Opinion: Unlike CEOs, this ‘Occupy’ protestor couldn’t avoid prosecution
Credit Suisse CS +0.65% Chief Executive Officer Brady Dougan will keep his job — one that paid him $9 million last year after a 26% raise — even thought the bank will pay a $2.6 billion settlement and plead guilty to criminal charges for helping its U.S. clients evade taxes.
SAC Capital Advisors LLC founder Steven A. Cohen spent the weekend free as a bird, perhaps counting the sum of what had been years of an annual compensation packageof $1 billion. He did so after another one of his lieutenants, Michael Steinberg, wassentenced Friday to 3 1/2 years in prison for his role in a firm-wide insider-trading scheme.
Steinberg was the latest in a string of former SAC traders and managers who have been ratting out one another and receiving prison sentences.
And after walking around Italy for a few months, former Societe Generale trader Jérôme Kerviel surrendered to police Sunday . He will spend three years in prison for making unauthorized trades at the bank that led to more than $8 billion in losses. At least, that’s if you believe he wasn’t making the trades with tacit approval from his bosses or negligence on their part.
Lest you think these cases suggest that it’s just the small fish who meet the hook of justice, consider the 90-day jail term just handed out to Cecily McMillan for second-degree assault.
McMillan is the last Occupy Wall Street protestor to be sentenced for her role in the 2010 and 2011 protests in New York that were ultimately swept away by a city police raidordered by then-Mayor Michael Bloomberg.
McMillan, now a 25-year-old graduate student, was in Zuccotti Park in lower Manhattan on March 17, 2012, celebrating the six-month anniversary of Occupy Wall Street, which was evicted from the park in November 2011. The police were ordered to clear the park. Scuffles ensued. Chaos. An officer claims McMillian elbowed him in the face. McMillansaid someone grabbed her breast.