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To: Rarebird who wrote (68399)	4/28/2001 10:13:48 PM
From: long-gone	Read Replies (2) \| Respond to of 116764

OT(?) Panel: More Jail for Finance Crime Updated 5:54 PM ET April 26, 2001 By MARCY GORDON, AP Business Writer WASHINGTON (AP) - A federal judicial panel is recommending longer prison terms for people convicted of fraud, insider trading, tax evasion and other white-collar crimes. The U.S. Sentencing Commission, a nine-member independent panel comprised mainly of federal judges, is sending the proposals to Congress on May 1. They will take effect Nov. 1 unless lawmakers adopt legislation rejecting them, a rare occurrence. The panel's sentencing guidelines for all federal crimes, which are revised each year, are used by judges to determine sentences. The commission focused closely on financial crime this year in response to concerns raised by federal judges, prosecutors and probation officers, the panel said in a news release. Its recommendations are the most sweeping in that area since the guidelines were established in 1987, commission officials said. Because some 20 percent of all convicted federal defendants now are involved in financial crimes, "It was especially important that we address this area," said Judge Diana E. Murphy of the Eighth U.S. Circuit Court of Appeals, who heads the commission. But Edward Mallett, president of the National Association of Criminal Defense Lawyers, said Thursday the commission unwisely adopted recommendations that had been pushed by the Justice Department. The recommendations "take away the right of a judge to consider the rights of the individual who is being punished as well as the offense," he said in a telephone interview from Houston. Under the recommendations, the sentencing panel is proposing that individuals convicted of insider trading, fraud or tax evasion exceeding $1 million face up to 5 1/4 years in prison. For fraud and insider trading, that is a 70 percent increase from the current maximum of about three years; for tax evasion, it is up 37 percent from around four years. Under the new guidelines, for example, an individual convicted of perpetrating a $500,000 investment fraud would face up to 5 1/4 years in prison, compared with sentences as low as 2 1/4 years currently. An official of a group that represents state securities regulators hailed the recommendations. "Amen," exclaimed Marc Beauchamp, executive director of the North American Securities Administrators Association. He said there is "something terribly wrong" in a system that can imprison someone for stealing a small amount of money from a convenience store while "someone who steals your parents' life savings often doesn't do any jail time." Officials of the Securities and Exchange Commission, which has been battling an increase in investment fraud and insider trading in recent years, weren't immediately available for comment. The SEC acknowledged earlier this month that the volatility of the stock market these days brings new opportunities for defrauding investors, and that new types of securities and technologies have created new avenues for fraud and abuse. At the same time, however, President Bush's budget proposes staff reductions in fraud investigations and enforcement. The Sentencing Commission also is recommending stiffer penalties for money laundering. For example, an individual convicted of laundering $94,000 from the sale of five kilograms of cocaine would be sentenced to between 12 1/2 years and 15 1/2 years, up from 5 1/4 years to 6 1/2 years under the current guidelines. Rep. James Sensenbrenner, R-Wis., chairman of the House Judiciary Committee, isn't commenting on the recommendations until after they are formally received on May 1, said his spokesman Jeff Lungren.

To: Rarebird who wrote (68399)	4/28/2001 11:36:55 PM
From: goldworldnet	Respond to of 116764

<Continued: "What bothers me the most is the blame some place on Clinton for the bear market in gold." What most people on this thread don't realize is that Gold and Gold stocks are the ONLY asset class which the U.S. Government has a vested interest in keeping the lid on, whether the Republicans or Democrats are in power. There is NO other asset - no currency, no stock, no bond, no real estate investment, no retirement fund, no derivative, that has seen its price purposefully pushed DOWN by Government.(OK, Richard, I admit it, but I take that as a given.) All the asset classes which Americans invest in are dependent upon the health and well being of the U.S. Dollar. The health and well being of the U.S. Dollar is threatened by NO other asset class - EXCEPT GOLD.> * * * Rarebird, Excellent Post. -josh