In China, a Madoff-like schemer gets executed
The government failed to notify his family, however, inflaming the debate about the white-collar death penalty and political corruption.
His ruse cost the Mets' owners millions and helped transform the franchise from a star-studded contender to a mediocre-at-best set of prospects and spare parts. As The Atlantic notes, China routinely executes people who commit the types of crimes Madoff perpetrated against Mets ownership and many others.
Then again, China sometimes doesn't notify the family of the convicted before executing their loved one. Such was the case with Hunan real estate developer Zeng Chengjie, who defrauded more than 57,000 investors out of approximately $460 million.
He used the money to fund his company and bid for urban development projects in Jishou, a small city in Hunan. However, his daughter insists that more than half the money has been returned and notes that the local government encouraged Zeng's fundraising and worked closely with him on the projects.
When new policies went into effect in 2009, investors started asking for their money back and closed in on Zeng. He was swiftly imprisoned, and his assets were sold. His attorney notes that a state-owned company benefited from Zeng's fall, but his execution came with far worse implications.
Zeng's family wasn't notified before he was put to death, and they didn't see his body before it was cremated. When questioned about Zeng's secret execution, the Intermediate People's Court in Changsha tweeted on Sina Weibo that no law entitles a death row inmate to meet with his family before execution. Internet users pointed out, however, that the Supreme People's Court issued an interpretation that does give death row inmates such a right.
Zeng's execution and the way it was conducted are only feeding the growing debate about the treatment of white-collar criminals in China. While most Chinese still support the death penalty, executing nonviolent economic crimes has created some controversy. Since local governments often play a role in such cases, alleged government misconduct in them has drawn scrutiny.
Zeng's daughter, for example, says China's supreme court approved Zeng's death sentence after the party boss of Hunan at the time of Zeng's conviction became the chief justice.
"IN CHINA A MADEOFF LIKE SCHEMER GETS EXCUTED"
In America he gets a corner office and an endless jar of cocaine.
This is precisely what they should have done with those responsible for the financial meltdown in 2008.
Their rotting corpses should still be on display in front of the New York Stock Exchange for all to see and remember.
China can deal with the Madoff's effectively, but behind every Madoff, there are government accomplices that benefited without penalty.
The U.S. legal system is flawed trying to protect each individual's right to the point of ignoring the majority and the common good of all citizens.
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Today's economic data was limited to the weekly MBA Mortgage Index (+2.8%), but tomorrow will be a bit more busy, featuring the second estimate of Q2 GDP (Briefing.com consensus 2.0%), the Pending Home Sales report for July (consensus 0.5%), and weekly initial claims (consensus 302K).
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