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November 2, 2011

The Coming Draconian Sentencing for White Collar Criminals

The Madoffs: Shamed, Isolated, Disgraced | Via Meadia
This will get worse as other white collar thieves face the music. Public anger at these lowlife types will only grow as awareness of the systemic corruption and fraud on Wall Street mounts. Judges, too may be less lenient in the future, especially as politicians, responding to public anger, push for stiffer restitution laws and higher fines. Though the Madoffs are no longer living the high life, they were allowed to keep enough money to live more modestly for quite a long time, but later fraud families may not do as well. Why shouldn't the families of prominent financial criminals have to look for jobs as store clerks and security guards when millions of honest Americans work at hard jobs for little pay every day of their lives?

Posted by Vanderleun at November 2, 2011 8:50 AM. This is an entry on the sideblog of American Digest: Check it out.

Your Say

I will be satisfied only when most of the House and Senate are hoosegowed with the white collars. I will be happiest when their white collars are replaced with hemp-collars.

Posted by: Jewel at November 2, 2011 9:15 AM

It made absolutely no sense to me that Mrs. Madoff was allowed to keep $1.25 million at the end of Mr. Madoff's trial. She did no more to earn that than her husband did.

Posted by: Daniel K Day at November 2, 2011 11:14 AM

Why should they keep their fortunes? Because sensational news stories make bad law. Because it's not worth bypassing due process because the mob is howling.
It is my understanding that every dime taken from the Madoff's was near the maximum of what was legally allowed.
Because the law of unintended consequences should caution us that any law coming out of Congress now would protect the Friends of Barry and have far different effect on Wall Street then we would hope (and Change).
Madoff is a exception, a simple (already) criminal Ponzi scheme. Most of the rest of the billions gone from retirement accounts and 401K's can be explained by everyday stupidity. That and Soros currency manipulations.

Posted by: John the River at November 2, 2011 4:05 PM

If laws are passed, you can believe that the politicians will exempt themselves.

Posted by: Peccable at November 3, 2011 2:49 AM

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