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American Morning

Minding Your Business: Will Sam Waksal Do Time at Club Fed?

Aired June 11, 2003 - 07:45   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.


DARYN KAGAN, CNN ANCHOR: Sam Waksal is going to prison, but will he actually serve hard time? Andy Serwer is off. We have Gerri Willis, the lovely Gerri Willis "Minding Your Business" today.
Good morning.

GERRI WILLIS, CNN FINANCIAL NEWS: Good morning. How are you?

KAGAN: He's going to prison, but what kind of prison, and is it going to be a tough time for him?

WILLIS: Well, it doesn't sound like hard time at all. The prison is called Eglin. It's in Florida's Panhandle. Let me tell you, this looks like a halfway decent time if you have to spend your time in prison. It's a minimum security facility. That means there is no guard towers, there is no barbed wire. As a matter of fact, if you up to it today what you would see are soccer fields and baseball fields and oak trees covered in Spanish moss. It's beautiful. It should be easy time. They work 40 hours a week, but they get paid 40 cents an hour.

(CROSSTALK)

KAGAN: He should be making up that $3 million fine in no time.

WILLIS: That's right, exactly.

KAGAN: Now, part of this, there's always these celebrity names that kind of come into this. There's a tie with one of the stars of "The Sopranos" with this case.

WILLIS: That's right. Lorraine Bracco, Tony Soprano's shrink, wrote a letter on behalf of Waksal saying that back in 1995, Waksal -- quote -- saved her life" when her marriage with Harvey Keitel was breaking up, her career was in the toilet, her daughter was ill, and he came in and helped her, suggested she get some counseling, even helped her with her debt. And so, she said that he, you know, did so much for her that he should have gotten a lighter sentence.

KAGAN: This judge was not impressed with any of this.

WILLIS: No, he wasn't buying it. No.

KAGAN: Yes.

WILLIS: Seven years. Not buying that argument at all. KAGAN: Also sending him to prison earlier than he had asked. Wasn't his attorney asking, give him until the middle of August? The judge said, we will see you July 2.

WILLIS: He was pretty serious.

KAGAN: Yes.

WILLIS: I think he's trying to send a message to other CEOs out there.

KAGAN: No more joking around.

WILLIS: That's right.

KAGAN: All right, Gerri, thank you so much.

WILLIS: Thank you.

TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com.




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Aired June 11, 2003 - 07:45   ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
DARYN KAGAN, CNN ANCHOR: Sam Waksal is going to prison, but will he actually serve hard time? Andy Serwer is off. We have Gerri Willis, the lovely Gerri Willis "Minding Your Business" today.
Good morning.

GERRI WILLIS, CNN FINANCIAL NEWS: Good morning. How are you?

KAGAN: He's going to prison, but what kind of prison, and is it going to be a tough time for him?

WILLIS: Well, it doesn't sound like hard time at all. The prison is called Eglin. It's in Florida's Panhandle. Let me tell you, this looks like a halfway decent time if you have to spend your time in prison. It's a minimum security facility. That means there is no guard towers, there is no barbed wire. As a matter of fact, if you up to it today what you would see are soccer fields and baseball fields and oak trees covered in Spanish moss. It's beautiful. It should be easy time. They work 40 hours a week, but they get paid 40 cents an hour.

(CROSSTALK)

KAGAN: He should be making up that $3 million fine in no time.

WILLIS: That's right, exactly.

KAGAN: Now, part of this, there's always these celebrity names that kind of come into this. There's a tie with one of the stars of "The Sopranos" with this case.

WILLIS: That's right. Lorraine Bracco, Tony Soprano's shrink, wrote a letter on behalf of Waksal saying that back in 1995, Waksal -- quote -- saved her life" when her marriage with Harvey Keitel was breaking up, her career was in the toilet, her daughter was ill, and he came in and helped her, suggested she get some counseling, even helped her with her debt. And so, she said that he, you know, did so much for her that he should have gotten a lighter sentence.

KAGAN: This judge was not impressed with any of this.

WILLIS: No, he wasn't buying it. No.

KAGAN: Yes.

WILLIS: Seven years. Not buying that argument at all. KAGAN: Also sending him to prison earlier than he had asked. Wasn't his attorney asking, give him until the middle of August? The judge said, we will see you July 2.

WILLIS: He was pretty serious.

KAGAN: Yes.

WILLIS: I think he's trying to send a message to other CEOs out there.

KAGAN: No more joking around.

WILLIS: That's right.

KAGAN: All right, Gerri, thank you so much.

WILLIS: Thank you.

TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com.




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