[lbo-talk] Cohen: Hang a doomsday security around bankers' necks

Michael Pollak mpollak at panix.com
Fri Oct 8 10:43:17 PDT 2010


On Fri, 8 Oct 2010, Wojtek S wrote:


> [WS:] Is it not possible to sue corporate execs personally and go
> after their private assets in cases of mal- or misfeasance? They did
> that with old Bernie Madoff, no?

It's actually very difficult -- and it just got much more difficult after the Jeffrey Skilling case, which voided the "breach of honest services" attack. I mean, if you can't convict the mastermind of Enron of malfeasance (or Conrad Black, or the masterminds of Westar), then really, you can't convict anybody (except a literal thief like Madoff).

BTW, if you are big on this prosecution for malfeasance idea, I highly highly recommend the documentary _Inside Job_ which opens in theatres today. It makes the strongest case for taking that tack I've seen, as well as the most entertaining.

And I recommend it for those who aren't into prosecution as well but are into the financial crisis. It doesn't tell new story. But it tells it punchily and with the highest production values I've ever seen in a documentary. Beautiful pictures really can make number crunching a pleasure. I was never bored for a minute.

Michael



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