Former stock trader, Yang Yanming, was recently executed by lethal injection for embezzling $9.52 million from Galaxy Securities during 1997 to 2003.
The move was part of a broader effort by the Mandarins in Beijing to crack down on rampant corruption in the securities industry. Yanming never revealed where the money went, according to the Beijing Evenings News, one of my daily reads. SEC take note. If we adopted similar enforcement measures here in the US, we’d save the $65,000 a year it costs to lock up miscreants like Bernie Madoff in high security facilities.
With both state and federal prosecutors now on a holy war against the securities and real estate industries, the combined savings could be huge. Some $80 billion will be spent incarcerating America’s 3 million prisoners this year. Still, the more people they execute in the Middle Kingdom, about 10,000 this year, the more they remain the same. Great for the human organ business, but not so good for white collar crime prevention.