It used to be possible to reform one's reputation. Now, people with a grudge will spread old stories about you to strangers for as long as you live and make it impossible for you to get back on your feet. Is that a just society?
The guy is an old man who's already been stripped of all positions of influence. Why do you want to make him sleep on the street too? At what point will you believe justice has been served? Attacking the defenseless and powerless is cruelty itself.