Word: bailed
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...spent 12 years as a federal prosecutor, first in Washington and then in the U.S. attorney's office in Manhattan, which is handling the Madoff case. TIME's Stephen Gandel asked Barkow about Monday's ruling and why most white-collar criminals get to stay out of prison on bail while other accused people are often sent right to the slammer. (See the top 10 scandals...
When it comes to bail vs. immediately putting a person behind bars, are white-collar criminals treated differently from perpetrators of other crimes? Yes. Most usually stay out on bail. Something like three-quarters of white-collar defendants, according to Department of Justice statistics, stay out on bail, compared to about half for other crimes...
...think the judge decided to allow Madoff to remain out on bail? Because the conditions already imposed on Madoff are quite stringent. He is on a 24-hour house arrest with an electronic bracelet and round-the-clock monitoring of his building by a security firm. That's as strict as you can get without detention. Also, the terms of the bail in the civil case, not the criminal case, prohibited Madoff from moving assets. Monday's bail hearing pertained to the criminal case...
Originally, the prosecution agreed to bail. Do you think the prosecution would have had an easier time getting him jailed now if they had asked for it originally? Yes, the judge actually used the government's earlier position against it in the opinion...
President-elect Barack Obama's challenge will be twofold: to capture the potential benefits of a new age of government activism, while still protecting the country's long-term fiscal health. On Jan. 6, Obama warned that the cost of a major stimulus package and the continued effort to bail out the financial system could result in years of "trillion-dollar deficits." Deficit spending is needed to help revive the economy from recession, but trillion-dollar deficits for years to come would sink us in debt and risk a collapse of the currency. We need a sensible strategy that deals...