Editorial: We need super-felon laws for white collar criminals

I was elated that Bernie Madoff got 150 years for defrauding thousands of investors for as much as US$65 billion. In addition. There is another super-felon named Alan Sanford who is sitting in a jail in Texas. He defrauded investors of US$8 billion. He is Mini-Madoff.

If either of these had committed economic crimes of this magnitude in China, they would have been executed. In the US many of these super-felons have been getting probations after 5 years or less. Others have have walked out of court on technicalities. Lincoln Savings and Loan chief Charles Keating Jr., of the Keating 5 got out of jail after 4 years on a legal technicality. Of all the S&L people that went to prison, most served one fifth of the sentence that a bank robber would get according to Snopes.com.

Michael Milkin was convicted of six securities and reporting felonies and paid a US$200 million fine for his 'junk bond' hijinks. Milken served only about 22 months before being released.

For his part in running an S&L into the ground, Neil Bush, George's son, served no time in jail and was not banned from future S&L involvement. The authors of Inside Job, an exposé of the S&L scandal, found evidence of criminal activity in 100 per cent of the thrifts they investigated.

Many years ago the GOP passed the 'three strikes' laws with mandatory sentences. One man faced life in prison for stealing a 50 cent pack of dough nuts. Other men have gotten 10 years in jail for stealing loaf of bread. If we are going to have such severe sentences in the US, why not give men like Madoff and Sanford, who have committed super-felonies, automatic life sentences with no possibility of parole?

The US has got to stop the wrist slapping the white collar criminals while they are throwing the book at the blue collar ones. Class warfare should be removed for the justice system.

If someone is stupid and greedy enough to steal a million dollars of more, give them life in prison. Or use the Chinese approach. Perhaps some of the high flyers on Wall street will think twice before they consider looting America again.

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Source: http://msgboard.snopes.com/cgi-bin/ultimatebb.cgi?ubb=get_topic;f=21;t=001078;p=1

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