How The Rich Get Away With It
But 25 years after Mr. Bilzerian became a Wall Street felon, the Securities and Exchange Commission is quitting the fight, winding down its quest to collect a $62 million civil judgment against him for securities fraud.
The tally from a court-appointed SEC receiver: about $3.7 million collected, and $8.6 million spent in the effort to collect.
And sadly it is not atypical:
The SEC has struggled to collect its penalties more broadly as well. In the three years ended last Sept. 30, the SEC says it collected 42% of the amounts defendants were ordered to pay during those years in fines and disgorgement of ill-gotten gains. That was down from 63% in the prior three-year period.
That record partly reflects limited expertise in the collection process, according to former government lawyers. “Once they get the judgment and the play of the press…they are not really good at enforcement,” says Richard Kirby, a former SEC lawyer.
When the poor are are ordered to pay, they pay or they go to jail. When the rich are ordered to pay, they go to the Caribbean.
Copyright 2014 Liberaland
By: Stuart Shapiro
Stuart is a professor and the Director of the Public Policy
program at the Bloustein School of Planning and Public Policy at Rutgers
University. He teaches economics and cost-benefit analysis and studies
regulation in the United States at both the federal and state levels.
Prior to coming to Rutgers, Stuart worked for five years at the Office
of Management and Budget in Washington under Presidents Clinton and
George W. Bush.
14 responses to How The Rich Get Away With It
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M D Reese September 19th, 2014 at 12:25
I’m going to file this under “So what else is new?”…
M D Reese September 19th, 2014 at 12:25
I’m going to file this under “So what else is new?”…
fancypants September 19th, 2014 at 12:27
is this anything like the the real wolf of wallstreet making 100 million a year after his prison sentence ?
http://time.com/104734/jordan-belfort-real-wolf-of-wall-street/
fancypants September 19th, 2014 at 12:27
is this anything like the the real wolf of wallstreet making 100 million a year after his prison sentence ?
http://time.com/104734/jordan-belfort-real-wolf-of-wall-street/
tiredoftea September 19th, 2014 at 12:33
Another example of small government working as intended.
EnuffBull September 19th, 2014 at 14:05
Now now, enjoy the worms you’ll get from the non-FDA-inspected beef, and enjoy your future privatization of the National Parks when you will pay 100x more for views of coal mines.
tiredoftea September 19th, 2014 at 12:33
Another example of small government working as intended.
EnuffBull September 19th, 2014 at 14:05
Now now, enjoy the worms you’ll get from the non-FDA-inspected beef, and enjoy your future privatization of the National Parks when you will pay 100x more for views of coal mines.
mea_mark September 19th, 2014 at 12:35
This is why I think the rich should be taxed more heavily. It cost more to catch them when they cheat.
mea_mark September 19th, 2014 at 12:35
This is why I think the rich should be taxed more heavily. It cost more to catch them when they cheat.
juicyfruityyy September 19th, 2014 at 13:41
Middle class and poor people go to jail for less. We don’t get the option to be continually served with papers. The cops would charged your home for a parking ticket. If you treat them, as they should be treated, as criminals.. Maybe we can stop the cycle. Arrest them and put them in jail.
juicyfruityyy September 19th, 2014 at 13:41
Middle class and poor people go to jail for less. We don’t get the option to be continually served with papers. The cops would charged your home for a parking ticket. If you treat them, as they should be treated, as criminals.. Maybe we can stop the cycle. Arrest them and put them in jail.
neworleans878 September 19th, 2014 at 13:56
Kids selling nickle bags of weed do more time than these big time thieves who ruin many, many more lives.
nola878 September 19th, 2014 at 13:56
Kids selling nickle bags of weed do more time than these big time thieves who ruin many, many more lives.