Few crimes or punishments

19 June 2009 By Edward Hadas

Financial scandals should end with drama: heartfelt remorse, highprofile trials exposing extravagant lifestyles and painfully long prison sentences. Despite Stanford s indictment and Madoff s jailtime, there s been almost none of that. Perhaps greed doesn t shock any more.

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Texas billionaire Allen Stanford surrendered to federal agents and is scheduled to appear before a federal judge on June 19. He was indicted and charged with orchestrating fraud through his eponymous Caribbeanbased financial firm on June 18.

That same day, former HealthSouth chairman and chief executive Richard Scrushy, now serving time, was ordered to pay a $2.9bn fine for helping to artificially inflate the company's earnings for at least six years through an accounting scam uncovered in 2003.

New York State Attorney General Andrew Cuomo announced an indictment of Henry Hank Morris and David Loglisci, both state employees accused of taking kickbacks from private equity funds on March 19.

On March 12, Bernard Madoff was ordered directly to jail after he pleaded guilty to 11 criminal counts in connection with a decadeslong Ponzi scheme.

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New York State Attorney General Andrew Cuomo announced an indictment of Henry Hank Morris and David Loglisci, both state employees accused of taking kickbacks from private equity funds on March 19.

On March 12, Bernard Madoff was ordered directly to jail after he pleaded guilty to 11 criminal counts in connection with a decadeslong Ponzi scheme.

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