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Madoff: 150 Years Doesn't Seem Like Enough
It's official: Bernard Madoff got the maximum sentence of 150 years in prison for operating the largest Ponzi scheme in US history. This is likely small satisfaction for individuals and charities that were bilked out of $65 billion dollars, but at least the lengthy sentence guarantees that Madoff will not be spending the last years of his life in a "Club Fed". His new neighbors are likely to be dangerous criminals, just like him.
There's simply no punishment draconian enough for this sociopath, but now it's time for prosecutors to get busy and determine whether other Madoff employees and officers of the firm were in on the scam. It was noteworthy that at the sentencing, the evil-doer himself didn't ask for forgiveness, but did say that he deceived his brothers, his two sons and his wife. Convenient, huh?
It has always seemed impossible that Madoff could have done this alone. Didn't anyone at the broker-dealer notice that that there were no trades going through? Could the compliance officer have "missed" so many red flags? Did anyone consider the absurdity that Madoff never showed one single month of losses?
Innocent until proven guilty, but I'd like to see the government's case put a big bull's eye on the back of the following targets: Madoff's wife, sons, brother, niece, other close business associates, and of course, those feeder funds execs who were paid handsomely for participating.
Even 150 years doesn't seem enough for this crime.
Image by Flickr User Leeroy09481, CC 2.009481
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Oh, I agree. But we don't torture, do we? Still, maybe playing the testimonies of the victims nonstop on a big flatscreen in his cell would be fitting, Meanwhile, he's not the only perp. The SEC played a huge role, as did the willful obliviousness of the victims. Then there is the entire financial system. It seems so unfair to me that the mere fact of having money makes one more money. That's the way it is, but it seems so unfair.
Get real and tell people what Goldman-Sachs has already done to us, and what they YET plan to do to us.
It all makes Bernie look like a car battery thief, and will dwarf billions to thousands to pennies.
Madoff will be sitting in a tiny prison jail cell, most likely in supermax, where he will not see the light of day but for 1 hour, in an area that is simply a jail cell without a roof. That, my friends, is cruel and unusual torture. In the end, he is only different from other criminals because he was in a position that his crime snow balled into something huge. It doesn't make him $60 billion more evil, just a wealthy thief. Why aren't more people raising concern for the way we treat prisoners in the 21st century? Why all the blood lust? The man is going to die a mental basket case. Nobody deserves that.
For those that work 40 a week for $20 an hour it takes about one million years to
to make $65,000,000,000.00 How much an hour does it take to make 65 billion in 150 years?
About $2,166,666.66. Maybe Mr. Madoff can find some one to do some of his time for a couple million bucks an hour. I am free as of now. He is so lucky it is a light 150 years.
Social Security is often described as a Ponzi scheme. In one sense it is, but it doesn't have the element of money being siphon regularly off into the operators personal account. When you get down to it every investment or economic model is a bit of a Ponzi scheme.
Madoff's effective life sentence is both excessive and not enough. Anything more would be plain silly. Chances are there are those who have been incarcerated drug conviction that are serving harsher sentences, not having ruining anyones life. Anyone who presumably knew the risk they where taking. While they aren't exactly "Club Fed", Madoff most likely serve his sentence in a minimum security facility, not in a large prison with violent rough inmates. Minimum Security, is appropriate for those who didn't use physical violance in the commission of their crimes
A Ponzi scheme it may be, but I hope that it sustains my mother and grandmother through their remaining years, as well as my daughter until she reaches college.
I agree. One-hundred and fifty years is hardly enough. Then again....
If John Brown had received that same sentence for his roll in the Harper's Ferry Uprising, he's just be getting out of prison now.
On second though, one-hundred and fifty years is just about right.
See you in 2159, Bernie.
Cheers!
http://www,tomdegan.blogspot.com
Tom Degan
Goshen, NY
I truly don't understand all the high-minded rhetoric about 150 years not being enough. The man will die in prison and that's enough?
I think the guy is a sleazy, unrepentant criminal who deserves every punishment he gets. But we have murderers, rapists, and child molestors who get far lesser sentences.
Let's also not forget that most of the "victims" were the very wealthy. These people either should have known that the returns they thought they were getting were unrealistic and unsustainable, or the people who they pay to do their finances should have known. They were more than happy to look the other way and ignore the obvious when they thought they were raking in the profits. They don't get to rewrite history later and claim they just didn't understand the dynamics.
