A swanky, new jail facility will house the most hardened white collar criminals — just off Zuma Beach in Malibu. Cells with a view... for you know who.
MALIBU, California – Riding the wave of populist anti-Wall Street anger, new legislation is being enacted that promises to finally get tough with corrupt CEOs and other white-collar criminals. They will all be headed for hard times at the new Federal Correctional Facility at Zuma Beach.
The new prison is being built in a hurry to accommodate the expected rise in white-collar prosecutions stemming from Wall Street's meltdown, as companies continue to announce verdicts stemming from high-profile court cases involving Madoff, AIG, Freddy/Fannie Mae, Bear Stearns and Merrill Lynch.
"The searing heat, desolate conditions and the need for serious sunblock were specifically chosen to send a message to the American people that we're dead serious about cracking down on these white-collar criminals. It'll never happen again."
—Biff Post, Warden, Malibu Correctional Facility
Madoff in particular is slated to join other "lifers," taking up residence at the facility’s swanky maximum security wing, where he will be expected to give lectures on financial planning and business motivational speeches for the other inmates.
HARD TIMES: An artist's sketch of the proposed Malibu Correctional Facility at Zuma Beach, specializing in white-collar crime. According to a joint letter signed by D.C. lawmakers, the "searing heat and desolate conditions" were specifically chosen to "send a message to Wall Street that we're dead serious about cracking down on these white-collar criminals. It's a real no-no. Sunscreen or not, we’re slapping their wrists until they’re good and red."
But critics are questioning the placement and accommodations of the new facility, claiming that the resort-like prison sends the wrong message.
"Sure, there will be weight-lifting and all that," says warden Biff Post. "The guys gotta have something to do. I don't see why anyone should be raising eyebrows. It won’t be easy, that’s for sure."
But a list of inventories, received from inside sources, show that orders for hot tubs, a wet bar, and a top-of-the-line home entertainment system are being fulfilled.
Though prison terms could be as long as 20 years, with good behavior most of the prisoners could be eligible for payroll as early as three months.
Law & Business
