Mr. Black pocketed millions of shareholder dollars in a scam. Got caught. Now he is headed to prison
for 61/2 years.
What was he thinking? Apparently, Lord Black thought that he would not be caught and if he was he would get away. Not sure what happened to his carefully laid out plans but he is headed to prison.
When Mr. Black was carrying out this scam, where was the CFO? Where was the CIO’s head buried when this money passed through the systems? Where was the head of human resources?
Should they all go to jail with him? I think so.
So far we have passed – admittedly ineffective – laws to protect whistleblowers. What about laws to punish those who should have known but did not say anything? Now that is a deterrent against white collar crime.