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U.S. Attorney for the Southern District of New York, Preet bahara recently said "What might be most astonishing (and disappointing) is that some of the most outrageous securities frauds have occurred at institutions with seemingly robust compliance programs — at least on paper. They have occurred not at fly-by-night outfits but at prominent and powerful companies. And they have been enabled and perpetrated by the highest-flying money managers on Wall Street.We have witnessed the most educated, successful, and monied professionals in the country put their companies — not to mention their own liberty — at risk by engaging in flagrant and foolhardy illegal conduct". He concluded "Financial fraud has been around forever. My office, which sits only steps from Wall Street, has been prosecuting white collar crime since its foundation more than 220 years ago, and we are busier than ever". It is estimated that a great deal of white-collar crime is undetected or, if detected, it is not reported. Many believe for years, white collar criminals routinely received a "slap on the wrist" — sentences of probation, or at worst a prison term measured in months, not year and they eroded people's faith in the financial system. In the wake of corporate scandals at Enron, World Com, Tyco and Global Crossing, there's little doubt that serious corporate crime warranted serious sentences that could deter future fraud of that magnitude.Some believe the government has been getting tough on White Collar crime, others not so much. thumbnail image: politicker