Wednesday, March 04, 2009

There is Chutzpah, and Then There's...

...this guy.
"Regulators said Mr. Greenwood, of North Salem, N.Y., went a step further and asked for more than $350,000 for "upkeep of properties" and nearly $1 million to keep his 80-horse farm running -- a request the CFTC called "beyond the pale."

Some examples of Mr. Greenwood's stated needs, according to the CFTC, are: feed ($70,000); hay ($60,000), blacksmith ($60,000); property taxes ($211,584); orthodontics ($35,000); and landscaping ($40,000).

This clown, Greenwood, and his buddy, a Mr. Walsh, have "...misappropriated more than $553 million since 1996, of which $160 million was lavished on such items as cars, horses, rare books, real estate and collectible teddy bears."

And now, after being arrested, they have the stones to ask for money for hay. Between U of Pittsburgh and Carnegie-Mellon University, a total of $114 Million the two universities had entrusted these two thieves with endowment investments stands to be lost.

I'm not feeling very empathethic; in fact, my general mood is Attila the Hun-ish. I'd tie these two guys by their feet and have them dragged around their horse farms until all traces of hubris are wiped away, which, based on their monetary pleas, would be when they have expired.
What's been missing in all of the financial finaglings of the last 6 months is some basic street justice. I truly believe these large pieces of dreck have completely lost touch with humanity. Why should they be treated as if they are still human?


I've started, then deleted, so many responses to this post. The punishment should definitely fit the crime, but I think I'd hew closer to seizing all assets and requiring guys like this to spend five years in a blue uniform asking New Jersey customers if they want to Super-Size their meals. Five years -- if they can survive that, they should be allowed to take their earnings from said experience and bankroll that into their next financial empire.
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