Wednesday, May 21, 2008

Cost Of Living It Up

Lou Pearlman, who gave bubblegum pop too much sugar by thrusting 'N Sync and The Backstreet Boys upon us is going to prison. The music mogul admitted ripping off investors to the tune of $300 million.

Pearlman pleaded guilty to conspiracy, money laundering, and making a false claim. He confessed to running a Ponzi scheme. But what galls me is his attorney's contention that Pearlman simply had to have an extravagant lifestyle, as the Orlando Sentinel reports:
"Mr. Pearlman did live large, if you will, but judge, he was in the entertainment business," [defense attorney Fletcher] Peacock said.
Meaning he had to look the part. Meaning he had to siphon money, as has been accused, from the boy bands he managed. No wonder some in the courtroom laughed, as the Sentinel reported, when he said:
"Over the past nine months since my arrest I've come to realize the harm that has been done. I now want to do whatever I can to help resolve that harm."
Remember, this is a con man talking.

U.S. District Judge G. Kendall Sharp showed reasonable mercy, offering to shave one month off of Pearlman's 300-month sentence for every $1 million he repays his investors. It's doubtful he'll give it all back.

Unfortunately, we can't get back any of those minutes we were subjected to "I Want It That Way" or "Everybody (Backstreet's Back)".

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