Madoff Victims Speak Out At Sentencing (VIDEO) (UPDATED)

Bernard Madoff was sentenced to 150 years in prison earlier today, a maximum sentence. In front of the Manhattan courthouse, Madoff victims spoke out. CNBC has collected some excellent videos. WATCH:

Burt Ross, the former mayor of Fort Lee, New Jersey, offered perhaps the most memorable reaction to Madoff sentencing. Ross suggested that Madoff should be sent to the type of hell depicted in Dante's Inferno.

"I urged the judge to sentence him for the rest of his life, so that when he leaves prison, which means after his death, virtually unmourned by anyone on this earth, that he will then go down to the depths of hell where he will join those other people who are in the 'mouth of satan.'"

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Madoff Victim Richard Friedman said that the 150-year sentence was only fair. Some of the Madoff victims, Friedman said, are so destitute that they themselves are serving a life sentence," as a result of Madoff's crimes.

"The system in this country has failed," he added. "The SEC couldn't detect the largest fraud in the world, even though it was handed to them."

Judith Welling and her husband said they hoped the government would work to find people who knew of or supported Madoff's ponzi scheme. Welling described herself as a "middle class investor."

"We're going to work with our congress people to get the laws changed," Judith Welling said. "We just can't be safe investing in our companies here, when we were treated the way we were."

George Nierenberg also suggested he'd like Madoff to be more forthcoming about who helped cover up Madoff's ponzi schme:

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Comments

[wbkaiser]

03:32 PM on 07/01/2009

Actually I put this comment elsewhere, but here seems most appropriate

My uncle long ago told me "bulls make money, bears make money, pigs get slaughtered"

Why would anyone put all there money into one thing!!!!

[rogerthat21]

01:33 PM on 07/01/2009

Take back the trillions of $$$ given to the banks, who just sit on it and make it totally ineffective then start government incentive to create realistic industries that give employment and generate real productive income, some of which would hopefully be from exports.

Every other country, especially China and most of Europe have goverment incentives to protect it's industries. No matter what you call it it's a form of protectionism and its inevitable. We should stop being naive and take care of our own house. The only ones who win if we don't are the multinational corporations who don't care where they get their hand out.

hat tip to: http://investmintideas.blogspot.com for the good articles

[nomorefed]

04:26 PM on 06/30/2009

People now are getting paid the SAME WAGES as they did in 2000. But are prices at 2000
levels? H3LL NO. So they go into debt, adding more layers tothe USA debt ponzi scheme.

good finance articles: http://heavysidetrade.blogspot.com/

[KennyFox]

10:20 AM on 06/30/2009

One of the easiest things in the world to do is to gamble with other people's money. No wonder the financial markets keep inventing new ways to play the slots: credit default swaps, super leveraged this and ultra leveraged that. Let's remember that it is not their money. IMAGINE if the reich wing bananaheads got their way and the markets were in charge of social security funds. Imagine THAT sheeit.

[Kevin Christy]

11:32 PM on 06/29/2009

So Bernie should be sent "into the mouth of Satan"? I was thinking more the coin slot of Satan.

[apolloguide]

11:31 PM on 06/29/2009

I just saw the latest closest victim of Bernie Madoff in my own neighborhood in Kensington just north of Berkeley. It was sad as I greeted a neighbor across the street who was under the impression that our neighbor was moving out because she was having her house redecorated and therefore was moving out all the furniture and belongings. Sad. To see such subterfuge regarding a thug whom one once trusted and is now covering for with all her money is nearly too much to bear until you find that she had FIVE foundations investing in Bernie and had far too much money for one person IMHO.

Why isn't there a switch which goes on and says you have too much money. STOP accumulating.

[Osusuki]

11:18 PM on 06/29/2009

W.C. Fields made famous the phrase, "You can't cheat an honest man." Christopher Laird explains the reason: "An honest man cannot be enticed with either ill gotten gains or excessive promises of profits."
Many of us who have had a problem finding two pennies to rub together over the past several years because of the zero sum games Wall Street has played with our lives--not investors, just people cheated by banks, credit card companies, insurance companies, and the government that supported them--are struggling to feel an iota of pity buried in our overwhelming sense of schadenfreude.

And losing.

[BadHaBritt]

11:16 PM on 06/29/2009

The SEC knew what was going on and did nothing. OK so who are the people responsible at the SEC?
It's not enough to just blame as faceless organization, who were the aholes at the SEC and what was there reward?

[Troutboi]

11:08 PM on 06/29/2009

Write a Prisoner.com

[Indra]

10:25 PM on 06/29/2009

The victims were well to do thus they will not get much sympathy from the general populace. I would suggest to those that lost through Madoff's scheme should get themselves some job training right quick.

[rosepierre]

10:06 PM on 06/29/2009

To be honest most of the folks who make their living on Wall Street would have done the same thing if they were smart enough to think of it and believed they could get away with it. Our financial system is rigged to take advantage of people so that the insiders can keep taking without having to risk anything themselves. Nothing has changed and as long as the Dems and Repubs are bought and sold it will continue.

[mathme]

09:26 PM on 06/29/2009

That's not JUST a part of hell... there are only 3 people in the mouth of Satan and those are the greatest betrayers in history. It is the center and ultimate ring of hell.

[Burkelbile]

08:33 PM on 06/29/2009

"mouth of Satan" -
is "Comical Ali" back on the air?

[stanblack]

07:44 PM on 06/29/2009

Send the criminal to the "mouth of Satan" over cash? Really? This world is so effed.

[Dave Martin]

08:03 PM on 06/29/2009

Not sure what planet you live on, but on this planet cash often represents a lot of hard work to those that earn it legally and by the sweat of their brow.

[TeeLolly]

09:26 PM on 06/29/2009

It's still just money ... Besides, I thought Madoff's victims were entitled to recover $500,000 each, which is a lot more than a lot of people I know will ever have at one time in their lifetimes.

[RockyGibraltar]

07:34 PM on 06/29/2009

When are the Republican wags and FOX News going to start blaming Obama for the SEC's ignoring the Madoff evidence it was provided years ago?

It would only be logical since they are constant attack mode now and seem intent on blaming Obama for the meltdown of the financial markets that happened last year while Bush & Co. were running the show.

But on second thought, maybe the Becks and Hannitys out there have a point. I mean the guy has had since February till now to recoup the trillions of dollars lost to investors and caused by the wreckage on Wall Street, get the financial markets healthy again, and rebuild a gutted and impotent financial regulatory system that the entire world's economy is still dependant on. That should have only taken a month or two, right?

[prettyinpink]

09:22 PM on 06/29/2009

Yes, right. What is taking him so long. I thought by now he could have cured some rare disease or at least brought my 401K back.

Well I guess I will have to continue to vote for fiscally responsible people. People who know how to run organizations, earn profits, and reward the responsible. People who value human life beyond terror suspects. People who know the value of a dollar and that hard work can still be rewarded. People that respect others property and rights.

Sigh, well there is always 2012.

[KennyFox]

10:23 AM on 06/30/2009

Dont forget "people that respect the unborn". That's important too. Praise Jesus!

[Hollywooddeed]

12:47 PM on 06/30/2009

Do you mean people like George W Bush?