Is Nothing Sacred? By Alan Chartock
A kid, high on dope, robs a grocery store and goes to jail.

White collar crime which brings misery and destruction to thousands of families and old folks in retirement goes unpunished or punished only to the extent of large fines and minimal jail time. Today, the New York Times reports that "S.E.C. has found payoffs in sales of mutual funds." Are we surprised?

A business I know recently found that one of their purchasing agents was buying tons of "post it notes" so that she could have the company send her gifts at her home.
It would appear that the employee had violated the employment manual but maybe not the law.

Greed seems endemic to a good deal of man and woman kind. We should do whatever we need to make people accountable for the harm they bring to our most vulnerable citizens. What's more, we should use our laws that are on the books now. For those who think that white collar crime is victimless, think again. Some retiree who is being screwed by someone else getting preferential treatment is a victim who may end up not being able to buy medication. That may be a life threatening situation but I guarantee you that the white collar criminal will not be charged with murder any where else than an occasional episode of "Law and Order."

Many, if not most, Americans have retirement systems that rely on the integrity of the mutual fund industry. This is a place where everyone should scream. Eliot Spitzer, the fighting New York Attorney General, has been leading the charge on all of this. If we suckers can't get an even break the system will break down. Remember that kid sitting in prison for having done far less harm? How come we don't seem compassionate conservatives George Pataki and George Bush leading the charge on this. My bet is that Teddy Roosevelt wouldn't approve of their behavior.

- posted by Alan @ 1/14/2004 10:47:00 AM