Letter: Bigger corporate thieves unheeded

Thursday, March 18, 2004 | 9:24 a.m.

Martha Stewart was stupid and in fact may not have understood the law. Then she tried to lie her way out. If your broker calls you and says the guy running the company you bought into is dumping his financial interest, are you supposed to say thanks, hang up and take a financial bath? Her broker did know better, shame on him!

In the grand scheme of things this was a minor amount of money for her and the act pales in comparison to the legions of really big-time corporate thieves. I don't just refer to those who broke laws. How about the former head of the New York Stock Exchange who got a $140 million payday then complained that another $50 million in "bonus" money was withheld?

Top-level executives in corporations all over the USA, the good-old-boys clubs, believe that it is their God-given right to loot the corporate treasury because they are just so good at what they do. In most cases, they are highly rewarded even when the company they are supposed to steward is dying on the vine. The vast majority of these folks could be replaced tomorrow by others even more qualified and at one-third their salary and perks.

RICHARD RYCHTARIK