Tuesday, August 5, 2014

Today, a billionaire paid $100 million for a Get Out of Jail Free card

Bernie Ecclestone is an exceptionally wealthy man who until recently will have been familiar to Formula 1 racing fans and quite unimportant to the rest of the world. Only what he did today should make him a figure of global notoriety: Ecclestone paid $100 million to have a German court dismiss corruption charges raised against him that could have resulted in a 10-year prison sentence. No wonder he's laughing.

The prosecutors in the case decided to accept Ecclestone's settlement offer on account of his advanced age and the anticipated difficulty of obtaining a conviction. This is in spite of the fact that Ecclestone admits to having paid millions of dollars to a German banker that has already been successfully prosecuted and is currently...

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