Last February, I posted about the conviction of former Sunbelt Savings Association of Texas Chairman Edward T. McBirney III on 27 criminal counts in federal district court in Dallas arising out of his use of a trust to hide money from the FDIC, money that should have gone to pay restitution ordered by the court in connection with McBirney's conviction for theft of money from that colossal failure of a Texas savings association known as Sunbelt Savings Association (fondly referred to as "Gunbelt Savings" by those of us representing thrifts in Texas during the "Dark Ages"). You'd think one stint in the slammer would have cured Mr. McBirney of trying to keep money that didn't belong to him, but apparently the previous rehabilitation didn't "take." Maybe that had something to do with that fact that his original fifteen year sentence in 1993 was reduced to five years in return for his ratting out another paragon of the thrift business, and that he was let out of jail on probation after serving only three years.
The sordid details of his latest crimes are detailed in the U.S. Attorney's press release (scroll down to the last item). McBirney, ordered to pay $7.5 million in restitution in connection with his original conviction (and subject to an $8.5 million civil judgment), managed, in 13 years, to make a hefty down-payment of $29,000. Curiously, during the same time period, he somehow managed to use a trust that he set up after his original conviction to stash millions of dollars. Neither the jury nor the judge were amused.
It's nice to see the Justice Department give the FDIC its "props" for "excellent investigative work." It's apparent that, in nailing someone as famous as Mr. McBirney, the prosecutors are "feeling the love."
Last week, U.S. District Court Judge Sidney Fitzwater sentenced McBirney to two eight-year terms to run concurrently (meaning he'll serve at least eight years). He also ordered McBirney to pay $312,000 in restitution and forfeit more than $2 million from the trust. The eight years is three more than a man who walked in and robbed a bank with a firearm received, if you peruse some of the other convictions announced in the press release.
According to The Dallas Morning News, "Judge Fitzwater ordered Mr. McBirney to report to an as-yet-undisclosed federal prison Dec. 5. But Mr. McBirney's attorneys said he would probably be allowed to remain free – for up to a year – while his case is appealed."
The
twice-convicted white-collar felon was once known for throwing lavish
parties using money stolen from savings and loan depositors. He once
testified that he won a $2 million mansion from another corrupt S&L
executive as the two men flipped coins while standing up in sunroofs of
separate limousines.
Ah, the good old days. Some guys are just so Old School that they can't let them go.
The point is, ladies and gentleman, that greed -- for lack of a better word -- is good.
Greed is right.
Greed works.
Greed clarifies, cuts through, and captures the essence of the evolutionary spirit.
Greed, in all of its forms -- greed for life, for money, for love, knowledge -- has marked the upward surge of mankind.
And greed -- you mark my words -- will not only save Teldar Paper, but that other malfunctioning corporation called the USA.
---Gordon Gekko, "Wall Street" (1987)
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