Saturday 17 March 2018

Uncle Sam shows corporate crime does not pay

Conman "Sir" Allen Stanford was sentenced to 110 years in jail by a US court this week for operating a $75bn Ponzi scheme. Meanwhile, more than three-and-a-half years after our banks effectively went bust, we in this country have yet to even charge anybody.

Say what you like about the Feds, when they go after someone they are ruthless. Over the past decade a series of corporate villains have been locked up for ever and ever. WorldCom boss Bernie Ebbers got 25 years, Enron's Jeffrey Skilling pulled a 24-year stretch while Bernie Madoff is serving 150 years.

The contrast with Ireland couldn't be greater. The Director of Corporate Enforcement's investigation into the affairs of the former Anglo Irish Bank has dragged on and on.

Meanwhile, the Government's defeat in the referendum on strengthening parliamentary enquiries provided yet another excuse to stall an Oireachtas probe into our economic and banking collapse.

At the current glacial rate of progress, Messrs Madoff and Stanford will have been released before we find ourselves any the wiser.

Sunday Indo Business

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