What?!?!
China executes bank employees in fraud crackdown This is why China is beating us in the marketplace. To them, crime is crime. Executing bankers appears to be a good start to making things run smoother. I guarantee there will be no Enron scandal in China.
The executions occurred in the midst a high-profile government campaign against financial crime. They followed a string of arrests in white-collar crime as China prepares to sell shares publicly in its big banks.
The latest cases involved China Construction Bank, due to raise up to $10 billion in an IPO next year; and Bank of China, which is moving towards an IPO worth up to $4 billion.
One of those executed was Wang Liming, a former accounting officer at China Construction Bank in the central province of Henan, who worked with others to steal 20 million yuan ($2.4 million) from the bank using fraudulent papers, Xinhua said in a report on its Web site: (www.xinhuanet.com). An accomplice, Miao Ping, was also executed.
Looks like shareholder protection to me. Good idea.
via K. Burel
You know, I’m not a death-penalty advocate by any degree, but if we were to start killing people for their crimes, I rank this right up there. Those execs from Enron arguably did just as much damage to the families under their employee as a murderer, robber or rapist could have. No-one can tell me that losing your house, car and retirement fund doesn’t ruin lives – in a lot of cases permanently.
It’s also how they deal with major drug dealers.
With China lack of a proper legal system, how is it possible to know if they were guilty? How do you know politics isn’t behind the executions.
Executions are convenient for totalitarian regimes, the “guilty” never get to tell their side of the story because they are dead.
” This is why China is beating us in the marketplace.”
And yet they hardly prosecute intellectual property infringers. Maybe they really are on to something!
China corrupted? … I am shocked. … But no one can beat Columbia, Panama, Mexico, Russia and India. …
China is the home of where Sun Tzu “The Art of War” and other military classics was written. … “Corruption is a state of mind” exists depending on what side of the street one is at. Most westerners think that they know Chinese culture because of a few Chinese dishes that they ate last night. :))
So the U.S. Govt. gives lil’ ol’ Martha 5 months in a 5×8 but will probably let Ken Lay of Enron – and his pals – have a nice walk after the slob destroyed the very lives of thousands! What’s wrong with this picture?
– A 401(k) is the employee’s responsibility, not the employer’s.
That’s why companies are moving to them in droves, to
give employees control, and the risk.
– Investing in your own company’s stock is RETARDED.
They’re paying your salary, and you’re going to put your
savings in their stock. All you eggs in one basket???
DIVERSIFICATION!!!! stupid!
Ken Lay does not deserve to go to jail because you don’t know how to invest your own money, or you’re too cheap to hire someone who does.
The government case against Kenny Boy is quite lame. All the charges relate to actions after Skilling left as CEO and Ken took the helm again for 2-3 months. I.e. After the collapse had begun and bankruptcy was inevitable. They’re “cover up” charges, yet again, not actual charges related to business fraud.
Fastow got what he deserved, and his wife probably more than she deserved (for signing a fraudulent tax return). The person getting away with murder is Skilling. He deserves to go to jail for lying to Congress, and defrauding millions of investors.
Gee, I bet works a lot better than prison as a deterant to finacial crime. I wonder when we will start following their example, and simplfy our punishment system.