Several weeks ago I listened to a continuing education class presented by Sam Antar, current felon and formerly CFO of Crazy Eddie.
In the session, he made two comments that caught my ear. First, the fines we read about as a result of various financial scandals are just a tax on illegal behavior. Second, those fiascos are, he said, a cancer destroying capitalism.
After the session, I had opportunity to interview him by phone and follow-up on both of those ideas.
Fines are a tax on illegal behavior
He indicated that essentially no one has been implicated in any of the disasters we’ve read about, which I have discussed extensively on my blog.
He said corporations don’t commit crimes. People commit crimes.
And the people who committed crimes aren’t going to jail.