Friday, February 25, 2005
Privatizing Social Security = Deregulating S&L's
If the Charles Keating Memorial Social Security Reformation Act goes through, we can expect to see lots more stories like this one from the Washington Post:|
Washington merchant banker C. Gregory Earls was sentenced to more than 10 years in federal prison today and ordered to pay $21 million in restitution for stealing $13.8 million from investors who thought they were buying into an Internet venture.Charles Keating didn't believe he did anything wrong, either. Interesting how Tom DeLay doesn't think he did anything wrong by accepting free airfare to London and a stay in one of London's finest hotels - and then never asking how much it all cost.
"It never occurred to me that I was doing anything wrong. I had all of my friends in this transaction," Earls said. Earls's attorney told the court his client would surrender in 45 days.
Ken Jones, who invested his retirement savings of nearly $300,000 with Earls, spoke at the sentencing. "I should have listened to my wife. There's not a day that goes by that I don't hope he gets what's coming to him."
Source: Washington Post Banker Earls Sentenced Feb 25, 2005. (Emphasis Added.)