If you don't hang the Fu..er high, then the message is clear; it's acceptable to murder an old man, that fought for your freedom, for 40 quid!!!
That is not acceptable, and only a complete loon would argue that it's acceptable. Even the most hardened violent criminal would agree that it's unacceptable. Of course that doesn't stop it from happening.
Hanging the crims wouldn't give out any message. After all, who commits a crime if they expect they will be caught?