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The whispers the rumors behind the scenes stories we've got -- all right here on money in today's word on Wall Street.
We get the gossip about what's Clinton with white collar crime are the mile long sentences we've been seeing -- What good targets like SEC -- some of his employees be facing we -- talking about all that's because former Enron CEO Jeffrey Skilling.
Six years into his 24 year sentence could getting a major reduction in his jail time tomorrow.
As much as ten years shaped up here with the word is Spencer Jacob from the Wall Street -- ahead of the tape Spencer thank you so much for coming back.
People talk about this one.
Because it could gotten there's a lot of things that could happen as a result of -- that sort of harbinger what's to -- A -- -- is going first what's the word what he -- gonna happen.
-- some legal experts think that he could get as much as you said as much as a decade off because of the way the sentence was calculated.
And back gets to the heart of this issue the way the sentences are calculated.
And the motives that the prosecutors have when they bring these very high profile cases.
Our bit twisted and if you look at to a 24 years he's got a voice got on -- get some hate mail for saying this out but I don't think that he -- 24 years of me and I'm.
Enron was the seventh largest company in the US at one point a lot of people lost their jobs a lot of people lost their savings.
He was it was definitely -- we wasn't a bit player he was in the middle of it.
He didn't steal from the company it was there was an accounting fraud.
But 24 years if you put that in perspective the average murder sentence is nineteen years the average fraud conviction sentencing is is two years.
You have a lot of people who you know get off with suspended sentences are deferred prosecution or one year.
Who were in the thick of of the housing crisis people you never heard of people who were who were in transit -- super long sentence because he really irritated to judge or anything like that it has to do with the -- that -- calculator which is why.
Well they look at about 70% of the of the sentencing is based on.
The economic damage caused.
And that's also I mean if you look at what Enron was worth yeah and what it was worth at the end which is zero then that's a huge amount of value destroyed if you plug that into your formula.
Then you get 24 years -- you get that the maximum -- And it's so hard to sit there and evaluate what is the damage to people around you because that's that's sort of what your.
Looking out I mean you -- to murder obviously someone's dead and this is only money on one hand.
On the other hand when you think about this case leaving you have Bernie Madoff their people whose whole life savings were wiped out.
People committed suicide -- there was a death involved in cases so it's sort of -- mean how do you -- Going forward and you think this is the beginning of a trend where we're gonna see lighter sentencing.
For financial crisis is supposed to be a deterrent that you're not just gonna spend two or three years and in camp fed by -- club fed whatever whatever people like to say.
But you're going to like do you mean this.
A giant portion of your life about the rest your life.
I think people should go to jail -- they commit crimes -- they should be punished in some way.
Let's think about it why are people sentenced to prison in the first place when they commit a crime they're sentenced because they might be dangerous to society might come out and her people.
That's almost never the case because he's the people if you look at.
At at skilling if you look at.
Getting really involved I was lousy again -- -- can't be the same business you know they have fallen from a very high social position and a very high position of wealth to having.
No money you're having as much money as I do which is like no money for them yeah is this a sea change Barbara as we mentioned state -- mentioned some others is -- -- change it by.
I don't think so because every time you have a crisis every time -- have people losing money.
The public is out for blood the public wants its pound of flesh.
And so while the sentencing guidelines might be change I mean there's that the American Bar Association has a commission looking to this now be nice if they did change it.
Because of -- resources or miss allocated you know you don't to have this kind of federal prison or cost a lot to have an imprisoned.
You could be concentrating on other things there are lots of people who.
I don't data architect jail allowed our audience right now screaming and throwing tomatoes so that's a that's okay that's a matter of opinion but you don't think it's gonna you don't think -- -- the big changes coming.
Not a public attitudes not the way it really shakes -- -- that's -- thank you so I think you appreciate it.
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