooks: "You can run, but you can't hide your money in offshore accounts during a colossal meltdown of the US economy..."

[Rosa Luxemburg]

1. Yes piracy is a great term for it!

[Selatius]

2. The problem with offshore accounts is that they are outside American jurisdiction.

So we seize their summer and winter homes inside the continental United States and their 50 foot yacht, but most of their wealth is locked up in a Swiss bank account.

[RaleighNCDUer]

4. So declare war on switzerland.

Total diplomatic and economic isolation - sanction Switzerland until they change their laws.

I know, it will never happen - the rich men who run the government will never impose sanctions on the country that is protecting their money.

[shraby]

3. I also smell that RICO is pertinent in this whole mess.