I have no faith in the $65 billion figure. Does that take into account the money that many of the investors already drew down from their accounts? Does that "loss" take into account the fact that even if they had their money invested in supposedly safe, traditional investments, they would have lost about 40% of their money anyway, like the rest of us?
Finally, since when does investing in securities like this guarantee you a return? There is always risk involved, and everyone understand this.
I'm not claiming this is a case of "no harm, no foul". I'm claiming that 150 years in prison and forfeiture of all your assets seems like sufficient punishment to me.
One might guess that he has been diagnosed with a terminal illness and is taking the rap for everyone else before he checks out. Any medical exams to release?
Ms. Schlesinger – regardless of the controversy caused by your comments, I would like to take exception to the phrase "$65 billion dollars". Isn't that like saying "65 billion dollars dollars"? Someone in your position should be embarrassed for making such an obvious mistake.
See Jill Schlesinger's Profile
Sorry--you are correct--I blasted off the post too quickly...
Wow! The one thing I really don't understand in this wholle Madoff thing is: Why the intensely passionate vitriole and hatred spewed from Ms. Schlesinger and many of the commenters here? I hate to think this is the true colors of American priorities. The man stole money. Yes, lots of money, but still; he didn't kill anyone, torture anyone, r@pe anyone......
Also, do you all believe for 1 second, that he was/is the only one? Now that he's in jail for life, will the economy recover??!! So easy! It's like the peasants with pitckforks braying for blood.
Beats me why you or anyone could say anyone is being too "intensely Passionate." How do we know how many persons have maybe lost their lives due to the loss of thier life savings? Maybe some can't pay for food or medical now and will die due to Madoff. And yes, he could not have done this alone without his partners knowing what was happening. All need to be investigated thoroughly and also brought to justice. I say, "Confiscate every earthly possession of all involved to help repay all who suffered at their hands, that is after they're all put in prison."
Have you heard or read about any specific people who have 'lost their lives due the loss of their savings"? if so, please provide a link. I haven't, but I've heard a lot of speculation about such folk. & thankfully we do not live in Dickensian England, not many people in America 'can't pay for medical or food and will die DUE TO MADOFF" or for any other reason. (well, OK, medical, yes, but that's a whole other ball of wax).
"There's simply no punishment draconian enough for this sociopath": Is that realistic? I got this wound up over the t0rture photos, but this, I still don't get it.
In light of the bank collapses, and the over-all economy collapsing due to the greed and underhanded practices of many, who go unpunished; I just think it's out of line. I don't want to discount the pain of loss of retirement money means for those lower income investors, facing their declining years with nothing but SS, (like so many poor people who never had the cash to invest with Madoff in the 1st place). Maybe you are one of these investors, in which case, I can see your 'passion' is warranted.
BTW, It seems to me, in a just system, some of his assets that were seized, even the sale of his Palm Beach house could refund at least the initial investment for some of the least well off of his victims. What IS going to happen to those assets?
Madoff: 150 Years Doesn't Seem Like Enough
Right Jill! I assume that his body will remain incarcerated after he dies and will not be released for burial until the 150 years have passed. (Presuming, of course, that anyone gives enough of a hoot to pay to keep either him or his body incarcerated 20 year's form now: anyone care to try and name 3 scammers from the last pre-depression boom?)
PS: Madoff did not operate the largest ponzi scheme in history: Social Security is far larger and operates under the identical principle of paying early depositors out of later deposits. Is it time to prosecute the legilature yet?
so i guess you don't pay your taxes too and you bear arms while living in a tent in the boondocks.
it's wonderful how you minimize the impact of Mr Madoff's evil doings.
I think that the severe 150-years sentence for Bernie Madoff is deserved, however, it would be a mistake for judges, journalists or politics, to make him the scapegoat of the recent financial crisis. So, we should all consider this as the tip of the iceberg rather than making a visible example in order to feed people's hanger against a financial system, which is at the origin of their ordeal. Bernie Madoff proved he was very good at lying and manipulating people, but he is still far from impressive as a financier. His ponzi scheme, was made possible thanks to a long and very secured chain of responsibilities, from the so-called "feeder-fund" managers around the world, to the "pseudo" trades executers, to the many necessary bank accounts held by custodians, to the SEC officers, to the auditors, to the other investment banks being third parties to these ghost trades...We should not forget the rest of this incredible financial fraud was made possible due to dishonest associates, a lack of control at a high level of responsibility in Wall Street, watchdogs or investment banking champions. Hopefully, prosecutors, decision makers, politics in Washington, and honest professionals in the financial world at large, will all start/continue to make sure these sort of crimes cannot be committed again. So please, Mr Obama, you are a great and gatherer, we should all admire what you have achieved, try to surround yourself with the right persons instead of the brightest...
