The character spent most of his first 45 years of existence in jail.
Luthor's character was pretty much totally revamped in the 80s to the man we know today, and has been a scientific genius businessman since then.
He spent almost all of All-Star Superman in jail.
Yeah, but that's the very end of the mythos though. He hadn't been in jail before then (at least in that timeline), and Superman (or Clark actually) finally got him behind bars for crimes against humanity.
Plus him being President is much more interesting than him sitting in jail.
This post was edited on 1/11 at 2:43 pm