I don’t understand why the Brocade CEO is convicted of back-dating options for others and sentenced to jail while former United Healthgroup CEO Bill McGuire is somehow able to pay a small-ish fine relative to what he made and apparently will face no charges. I was hoping that someone smarter than me would explain. Then I read this in former Republican Senator David Durenberger’s most excellent newsletter.
BILL MCGUIRE IN LIMBOIf there is such a place, Bill is in it for some time, thanks to U.S. District Judge James Rosenbaum who has responsibility for the litigation arising around United Health Group’s stock options back-dating for directors and officers. A few weeks ago a couple of retired Minnesota Supreme Court Justices, whom Rosenbaum appointed to make recommendations relative to Bill McGuire’s alleged back-dating, did the "Minnesota Nice" thing and found a way for Bill and his corporate counsel, David Lubbens, to walk on water without drowning. Return $468 million and $24 million respectively in options without having to acknowledge any responsibility for actions to the public, shareholders, customers and community reputation. Rosenbaum wasn’t satisfied and the case goes on.
So I think I understand…(OK I don’t really). Can someone take a crack at it?
Sometimes Minnesotans are too nice. This was one of those times.
Insofar as limbo resembles purgatory, McGuire should remain in it for a loonnnggg time – and THEN go to jail.