The downside of greed is good
From http://www.heraldsun.news.com.au/common/story_page/0,5478,19679590%255E661,00.html
Judge Geoff Chettle of the Victorian County Court sentenced one of the traders, David Bullen, to an effective sentence of 44 months with a minimum of 30 months to be served before he is eligible for release on good behaviour.
Judge Chettle sentenced Vince Ficarra to 28 months with a minimum of 15 months to be served before being eligible for release on good behaviour.
Ficarra, 27, of North Fitzroy, and Bullen, 34, of Eversley near Ballarat, were found guilty in May on a string of charges related to the unauthorised trading on NAB's foreign exchange options desk, that cost the bank $326 million in 2003/04.
In sentencing Bullen, Judge Chettle told the court the two traders and the rest of their team saw themselves as "invincible".
"In the corporate culture that existed, you forgot your legal responsibilities to the bank, its management and its shareholders," Judge Chettle said.
"General deterrence must be the principal sentencing consideration for crimes such as yours."
General deterrence my foot. If general deterrence worked then burglars wouldn't be burglaring, murderers wouldn't doing away with the good citizens of the town etc etc. I've got nothing against specific deterrence after all you'd think they'd learn. But general deterrence doesn't work.
Judge Geoff Chettle of the Victorian County Court sentenced one of the traders, David Bullen, to an effective sentence of 44 months with a minimum of 30 months to be served before he is eligible for release on good behaviour.
Judge Chettle sentenced Vince Ficarra to 28 months with a minimum of 15 months to be served before being eligible for release on good behaviour.
Ficarra, 27, of North Fitzroy, and Bullen, 34, of Eversley near Ballarat, were found guilty in May on a string of charges related to the unauthorised trading on NAB's foreign exchange options desk, that cost the bank $326 million in 2003/04.
In sentencing Bullen, Judge Chettle told the court the two traders and the rest of their team saw themselves as "invincible".
"In the corporate culture that existed, you forgot your legal responsibilities to the bank, its management and its shareholders," Judge Chettle said.
"General deterrence must be the principal sentencing consideration for crimes such as yours."
General deterrence my foot. If general deterrence worked then burglars wouldn't be burglaring, murderers wouldn't doing away with the good citizens of the town etc etc. I've got nothing against specific deterrence after all you'd think they'd learn. But general deterrence doesn't work.
posted by Mr Jherek @ 6:13 pm
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