The federal investigation appears to fit a classic pattern in which lower-level conspirators are investigated, confronted with their own wrongdoing and convinced to cooperate with the feds in exchange for more lenient treatment.

FORBES: SAC Capital Case A Classic Fed Pincer Move

America's crime rate has fallen in recent years, and though it has now started to rise again, no politician in America thinks that arguing for more lenient treatment of criminals will bring in votes.

ECONOMIST: Justice in America

Carried interest is treated as a capital gain on investment rather than as income from employment, and so attracts more lenient tax treatment than the latter.

ECONOMIST: Private equity in the spotlight

Wall Street presumes that commodity notes held for more than a year get the same lenient capital gains treatment as stocks and bonds (a top rate of 15% at the moment).

FORBES: Magazine Article