Word: white-collar
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...those who have actually lost their jobs -- an estimated 267,000 in November -- the holidays are especially painful. This recession began in the service sector, rather than in manufacturing, and so has taken a swipe at the security of white-collar and blue-collar workers alike. "It's a terrible time of year to be sending cards to friends across the country," says Robert Bach, who moved to California from Omaha only 18 months ago and has already lost two jobs because of the slumping economy. He does feasibility studies for new buildings -- of which there are not too many...
...Wall Street before he enters prison next March. Once he begins his term, Milken can be eligible for parole at any time. But experts said he would probably serve at least three years of the 10-year sentence because of the importance of the case as a deterrent to white-collar crime. Once Milken leaves the slammer, he will have to perform 5,400 hours of community service over three years...
Some legal scholars were as shocked as the defense team by the length of the jail time. "Wow! I'm surprised," said Harry First, a New York University law professor who specializes in white-collar cases. "I was expecting five years just based on what other people have gotten." Declared Columbia law professor Harvey Goldschmid: "The message being sent is that you've got to play within the rules of the game. White-collar crime will be taken seriously and sentenced in a serious...
...Milken, say experts. "We are dealing here with a theme that resonates very strongly in American society," says Columbia's Coffee. "It is that the abuse of responsibility by those in high places will be dealt with harshly." The government hopes to make the threat of harsh sentences for white-collar felons the pointed lesson of Michael Milken's fall...
When junk-bond king Michael Milken copped a plea last April, he disappointed everyone who had been hoping to see the white-collar trial of the decade. Now Milken is having his day in court, but it will be a quick one. In an unusual proceeding that began last week, federal Judge Kimba Wood will hear evidence about some of the 92 charges Milken did not admit when he pleaded guilty to six felony counts of securities fraud and other crimes. Prosecutors hope to offset the efforts of Milken's lawyers to cite his philanthropic activities as grounds...