The punishment never fits the crime. It is always either too punitive or too lenient. There needs to be a funded study to invent a punishometer, an accurate calibrated device which will always match the punishment to the crime. Given the number of those innocent who are convicted, their should also be a guiltometer attached to make sure that the one punished is the one who committed the crime. On the other hand, we might wish to keep the emotionometer that we have now, which comprises our whole system of criminal justice, from the day of arrest to the day of the verdict, especially rendered by a jury, guilty or not guilty. For those whose money flushed down the Madoff toilet, I recommend a crash course on how to investigate where your investment dollars will go before you put them in the wrong hands, along with a periodic checkup on what is being done with them from quarter to quarter. Then, you will not need to buy a victimeter, to see if you are losing it all as time goes by.
My agreeometer is beeping loudly. : )
I am sick and tired about all this whining about Madoff. He did what this country is founded on. He made money. The people who say they are his 'victims' were just a greedy group of self-centered people who closed their eyes to the fact that this might have been a scam in order to reap the benefits. I would feel sorry for them had they not in general been so well educated and should have known better. Remember the saying "there's a sucker born every minute".
If he , like the banks was only ripping off the lower clases there would not have been any trial or long sentence. But he ripped off rich people. Fellow New York Jews at that. Can't have that can we' How many bankers, guilty of the same fraudes are going to jail. Not a one at last count. But then they only ripped off middle class and poor people. Thats okay under the "American Justice System." Too big to fail and too rich to jail. When some poor guy steals a loaf of bread to feed his hungry kids, the "American Justice System" really springs into action. A hefty jail sentence is needed for a deterent. But the Madoff sentence is as rare as a blizzard in July. But then he dared rob the rich.
I don't think this country was founded on stealing to make money. It was Reagan & Bush and then Bush & Cheney who developed this scheme of stealing from one group of people to give to others.
Yep, right there with you...read my post above. You were just much more succinct.
"Made money" usually refers to profit from a legitimate business enterprise. A Ponzi scheme is outlawed because it is the taking of money belonging to others by criminal misrepresentation. Bank robbers "take money" belonging to others. Madoff "took money" belonging to others and kept it. Both are illegal, the main difference being the weapon brandished by the bank robber compared to the smiles offered by Madoff to his victims as he fleeced them of their life savings. Madoff's money was not "made money", and this country was not founded on a Ponzi scheme.
This country was not founded on fraud, deceit, swindling, trickery, or lying crooked dishonest underhanded double-dealing. It has gotten that way due to skewed values that worship money or a man who has boatloads of cash regardless of how they got it, and an arrogant lack of consequences with teeth, due to a lack of brave men with real character and backbone to see that laws are followed. We're back to needing a Sherriff who deserves to wear the badge.
Madoff was quite blatent about his theft, justice has been reasonably swift for the courts. I'm not bothered about the number of years he received because it quite simple, he is going to die whilst in prison. 150 years plus 72+ years = 222 years. I live in New Zealand where we seem to have slightly diferent laws to the USA. If someone is aware of a crime being commited and does nothing about it, they are deemed to be culpable. Madoff could not have been alone in this ponsy, I'm also wondering just how many millions have been squirreled away overseas in some favourable tax haven. Start with his wife and work backwards! On another subject. Has the banks in the USA fired anyone for incompetance since the crash, or is it the same people running the same banks useing the same 'triple entry accounting' (borrower,investor,mine) awarding themselves bonuses with the BILLIONS they have been given by the Government (AKA taxpayer)
The LEUMI BANK of Israel, with a branch in Miami Beach, IS a good starter, except that their branches In Switzerland do not give either the FBI or US Internal Revenue access to accounts. Ruth Madoff does have access to these accounts, so do not feel sorry for her with having, supposedly, only 2.5 million dollars. Besides, with the sons well established in a "legitimate" money-making business, and all having been cleared of any knowledge of Bernard Madoff's ponzi scheme, and with their enormous contributions to AIPAC, they're very safe in continuing their life style.
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