So Conrad Black was sentenced to 6.5 years in jail today for defrauding shareholders of 60 million dollars. He was also fined 6 million dollars.
I haven't been following the case and know shockingly little about the details, but it seems Mr. Black really did quite well all things considered.
I doubt he'll do the full 6.5 years. He'll probably organize a credit counseling group in the jail library and maybe do some life-coaching on the side. That will get him out in half the time.
3.25 years in jail is 1186 days which is 28,470 hours. 60 Million - 6 Million fine = 54 Million*. 54 Million / 28,470 hours = $1,897.00/hour.
Well played Mr. Black, well played.
* Apparently the company will have to sue him for the 60 Million... Remember, a civil trial can turn out a little different from the criminal one. Right OJ?
Comments
Rob L. - December 10, 2007 9:56 pm
I've followed this closely enough to know the CNN article you linked to is pretty loose with facts, if not completely inaccurate.
From the Globe & Mail: "Judge St. Eve also ruled that the amount of the loss related to the fraud is $6.1-million (U.S.)".
http://tinyurl.com/3ahyqk
He was acquitted on 8 of 13 charges.
So, he's paying back what he was convicted of stealing and going to jail for a year for every million, pretty much. Of course he won't serve the full sentence, but damn close. In Canada he would be eligible for parole after serving 1/3 of the sentence; whereas in the US, he will have to serve 80-85 percent of his sentence. Anyway, he'll be appealing his conviction on all charges, with at least average chances on one count.
Dan James - December 10, 2007 11:44 pm
Rob,
Thanks for the clarification. You certainly know more than I do. Good to know that CNN is such a reputable news source :).
Rob L. - January 3, 2008 2:20 pm
I didn't want to sound like a smartypants, but I did follow the case quite closely. Although Conrad Black made his own bed, and will now have to sleep in it, and also being a very difficult figure to empathize with, one of the things that struck me about his trial was the shear viciousness of the prosecution and the massive weight of the resources they threw at him. There was also a very disturbing element of cross-border justice, and such a laughable ingnorance of Canada by the prosecution that it almost made you root for Black.