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Take That Smug Smile Off Madoff Now
Today, prosecutors will make their case that Bernard Madoff should be jailed for violation of bail conditions. On Christmas Eve he mailed out trinkets worth more than $1 million to family members. His defense lawyer says Madoff had no idea he was doing anything wrong and that these items were sentimental. Prosecutors argue his act shows he will try to hide assets as long as he is not incarcerated.
Even if Madoff goes to jail today, he still doesn't face indictment for at least another 30 days. The grand jury has been given an extension to deliberate - and some of us are baffled as to why. Madoff has signed a confession admitting to carrying out a $50 billion Ponzi scheme. Why the delay?
Perhaps prosecutors hope that the longer they dangle a carrot, the more they will learn to help them nail the case. Maybe Madoff will be persuaded to sing about possible co-conspirators. Once he's indicted, flexibility to negotiate becomes more limited.
But the court of public opinion is not privy to the behind-the-scenes negotiations, and it is impatient. We still remember the recent prosecution of Samuel Israel III, the mastermind of a $300 million Ponzi scheme. Israel was bailed for $500,000 and then faked his own suicide before finally turning himself in.
Furthermore, yesterday brought shocking reports that among Madoff's victims was his own sister, Sondra, 74, who has had to put her Florida home on the market. My sources tell me that she is not selling because of financial distress caused by her brother. Rather her neighbors are making life "uncomfortable" for her. "The name Madoff is not a great name to have right now," says a Florida businessman.
If that's how neighbors feel about Madoff's sister, it's small wonder most of us are infuriated to see images of him walking near his apartment with that smug, quizzical smile on his face.
But what's he got to smile about? If he thinks he's taught the world that he was cleverer than all of us, or that money shouldn't matter, he hasn't. All he's done is remind us of something articulated by Shakespeare hundreds of years ago - namely that: "One may smile and smile and be a villain."
This article was originally published by the London Evening Standard
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Remorse is one thing I do not understand. The man is gui9ly and shoukd be thrown in jail NOW> What difference doews is make if he shows remorse? If he had a sad face would that bring the money back?
He is probably going to get a pardon from BUSH!
Doesn't his smile say: "Don't you see - it's all a ponzi scheme"
Madoff was a Keynesian. He believed that his system would produce wealth as long as investors had faith in it. Madoff and his investors would still be making money if that faith continued. But due to a falling stock market and sudden withdrawals his system caved in like a deck of cards. It is wrong to accuse Madoff of being a criminal only a guy that thougnt John Maynard keynes knew what he was talking about.
Wrong. Madoff's scheme was a classic Ponzi scheme which was completely unrelated to the vicissitudes of the financial markets.
Here's a simple but useful description of how a Ponzi scheme works:
http://en.wikipedia.org/wiki/Ponzi_scheme
With regard to the author of this article. I'm not sure Madoff has signed a confession at all. Rather he confessed to his sons his crimes, but not to the Feds.
Also, for the record, Madoff's sister does not share his surname although it's not hard to imagine her neighbors know of her relationship with her brother.
Mr. Madoff is looking more and more like a candidate for a Ken Lay style "heart attack."
I agree. That is the way the power structure eliminates problems quickly before too much collateral damage occurs. Many more will go down should Madoff go to trial.
Ah...The "Rules of the Game".
Class Economics and Tickle Down Society.
Laws are only made for those without influence, or the means to buy it!
I'll tell you why, because the 14th amendment is a complete joke..!
Allowing this man to smile and walk our streets, attempt to mail out checks and valuables to friends/family -- and not go directly to JAIL -- makes victims of everyone all over again. He is smirking because HE KNOWS the laws are for you and me. That's how he got away with so much and passed repeated SEC investigations w/out a scratch. It's HIS world in his penthouse. We are just visiting.
This is part of the CHANGE that is needed.
Yes, your comment that we are infuriated just about sums the whole thing up. Frustrated, mystified, humbled, feeling vulnerable and helpless, and absolutely infuriated that this guy is not in jail and the case is not moving forward. CB
His entire family keep claiming that they too were his victums...methinks they do confess to much.
For more than 30 years they ALL collected from this Ponzi scheme - and socked away millions. So accustomed to not having to pay consequences while collecting on this sweet setup at the expense of others, they are now playing the victim w/out any remorse for anyone other than themselves. Not one word from the Madoff Clan that they feel badly they benefited via jobs, investments, etc. based upon a PONZI SCHEME. Only self pity.
They all need to be thoroughly investigated and prevented from shifting assets, mailing valuables and playing the innocent PR card. All their houses, boats, vacations, college educations, jobs, etc. were paid for by a SCAM. Yet...no remorse.
What's amusing is what Madoff does is a crime, yet the government does it to everyone of our paychecks and call it social security. Taking from one, giving to another, then promising there will be more for you on the other side. Hilarious. That is why they can't prosecute him, because he did the exact same thing our government has been doing since the inception of social security.
Excellent article. I can't get over how unworried he always looks!! Some people look more upset than he does and all they've done is turned their time sheet in late !! Amazing.
This seems suspicious - Madoff's unworried look, his lenient treatment. What's the deal? People who embezzled less have been treated more harshly. Why is he inventorying his own stuff? Shouldn't the creditors hire an independent CPA firm to inventory and photograph his assets? Something's wrong here -
Now if his name was Marhta Stewart, that would be a horse of a different color.
Ask Robert Morganthau - the Manhattan DA who won't retire. It pays to have "friends."
To quote Mandy from "Midnight in the Garden of Good and Evil"
"The Rich usually get off"............
Thank you Vicki for the headline. It is exactly what I think.
Good Article Vicki. It is even more disgusting that the Grand Jury was GIVEN another 30 days to deliberate!
What is Treason? Bernie Madoff defines the term - extreme damage to country through deceit. ....... He sold out his family, friends, customers, and his country. .............
http://thefiresidepost.com/2009/01/08/bernie-madoff-traitor-turncoat-judas-treason/
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