From Bloomberg,
more on Dubai:
Not long ago, British businessman Ryan Cornelius was living the high life, doing real estate deals out of Bahrain. He took his family on safari in Kenya and on big-game fishing trips on his yacht. Today, Cornelius resides in a prison cell in Dubai, accused of loan fraud. He's been locked up for more than two years without a court reaching a verdict.
Dubai has a debtor's prison and they aren't shy about using it. They lock up everyone, from the the big-time fraudsters to the run-of-the-mill condo flippers. I wonder
how many of those Halliburton execs are stuck there now?
From Bloomberg, more on Dubai:
4 comments:
I have to think that this will reduce crime...after all it is hard to do another one from a jail cell.
Dubai has a debtor's prison and they aren't shy about using it.
Many of the American coastal states could learn a thing or too from Dubai. Yeah, I'm looking squarely around Sacramento for starters...
I doubt that Halliburton execs are stuck there. I bet the company is paying the rental on homes for them - that's the standard plan for American execs working overseas for large companies.
"I doubt that Halliburton execs are stuck there."
I'm not so sure. I'll bet that a number of them took the bait and "invested." The bait was very powerful and lured many thousands of upper-middle class and wealthy Europeans who should have known better.
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