Let’s see here.

First, the Justice Department misleads U.S. District Judge Sim Lake in regard to the true amount of the market loss resulting from the transaction that forms the basis of former mid-level executive Jamie Olis’ conviction, which in turn resulted in the imposition of an over-the-top 24+ year sentence.

Then, after the Fifth Circuit reversed that abomination, the prosecution — while dragging its feet in regard to the re-sentencing of Olis — recommended to Judge Lake in December of last year that the Olis should be re-sentenced to “only” 15 years in the slammer.

Now, after U.S. District Judge Jed Rakoff provided a much-needed dose of sanity in regard to sentencing of business executives and Stanford University law professor Joseph Grundfest eviscerated the Olis prosecution’s market loss arguments, the Chronicle’s Tom Fowler reports that the Olis prosecution is now contending that Olis should be re-sentenced to “only” 12 1/2 years.

At this rate, I figure the prosecution will finally reduce their demands for the length of Olis’ sentence to an appropriate level by, say, 2009 or so.

The hearing on the market loss issue in the Olis case is scheduled for next Tuesday.

Inasmuch as it is going on 11 months since the Fifth Circuit reversed Olis’ original sentence, Judge Lake will likely re-sentence Olis shortly after Tuesday’s hearing.