Ex ImClone CEO gets 7+ years in prison!

[conjur]

news link

Wouldn't ya just love to see ol' Martha cuffed and carted off to jail, next?

 

[Drift3r]

NO ! Martha is small potatoes ! Why haven't any of the major players in the Enron, Worldcom and other major acounting scandals facing the same amount of jail time ? The fact is she is just a nice target to distract people from not focusing on the other BIGGER scandals which have cost a lot of average working class people their retirement and pension funds !

P.S. I'd like to see these guys do the full seven years in a REAL Federal Pen, not one of those country club prisons like they have out in Pleasanton.

 

[konichiwa]

^ Ditto.

 

[BaliBabyDoc]

Pleasanton.

I saw that facility last month . . . it looks like a school.

 

[dahunan]

I think we should use the statue of liberty as a place to hang economic terrorists like Ken Lay.

 

[Mean MrMustard]

seven years!?

 

[Wduaqnug]

will he have chance to appeal for less sentence

 

[Michael]

The CA facility isn't in Pleasanton, it is in Dublin. My wife's a Doc at the County Jail that is right near it. It is a minimum security prison and most like it are"nicer" than the average jail. He'll be sent to a miinimum security place.

These are still jails, even if they are not as harsh as a maximum security prison. Considering the level of the crime and the fact that he's not a flight risk or a violent criminal, a minimum security prison sounds right to me.

I also find the whining about the other companies amusing. It sounds like it is another issue that is being tossed out there to see if it sticks.

The Wall Street Journal had two big articles today on Worldcom and Rite-Aid. Rite-Aid is going to trial right now. The Worldcom investigation is tightening the ring around Ebbers.

As was shown in the previous thread on this topic, there have been plenty of charges in these cases. It takes a while to get them into court to be tried. The Department of Justice (and the SEC) is out to hang as many of those guys as they can.

Michael

 

[conjur]

Originally posted by: Drift3r
NO ! Martha is small potatoes ! Why haven't any of the major players in the Enron, Worldcom and other major acounting scandals facing the same amount of jail time ? The fact is she is just a nice target to distract people from not focusing on the other BIGGER scandals which have cost a lot of average working class people their retirement and pension funds !

P.S. I'd like to see these guys do the full seven years in a REAL Federal Pen, not one of those country club prisons like they have out in Pleasanton.

From what I saw on the CBS Evening News tonight, some of the evidence in cases like those at Enron and Worldcom show the CEOs knew the financial performances of their companies were due to 'financial gimmickry' (quoting a government investigative report). But, their evidence so far is thin on criminal activities. It's not over yet, though, was the gist of the story.

 

[Ferocious]

NO ! Martha is small potatoes ! Why haven't any of the major players in the Enron, Worldcom and other major acounting scandals facing the same amount of jail time ? The fact is she is just a nice target to distract people from not focusing on the other BIGGER scandals which have cost a lot of average working class people their retirement and pension funds !

Perhaps it's because Martha is a Democrat??

 

[Macro2]

Martha is in deep doodoo. I suggest she design herself a prison collection now.

More heads must fall to underline the fabric of the stock market.

 

[CADsortaGUY]

Originally posted by: Ferocious

NO ! Martha is small potatoes ! Why haven't any of the major players in the Enron, Worldcom and other major acounting scandals facing the same amount of jail time ? The fact is she is just a nice target to distract people from not focusing on the other BIGGER scandals which have cost a lot of average working class people their retirement and pension funds !

Perhaps it's because Martha is a Democrat??

Or maybe it's because SHE BROKE THE LAW? (or is accused of it )

CkG

 

[BarneyFife]

Originally posted by: Drift3r
NO ! Martha is small potatoes ! Why haven't any of the major players in the Enron, Worldcom and other major acounting scandals facing the same amount of jail time ? The fact is she is just a nice target to distract people from not focusing on the other BIGGER scandals which have cost a lot of average working class people their retirement and pension funds !

P.S. I'd like to see these guys do the full seven years in a REAL Federal Pen, not one of those country club prisons like they have out in Pleasanton.

This will never happen in the US. If I was president, I would get Ken Lay and the boys and hang them on wall street. That will teach everyone a lesson.

 

[Michael]

What the governmentis doing and promising to keep doing is a change big enough that it actaully is sending fear and apprehension into the CEO and CFO offices of public companies. The government is promising (and so far is carrying it out) to go after corporate officers that commited fraud and send them to jail. Usually you paid a fine and maybe received a suspended sentence.

In the case of Worldcom and Enron, they're specifically looking for a "smoking gun" to prove that the CEO knew about and supported the illegal activities.

The SEC already is doing a ton of extra reviews and the message that we're in an era of zero tolerence is being made loud and clear.

Michael