Money managers accused of $550 million fraud. Reuters reports: Two money managers who oversaw investments for Carnegie Mellon University and other institutions were arrested on Wednesday on charges of running an estimated $550 million, decade-long swindle, the latest in a wave of big financial fraud cases.
Paul Greenwood, 61, and Stephen Walsh, 64, managing general partners of broker-dealer WG Trading Co with main offices in Greenwich, Connecticut, were charged by U.S. prosecutors with conspiracy, securities fraud and wire fraud.
The pair, both former part-owners of the New York Islanders National Hockey League team, are accused of using client money as "their personal piggy-bank" to fund lavish lifestyles, according to the U.S. Securities and Exchange Commission.
I repeat: take away every fucking dime they own, but don't jail them. Instead, make them work at Wal*Mart and garnish part of their wages to pay back whatever hasn't been satisfied from their former assets. In short, let those motherfuckers live like some of America's hardest working, underpaid and desperate for the rest of their fucking lives.
Amen sister. Make them suffer.
Posted by: Dr. Monkey | February 25, 2009 at 11:39 PM
I think that's a good idea, but I think you should kill them after several years. Different, unpleasant ways. And in public. Fuck the Eighth Amendment. Just amend FISA. That should take care of it.
Posted by: JDM | February 26, 2009 at 07:53 AM
Dr. Monkey: If there was a job for someone to come up with appropriate punishment for white collar crimes...well, that's my dream job.
JDM: How very "1984" of you. Break them first, make them accept their fate and then, after they have fallen into the routine, a bullet to the back of the head. No? GMB
Posted by: gmb | February 26, 2009 at 06:31 PM
Zackly. Not on a set or particular schedule, either. Just something for them to live with for a bit. Some longer than others.
Posted by: JDM | February 26, 2009 at 08:14 PM
JDM: I like the way you think. GMB
Posted by: gmb | February 26, 2009 at 09:42 PM