The Book of the Courtier/NYT
EU Suggests Jail Time for Insider Trading
“The European Commission on Wednesday suggested mandatory jail terms for insider trading and other market abuses as part of measures aimed at bolstering market confidence.”
Although in the US it has already been a normal practice for a long time, many EU countries “resisted sending white-collar offenders to prison.” Wrongdoers just paid a certain amount and were free to go (“Spain, Poland and Sweden are capped at €1 million, while only 12 countries impose sanctions corresponding to the amount earned from the violation, according to E.U. officials”). Still the amount of penalties and fines varies hugely across the EU.
“’Traders and executives must realize that they won’t get away with it and that the response will be tough,’ said Michel Barnier , the E.U. commissioner for financial services, referring to violations of financial services laws”.
In NYT article is written what a good and law-abiding citizen shouldn’t do. On the other hand in The Book of the Courtier is mentioned what a perfect Courtier should learn and do. “[B]eing of noble birth, graceful, charming, and expert in so many exercises”, “a man of honor and integrity: for included in this are prudence, goodness, fortitude, and temperance of the soul”, he also should avoid affectation and be devoted to his prince. In the excerpt from the Book C we can read mostly about perfect person(Courtier). Therefore in the EU government have to punish Courtiers who don’t seem to possess qualities praised by Baldesar Castiglione.
http://www.nytimes.com/2010/12/09/business/global/09criminal.html?_r=1&ref=business
