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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It all makes Bernie look like a car battery thief, and will dwarf billions to thousands to pennies.
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.
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
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 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.
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.
"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?
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?
it's wonderful how you minimize the impact of Mr Madoff's evil doings.