It seems like it costs more to society to send people who commit securities offenses to jail then just taking away all of there money and thensome. And then forbidding them to trade and work in the industry for life. If it costs 40K a year to put them in jail and adding healthcare costs, wouldnt it costs millions just to have them in jail?
Criminal...and civil. There's nothing like solid jail time in addition to civil penalties to make white collar criminals think twice..
If the criminal penalties are high enough say 20 years or so without parole and enforceability is strong enough there will be a big drop in white collar crime. No doubt in my mind.
I think it's hilarious that U.S. taxpayers just want to keep imprisoning more people and jacking up their sentences, as if that's going to help. For the prisoner, there's nothing like three hots and a cot along with free medical care, plus the right to twist the legal system into knots. For many, prison is a much preferable alternative. Once again, chalk it up to the misplaced anger and stupidity of the electorate.
Talk about clueless. This dood can't make out the difference... Between a private jetting CEO... and a petty, street-level crook. When fraud artists like Ebers... and very soon Lord Black... Are sentenced to 20 years as Bubba's girlfriend... CEOs will think twice about defrauding shareholders and the public. They will think twice... And then just go right ahead and steal, lie, steal, lie, and steal some more.
Hey, just more taxpayer dollars coming out of your pocket to house non-violent offenders. You should think it through one more time.
But I dont think the legal system could handle that. Most jails are already crowded already. They are already releasing low level crooks, who rob and who are really dangerous. But because of the crowding they are already releasing them. If you had the choice to keep bernie ebbers or a rapist in jail, I think they would kick out ebbers. I dont think he will spend life in jail, I think after 10 years he will be out. He will write his life story, and he will be a come back kid. In 10 years will anybody remember worldcom. Its less then 5 years and beside wallstreet diehards, most people dont remember world com.