The Nation - News from May 6, 1987

U.S. Atty. Rudolph Giuliani, a lead prosecutor in the Wall Street scandals, called on Congress to crack down on insider trading crimes, including doubling or tripling prison terms. “The general rule has been you don’t go to prison,” said Giuliani, the U.S. attorney for the Southern District of New York. “That has to change. The general rule should be you do go to prison.” Giuliani, testifying before a House Energy and Commerce subcommittee, said Congress needed to send Wall Street a clear signal that white-collar crimes will no longer be lightly treated. To do that, he suggested that the maximum five-year prison terms for some insider trading crimes be increased to 10 years or 15 years.