$5-Million Bail for Keating

In response to “Keating Indicted for Fraud, Jailed,” front page, Sept. 19:

Charles H. Keating Jr. got $5-million bail and went to jail with most folks cheering that this “greedy” man got what he deserved. Why was bail set so high for a person unlikely to flee? To be sure he was punished for being accused of this crime. When this happens to an important man like Keating it makes headlines. When it happens to average, middle-class citizens, they rot in jail. We are supposed to be innocent until proven guilty and this trend of the courts to incarcerate first to be sure of punishment seems a risky course for a “free” society.

The media played this case as an evil, greedy man taking advantage of poor, honest people. When W.C. Fields said “You can’t cheat an honest man,” he might have been thinking of this case. Why did these “victims” buy these bonds? Because they were greedy and wanted the higher interest promised. They wanted to believe that risk did not go with return. It always does. As a personal finance teacher I try to convince my students that there is never a free lunch.

Do not exonerate the person who defrauds; but remember why the victims were easy pickings--their own greed!

ROBERT F. KEGEL JR.

Buena Park