Steve Vizard and Rodney Adler would be within their rights to be feeling a little hard done by at the moment. Vizard, while a Telstra director, greedily and dishonestly used inside information to acquire shares in three companies. While Vizard’s crime amounted to a significant breach of trust, his crimes cost the community little and the benefit to himself was marginal. For his sins, Vizard was pilloried for months by the mainstream press and held up as a stereotypical corporate villain, not to mention being banned from acting as a company director for ten years.

Adler last week was released from prison after serving a two and a half-year sentence for effectively misleading a journalist about purchases of HIH shares. Adler’s actual crimes also cost the community little – he was not charged with anything directly relating to the collapse of HIH.