You're going to have to bear with me on this one. First off, let me make this crystal clear: I am NOT defending or excusing Carpenter's conduct. Okay -- do we at least have that premise straight?
However, these cases involving RRs misusing corporate expense allocations or credit cards bother me because they always seem so one-sided against the little guys.
Let me throw this out for purposes of making the point. My recollection is that former Merrill Lynch & Co. Chief Executive Officer John Thain, left that firm in the wake of massive losses. However, I also recall that Thain apologized for incurring corporate expenses of $1,200,000 to renovate his office.
Help me wrestle with the differences in these cases. Carpenter helped himself to some $9,000 from his firm for personal use and Thain spent $1.2 million to renovate his office. The reason one gets charged but not the other is what? As best I understand the tortured explanations, Carpenter engaged in what many call a "theft" but Thain's apparent misuse of corporate funds is what many call a "perk." Ah...sure, that's it. Hmmm...you ever wonder if such crafty wordsmithing may have gotten us into this Great Recession to begin with?