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Sunday, November 19, 2006

White Collar Ex-Felon Favors Stiff Sentences

Wanted poster for Eddie AntarHow many ex-felons blog, and also display their own infamous uncle's wanted poster on their blog? The only one that comes to mind is Sam Antar.

Sam E. Antar, also known as Sammy, is the former CFO of Crazy Eddie and nephew to "Crazy" Eddie Antar. Sam is also an ex-felon. He helped mastermind one of the largest securities frauds in the 1980's. He now blogs to share his views about white collar crime, securities fraud, etc.

Sam recently opined about the stiff sentences being given to white collar felons:

Twenty-five years for WorldCom’s Bernie Ebbers. Twenty-four years, four months for Enron’s Jeff Skilling. Twenty years for Adelphia’s Timothy Rigas. Twelve years for CA’s Sanjay Kumar. 8 1/3-to-25 years for Tyco’s Dennis Kozlowski. Six years for Enron’s Andrew Fastow. Five years for WorldCom’s Scott Sullivan.

WorldCom’s Bernie Ebbers Enron’s Jeff Skilling Adelphia’s Timothy Rigas CA’s Sanjay Kumar Tyco’s Dennis Kozlowski Enron’s Andrew Fastow WorldCom’s Scott Sullivan
White collar crime adversely affects the integrity and reliability of financial information which is the main pillar of our great capitalist free market economic system. When the financial markets lose faith in the integrity and reliability of financial information the costs of capital and debt increases...As a result our national wealth is diminished and pensions, 401 k plans, and life insurance policies lose value. The collective reduction of wealth further erodes tax collections to our government.

The sentences given to recent white collar felons are not too harsh. White collar crime while not a violent crime can be more brutal to society in its consequences. White collar crime inflicts a collective harm on society far beyond the companies affected...

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