[PEN-L:33341] Re: Re: the humbling?

["Carl Remick" <carlremick@xxxxxxxxxxx>]

> From: Michael Pollak <mpollak@xxxxxxxxx>
>
> On Sun, 22 Dec 2002 Nomiprins@xxxxxxx wrote:
>
> > Absolutely. The fines broken down per bank are minimal. Less than a
> > daily trading revenue swing in any one product. Compared to the $650mln
> > fine levied against Drexell Burnham for their junk bond scandals
>
> And now you just reminded me: Michael Milken got fined $600 mln personally
> on top of that.  And was banished from his industry for ever.  And got a
> ten year jail sentence.
>
> Compared that, what happened to these guys was like a backrub.

Yes, this has been quite a charade.  All of Spitzer's sound and fury about
Wall Street's depredations signified nothing.  There was an instant poll on
the CBS MarketWatch site last Friday that asked readers whether they thought
this settlement was severe enough on the banks, and 80% said no.  That's not
a scientific survey, of course, but I suspect it accurately reflects
widespread investor dismay about the trivial penalties delivered here.  But
I haven't seen one word in the media about investors' disgust.

Carl

_________________________________________________________________
Add photos to your messages with MSN 8. Get 2 months FREE*.
http://join.msn.com/?page=features/featuredemail&xAPID=42&PS=47575&PI=7324&DI=7474&SU=
http://www.hotmail.msn.com/cgi-bin/getmsg&HL=1216hotmailtaglines_addphotos_3mf