Former Detroit Mayor Kwame Kilpatrick has been sentenced to serve 28 years in federal prison, after being convicted of 24 counts of public corruption, including racketeering, bribery, extortion and mail fraud. By all accounts, Kilpatrick used his position to steer millions of Detroit citizens’ tax dollars to his friends and family while the city languished in poverty.
Kilpatrick was convicted of, among other things, directing jobs and contracts to friends and family. One thing that’s cool about the market is that no one has to trust a CEO to not be nepotistic. If his friends and family don’t bring in the dollars, he’s gone, no prison required. On the other hand, mayors aren’t responsible for making a profit.
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