Greensburg Daily News, Greensburg, IN

Z_CNHI News Service

November 12, 2013

EDITORIALS: NFL players are people too; Get serious on financial crimes

(Continued)

U.S. Attorney for Manhattan Preet Bharara, in announcing the settlement, said that “No institution should rest easy in the belief that it is too big to jail.” He called the fine “steep but fair,” and “commensurate with the breadth and duration of the charged criminal conduct,” according to a report in The New York Times.

Investor and SAC Capital owner Steven A. Cohen has personally escaped criminal prosecution so far, but officials say the U.S. Attorney’s office continues to look at trading records and seeks help from informants for possible criminal prosecution of Cohen. The plea agreement specifically states that no individual has immunity from further prosecution.

Not since the prosecution of junk bond promoter Michael Milken and Drexel Burnham Lambert more 20 years ago have Wall Street firms been held accountable for their misdeeds. Many have paid fines to the SEC over the years with the caveat of not admitting guilt.

Even that appears to be changing. The SEC filed a separate civil case against SAC that says Cohen looked the other way on misconduct of those who worked with him and is seeking to bar Cohen from ever being allowed to manage money that is not his own, according to the Times report.

Experts told the Times the criminal prosecutions like that of SAC are rare and suggest the Justice Department is no longer worried about economic consequences that occurred when Enron’s accounting firm Arthur Anderson was indicted and eventually shutdown, causing 28,000 jobs to be lost.

The SAC case represented a more serious approach to financial crime fighting when it began nearly a decade ago. Prosecutors and investigators began using techniques like wire-tapping and pressuring others to be informants, according to the Times report. Those tactics were typically used in drug or organized crime cases.

Now, it’s all too clear, financial crimes are organized and carry as much damage as drug, environmental and anti-trust cases.

It’s high time we got serious about these crimes again. Congress should support these efforts and make sure prosecutors have all the tools to make sure no one believes they are too big to jail.

Text Only
Z_CNHI News Service
  • Church's denied request for National Guard visit draws national attention

    A Missouri church finds itself in the middle of a media storm after the Missouri National Guard, citing short notice and time constraints, was not able to fulfill a request last week to appear at the church’s vacation Bible school.

    August 1, 2014

  • taylor.armerding.jpg Impeachment arms Democrats, doesn't end the Obama disaster

    Republicans may have grounds to impeach President Barack Obama but they would be daft to pursue a case they cannot win in a Senate controlled by Democrats. Impeachment would only drive the Democrats' fundraising and potentially squander the GOP's best opportunity in years to capture both houses of Congress then, in two years, the White House.

    August 1, 2014 1 Photo

  • 20140727-AMX-GUNS271.jpg Beretta, other gun makers heading to friendlier states

    In moving south and taking 160 jobs with it, Beretta joins several other prominent gunmakers abandoning liberal states that passed tough gun laws after the Newtown shooting.

    August 1, 2014 1 Photo

  • Screen Shot 2014-07-28 at 2.21.22 PM.png VIDEO: Dog 'faints' from excitement of seeing owner

    A reunion between a Pennsylvania woman who had been living overseas for two years and her pet schnauzer has gone viral, garnering nearly 20 million views on YouTube.

    August 1, 2014 1 Photo

  • Lindley, Tom.jpg Grandstands feel a little empty at NASCAR races

    Two decades after NASCAR started running at Indianapolis Motor Speedway, the crowds have thinned considerably. It's probably no reflection on the sport's massive following, which stretches from coast to coast, but it surely doesn't NASCAR's image help when the cameras pan across all of those empty seats.

    July 31, 2014 1 Photo

  • Why a see-through mouse is a big deal for scientists

    A group of Caltech researchers announced in Cell Thursday their success in making an entire organism transparent. Unfortunately, this isn't any kind of "Invisible Man" scenario: The organism in question is a mouse, and the mouse in question is quite dead.

    July 31, 2014

  • Screen Shot 2014-07-31 at 2.12.55 PM.png VIDEO: Five-year-old doesn't want her brother to grow up

    Sadie, an adorable 5-year-old from Phoenix, wants her brother to stay young forever, so much so that her emotional reaction to the thought of him getting older has drawn more than 10 million views on YouTube.

    July 31, 2014 1 Photo

  • lockport-police.jpg Police department turns to Facebook for guidance on use of 'negro'

    What seems to be a data entry mistake by a small town police department in western New York has turned into a social media firestorm centered around the word "negro" and whether it's acceptable to use in modern society.

    July 31, 2014 3 Photos

  • The virtues of lying

    Two computational scientists set out recently to simulate the effects of lying in a virtual human population. Their results, published in the Proceedings of the Royal Society B, show that lying is essential for the growth of a cohesive social network.

    July 31, 2014

  • Sunburn isn't the only sign of summer that can leave you itchy and blistered

    You've got a rash. You quickly rule out the usual suspects: You haven't been gardening or hiking or even picnicking, so it's probably not a plant irritant such as poison ivy or wild parsnip; likewise, it's probably not chiggers or ticks carrying Lyme disease; and you haven't been swimming in a pond, which can harbor the parasite that causes swimmer's itch.

    July 30, 2014