Nicholas E. Calio, a former White House aide to the Bushes, defended Bill Frist yesterday against allegations of insider trading. “To me, it’s inconceivable that he [Frist] would sell stock based on inside information,” Calio said. “He doesn’t need the money.”
Ah, yes – Bill Frist would never steal because he’s already rich. Obviously, Calio’s memory must be short to forget these infamous millionaires:
Ken Lay, former CEO of Enron, who earned nearly $50 million in 2000 -
Ex-Enron Chairman and CEO Kenneth Lay surrendered to authorities Thursday after being indicted in what experts called the centerpiece of the government’s crackdown on the scandals that have rocked corporate America. [CNN/Money, 7/12/04]
L. Dennis Kozlowski, former Tyco executive, who earned $71 million in 2002 -
A state judge on Monday sentenced former Tyco International Ltd. executives L. Dennis Kozlowski and Mark H. Swartz to 8 1/3 to 25 years in prison for looting the company of hundreds of millions of dollars to pay for lavish parties, luxurious homes and extravagances such as a $6,000 shower curtain. [Washington Post, 9/20/05]
Bernard Ebbers, former WorldCom CEO, who earned more than $34 million in 2002 –
Ex-WorldCom chief executive Bernard Ebbers was sentenced Wednesday to 25 years in prison for his role in orchestrating the biggest corporate fraud in the nation’s history. [CNN/Money, 7/13/05]
Calio’s right. Wealthly people are the most virtuous.
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