Memo to the President: Don't pardon these crooks


I have not always agreed with your policies. But we're all human. You even apologized for the financial crisis and the Iraq War. This makes me think you've got legacy on your mind. If so, consider this: there is no way that pardoning Mike Milken, Bernie Ebbers and Conrad Black before you leave office will boost your legacy.

Granted, those pardons would be far less significant to historians than the things you've already apologized for, but why add to your post-presidential aggravation? Here are the reasons not to pardon these three:

  • Milken - As i posted, Milken paid $650 million in fines and went to jail from March 1991 until January 1993 for securities law violations. He's a white-collar crook who's spent decades trying to burnish his image. It has not worked on me.
  • Ebbers - Bernie Ebbers was convicted of orchestrating an $11 billion accounting fraud that brought WorldCom into bankruptcy, making it the second biggest in history. Lehman Brothers' recent $639 billion tops the list.
  • Black - Black formerly headed Hollinger International Inc and was a member of Britain's House of Lords. He was found guilty of defrauding shareholders and entered prison in March 2008.
Your term began with Enron and WorldCom collapsing and it's ending with the implosion of Wall Street. Don't add to your sorry legacy by pardoning these three crooks.

In case we don't talk before you leave office, enjoy those last few weeks and best wishes to you and your Good Bride in Dallas.

Peter Cohan is President of Peter S. Cohan & Associates. He also teaches management at Babson College and edits The Cohan Letter.

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