Tide Turning for Corporate Prosecutors

[WhiteTara]

http://news.yahoo.com/s/ap/20050716/ap_on_bi_ge/corporate_fraud

NEW YORK - In the latest wave of U.S. corporate scandals, the days of reckoning are finally here. Legal observers say years of hard, and often delicate, work by prosecutors — initially accused by some of dragging their feet — are now beginning to pay off in high-profile sentencings.

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And it's not just criminal sentences where the major corporate fraud cases are finally coming to a head. Adelphia's Rigas family agreed this spring to forfeit more than 95 percent of their assets in a civil settlement, a total the
Securities and Exchange Commission said would top $1.5 billion.

Ebbers, WorldCom's former board members, underwriters and auditing firm have agreed to civil settlements totaling a staggering $6 billion. Ebbers' share includes forfeiting nearly all his personal assets.

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Legal observers say the strict sentences and penalties signal a new era in corporate-fraud prosecutions.

Well, let's see how this will play out with Kenny Boy in the coming year. I can only hope that he will be forced to give up all his money and will have to spend time in jail. If we can force the impeachment of chimpy and crew, then there will be no pardon for the thief.

voted 4.5 at 36 votes