Word: collared
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Dates: during 2000-2009
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...Administration of Criminal Law. Before that he 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...
...lens through which society views wealthy people, and the reality that wealthy people have deeper ties to the community. They also have the ability to tap into more resources, like perhaps better representation. So there are legal differences and real-world, practical differences between the situations of white-collar defendants and street criminals, and the statistics reflect that...
...think a man who deceived so many friends, associates, charities, and lied to them openly for so long, has a problem being a little bit deceitful in surrendering his books and records?" asks a former Los Angeles-based Treasury Department special agent who for decades specialized in white-collar fraud. "Of course he's hidden money; we're talking $50 or $100 million. It's a pittance to a guy like Madoff. Hiding money is a game for criminal minds, and there is no way Madoff's ever going to provide 100% of the information unless it exonerates...
...financial thrillers such as Number Account and the recent Rules of Deception. "Madoff had decades to prepare for this day, and it's likely he's hidden considerable assets," says Reich. "Numbered accounts in Swiss banks are no good today; the Swiss cooperate too much." Instead, a white-collar fraudster like Madoff could create multiple phony investment-advisory businesses in foreign countries, similar to legitimate businesses he's actually working with. Says Reich: "All he has to do is create fake invoices over the years and pay in to those fake companies, then create new phony businesses in other countries...