Ponzi Scheme Leads to Demise of Major Sustainable-Food Foundations

[BR_Parkway]

http://gristmill.grist.org/story/2008/12/16/142656/61

http://www.environmentalleader.com/2008/12/19/ponzi-scheme-leads-to-demise-of-major-sustainable-food-foundations/

Two major sustainable-food foundations have collapsed because the funds of one of its major donors was managed by Bernard Madoff, who has been accused of defrauding his clients of billions of dollars, Grist reports.

The Fair Food Foundation has suspended its operations because the wealth of its donors, Jeanne and Kenneth Levy-Church, has evaporated in Madoff’s Ponzi scheme according to Grist.

JHET Foundation has also collapsed because it also relied on donations from the Levy-Churches.

[jimshoes]

1. If Maddof would have pulled that shit in China or

India, or Japan, or Russia does anyone think he'd get house arrest for a few months? Jesus Christ, 50 Billion dollars is almost 3 times what the goddamned auto bailout/loan has every repuke in Washington wringing their hands and gnashing their teeth over.

[spin]

3. I like China's approach...

Compared to some developed countries, death sentences are carried out very quickly in China. Usually the time from a trial to execution is less than one year. As of 2005, after a first trial (一审) concludes with a death sentence, the inmate has seven days to appeal to the provincial supreme court, which results in a second trial (二审). If the second trial concludes with a death sentence, it is carried out shortly thereafter. After legislative reform in 2007, a death sentence now must be approved by the Supreme People's Court of the People's Republic of China in Beijing.

***************snip*****************

China currently uses two methods of execution. The most common is execution by firearms, which uses an assault rifle to fire a single shot of an expanding hollow point bullet to the head. Lethal injection was introduced in 1997. It differs from its application in the U.S. in that it is carried out in fixed locations as well as in specially modified mobile vans. As lethal injection becomes more common, debate has intensified over the fairness of relying on lethal injection to execute high officials convicted of corruption while ordinary criminals get executed by firearms. It is public opinion in China that lethal injection is an easier way for the condemned to die.
http://en.wikipedia.org/wiki/Capital_punishment_in_the_People%27s_Republic_of_China

[SammyWinstonJack]

2. !

x(

[FarCenter]

4. Capitol punishment is appropriate for large economic crimes

In most cases the guilt can be definitively established, as well as the magnitude of the crime.

I'd support the death penalty for anyone who steals $10 millon or more through fraud.

[Statistical]

5. I anticipate a large rise in the $9.999999999 Million Fraud cases.(n/t)

[FarCenter]

6. Under $10 million, base sentencing on the minum wage

The minimum wage is $6.55 / hour.

That is about $13,100 / year.

$9.9999999999 / $13,100 works out to about 763 years.

[ColbertWatcher]

7. No.

This is the worst possible outcome.