From the corner office to the corner jail cell
It is well known there are bad apples in financial services and Outsider is always delighted when the appropriate punishment is meted out.
Thus, Outsider felt a sudden surge of schadenfreude when he read that the ex-chief executive of investment giant PIMCO, Douglas Hodge, had been sentenced to nine months in prison for bribes totalling US$850,000 ($1.26 million) over 11 years.
Hodge, you see, joined the likes of celebrities Felicity Huffman and Lori Loughlin in the college admission scandal having paid bribes to get at least four of his seven children into top universities, and also attempting to do so with a fifth child.
He paid $325,000 to a tennis coach for his son and daughter to enter Georgetown University and paid $525,000 to have another daughter and son admitted to the University of Southern California as soccer and football recruits.
The fifth child was denied admission based on his academic qualifications.
Knowing Hodge abused his privilege leading to less fortunate and deserving candidates of university sports missing out, Outsider was pleased to note that the judge added to the sentence two years of supervised release, a $750,000 fine and 500 hours of community service.
While Hodge’s sentence was the harshest so far of all involved in the scandal, Outsider wonders how much time Hodge will actually spend looking at the four walls of his jail cell.
Outsider, for his part, recognised that Outsider Jnr, like his dad, lacked any sporting prowess which might have warranted the paying of bribes.
AUTHOR
The Outsider
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