GOP eyes seizing mansions, yachts of corrupt executives

Washington Times ^ | 7/27/02 | Dave Boyer

[kattracks]

House Republican leaders, heading home to face voters anxious over retirement security, announced yesterday they will introduce legislation to seize the mansions and yachts of corrupt corporate executives.

"We need to do more to strip corrupt corporate kingpins of their ill-gotten gains," said House Majority Whip Tom DeLay, Texas Republican. "We're taking the mansion. We're draining the accounts. And we're coming after the yacht."

[Wolfie]

Another informative site:

F.E.A.R.

[meyer]

You will find it, however, several replies into this thread when someone either made an unsubstantiated leap or decided to introduce spin.

That is exactly what I did. I stand corrected. That's what happens when one skims the article and reads the replies that stand out above the rest.

[dirtboy]

Please find where it says that there is any siezure law being proposed that doesn't require a guilty verdict.

Nitpick. From the end of the article:

Mr. Baker said he hopes the legislation will give the SEC seizure powers much like the Drug Enforcement Administration.

"If you happen to be selling drugs and you're in somebody else's car, that car gets impounded, put in a lot and protected until the issues have been resolved," Mr. Baker said. "So, we seize assets so that they don't run off to the Caribbean or off to trial lawyers, that they stay in a bank account so that they can be allocated to their rightful owner."

What Mr. Baker is promoting is seizure powers like the DEA. Where they can seize property at the time of arrest. So it is a very reasonable presumption that folks are making here, and you are trying to derail them by nitpicking.

[Askel5]

But, but ... I didn't buy into the myth and I don't for a moment believe in all this Morality bs emanating from the hallowed halls of DC where Condit's string gets pulled to vote in favor of Traficant lest anyone fail to get the "message they're sending".

We're agreed, actually, on the fact they've no business even pretending to be Robin Hood ... regardless how titillating some of them might find the prospect of prancing about in tights and doublets with radical fairies in the forest.

[suijuris]

Well, as long as the investors and employees get first crack at it (and I mean 100%) and not the government, I'm all for it. The government should not get one red penny of the proceeds until the true "rightful owners" are paid.

Good point. But OTOH no one is talking about the gain the government received from all the fraud coruption of the last 10 years or so.

If I had benefited from a crime commited by someone else, even though I had no intent or active participation in the crime, the assets I gained are subject to forefeiture.

Just how much money has the government raked in on taxes for profits on stock values that didn't rally exist; or in fact disapeared due to fraud over the past 10 years? Should the Government keep the tax revenue it took in, as a result of the fraud foisted upon the investors?

Are the taxes collected by the Government not fruits of the crime, even if they were not (can't be proved)directly responsible for the fraud?

[strela]

.

"I am Kenneth Lay, former millionaire. I used to own a mansion and a yacht."

[T. Jefferson]

"So, we seize assets so that they don't run off to the Caribbean."

One question, remember innocent till proven guilty. I haven't seen one person found guilty, let alone 1 even charged with a crime at Enron or Worldcom. Fancy accounting has been done in virtually every major 90's fast growing new economy company. Just because you worked there doesn't mean the US should act like Fidel. Communism by republicans for the sake of political grandstanding is nauseating. Everyone of these financial people just 3 years were called geniuses and had made tens of thousands of people multi-millionaires. Now, the people that weren't overly greedy and sold should be put in shackles because the boards of their company followed the advice of accounting firms and followed (D)senator Dodd's laws. Disgusting to watch...the people found GUILTY of crimes will surrender ill gotten gains, they have no choice. All the republicans should be doing is saying daily "the Clinton/Gore decade of fraud will be cleaned up. Party's over."

[vannrox]

Excuse me, but as much as I hate these criminals and what they did. And, make no mistake, I am really, really mad at them, I have to raise one little issue...

What about the 4th Amendment?

[meyer]

What Mr. Baker is promoting is seizure powers like the DEA. Where they can seize property at the time of arrest. So it is a very reasonable presumption that folks are making here, and you are trying to derail them by nitpicking.

Dang it!! I'm wishy-washy today. I missed that. I think I'll just sit in the corner for a while and contemplate. :^)

[grania]

Just how much money has the government raked in on taxes for profits on stock values that didn't rally exist; or in fact disapeared due to fraud over the past 10 years? Should the Government keep the tax revenue it took in, as a result of the fraud foisted upon the investors?

GREAT POINT!!!!

[George W. Bush]

Well, a good idea if they actually intend to do it.

I suspect it's the usual political shakedown for campaign funds, board slots at major corporations and the usual perks. Who knows? I could be too cynical this time and they might actually do the right thing for the right reasons.

It could happen.

[4Freedom]

I haven't heard anyone mention that 'Robin Hood' took back money from the tax collectors and returned it to the unjustly over-taxed.

That was the main theme of the 'Robin Hood myth' that seems to have been deliberately distorted over time.

'The Prince and the Pauper' was another tale that had a similar theme. Recall that when the magistrates brought a proposal to tax windows in the kingdom to the pauper, who was masquerading as the prince, for his signature, he left them speechless when he remarked that taxing windows would be akin to taxing sunlight and that would be unjust for all sunlight belongs to God.

Just thought I'd mention that the theme of unjust, exhorbitant taxation seems to be overlooked when these tales are retold to our children.

This substitute theme of 'taking from the rich to give to the poor' is just liberal/socialist spin.

All of those better off than you are evil, not only a few. And certainly, not anyone that believes in higher taxes. Taxes are good. Taxes are how the government takes from those who undeservedly have too much and gives it to the more deserving poor.

In the mind of the Liberal/socialists, the government and it's tax laws are the new 'Robin Hood'.

[Lucky2]

I just hope that the kind and queen of all fraud and coruption are first, the clintons! I'd love to see the feds break into their New York mansion and take that over, then her house in DC is next and then the new library to honor mr. corrupt himself is confiscated. That dream was very real for the few seconds it took to write it all down. May that scene live forever in my heart!

[dirtboy]

I could be too cynical this time and they might actually do the right thing for the right reasons. It could happen.

I think I'll go sit on the front porch and wait for Elvis to drive by. That's more likely to happen...

[AEMILIUS PAULUS]

The money goes to the cash strapped government. NOT to the people losing money due to the fraud.

[Wolfie]

Everything in this proposal is taking place already, and has been adjudicated to be legal and constitutional. Its just a matter of pointing the existing weapon in another direction. (Sucks, I know, but that's why they call it a "slippery slope").

[A. Pole]

I have a big problem with giving the government authority to seize property "just in case" or because someone "might" be guilty.

Why would someone need so much property anyway? :)

[NormsRevenge]

Your caption should read, " I am Kenneth Kay, Inmate 2829297... I milk cows at the Lompoc Dairy Farm.. Cows like me, we have gentle hands.

[Ben Bolt]

It is a damn shame when I see folks who claim to be all for the rule of law and at the same time they also reveal there class envy .

I'll never be rich but I will be wealthy before I'm old , so I wont have the ethical issues that some of these upper management folks seem to have .

A good number of folks actually agree with these confiscatory policies in place now , and that is unacceptable for conservatives .

[razorback-bert]

It's our version of Zimbabwe land reform.