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|September 28, 2008|
Congress must not permit our country to be further bankrupted by already bankrupt financial institutions that have achieved their insolvent state through unbridled fraud, deception, economic predation and pure greed. Rather than commit a $700 billion sum, which will surely tip the $1 trillion mark, to bailing out the scoundrels, our government should commit just one of those billions to the establishment of an army of junkyard dogs to prosecute the thieves. Here's how.
1. Declare every leading executive of any of these insolvent organizations to be a material witness. Seize their passports.
2. Subject them all to a rigorous IRS audit and Department of Justice financial misconduct investigation.
3. If found guilty, issue stiff consecutive sentences for multiple felonies.
4. Allow absolutely no plea bargaining down to a mere fine. Everyone must serve jail time using federal sentencing guidelines already in place requiring minimum incarceration.
5. Allow a sentencing reduction per the guidelines for permanent prohibition against further financial sector dealings. There is ample precedent.
6. Assemble an international army of forensic accountants to launch asset seizures against these thieves including the repatriation of assets transferred abroad in the form of yachts, island homes, European chateaus and foreign investments. Like in any fraudulent transfer, all family members that became beneficiaries of these funds, would also be subject to asset seizure and possible prosecution.
7. All of these assets should go into a giant victim restitution fund which would permit claims from those forced from their homes by preditory lenders and robbed of their savings by looting executives who turned their corporate stock from crown jewels into corporate junk.
8. Create video case studies that will become mandatory viewing in all business schools, banks and brokerages the same way drunk driving videos are required for those convicted of operating a motor vehicle while intoxicated. Now that would be an investment in America's future.