Vietnam’s punishment for corrupt bankers: Death
By Terrence McCoy, WashPost, Updated: April 4 at 4:03 am
On June 29, 2009, upon conviction of running a Ponzi scheme that bamboozled investors of at least $18 billion, Bernie Madoff was sentenced to 150 years in federal prison. The sentence, the maximum prosecutors had requested, came at a time of public anger against bankers who had shown uninhibited avarice before the financial collapse. The punishment was almost unanimously hailed: Finally, at least one corrupt financier had gotten his comeuppance.
“The sentence imposed today recognizes the significance of Bernard Madoff’s crimes,” the prosecuting U.S. attorney said. The judge called Madoff’s crimes “extraordinarily evil.”
By Vietnamese standards, Madoff got off easy.
In the past five months, at least three Vietnamese bankers have been sentenced to death — though their crimes amount to just 1 percent of Madoff’s haul.
Last month, a 57-year-old director of a Vietnam Development Bank was sentenced to death after he and 12 others approved counterfeit loans in the amount of $89 million. For inking those contracts, he got a BMW, a diamond ring, and $5.5 million in kickbacks. His death sentence follows similar punishments meted out to two other bankers: One was sent to death row in November for his part in a $25 million scam, and the other, banker Duong Chi Dung, got his in December.
(More here.)
On June 29, 2009, upon conviction of running a Ponzi scheme that bamboozled investors of at least $18 billion, Bernie Madoff was sentenced to 150 years in federal prison. The sentence, the maximum prosecutors had requested, came at a time of public anger against bankers who had shown uninhibited avarice before the financial collapse. The punishment was almost unanimously hailed: Finally, at least one corrupt financier had gotten his comeuppance.
“The sentence imposed today recognizes the significance of Bernard Madoff’s crimes,” the prosecuting U.S. attorney said. The judge called Madoff’s crimes “extraordinarily evil.”
By Vietnamese standards, Madoff got off easy.
In the past five months, at least three Vietnamese bankers have been sentenced to death — though their crimes amount to just 1 percent of Madoff’s haul.
Last month, a 57-year-old director of a Vietnam Development Bank was sentenced to death after he and 12 others approved counterfeit loans in the amount of $89 million. For inking those contracts, he got a BMW, a diamond ring, and $5.5 million in kickbacks. His death sentence follows similar punishments meted out to two other bankers: One was sent to death row in November for his part in a $25 million scam, and the other, banker Duong Chi Dung, got his in December.
(More here.)
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2 Comments:
we should import Vietnamese punishment for corrupt politicians.
There wouldn't be any Democrats in office in either Illinois, Michigan or California.
Wouldnt they just vote more Democrats to replace them?
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