Madoff Sentenced To 150 Years

selven was one of several readers to send in the news that Bernie Madoff was sentenced to 150 years in prison. "Bernard Madoff's victims gasped and cheered when he was sentenced to 150 years in prison, but they walked away knowing little more about how he carried out the biggest robbery in Wall Street history. In one of the most dramatic courtroom conclusions to a corporate fraud case, the 71-year-old swindler was unemotional as he was berated by distraught investors during the 90-minute proceeding. Many former clients had hoped he would shed more light on his crime and explain why he victimized so many for so long. But he did not. Madoff called his crime 'an error of judgment' and his 'failure,' reiterating previous statements that he alone was responsible for the $65 billion investment fraud. His victims said they did not hear much new from Madoff in his five-minute statement. They also said they did not believe anything he said. As he handed down the maximum penalty allowed, US District Judge Denny Chin... [said], 'I simply do not get the sense that Mr. Madoff has done all that he could or told all that he knows.'"

Comments

Madoff is content

[Red Flayer]

I've thought this since news of the scandal broke:

You know why Bernie Madoff seems to be very complacent about the whole thing? Because his sons got off scot-free. Madoff is quite fine with sacrificing his freedom for the rest of his life... there are few things more [noble? gratifying?] than sacrificing yourself for your children.

I still believe it very unlikely that Bernie's sons didn't knowingly participate in this... or at least were aware of it. The whole way that the story broke... Madoff confessed to his son when he caught him trying to cover it up or something... then the sons convincing him to turn himself in...

I think Bernie is at least partly taking the fall for his sons. I only wish we could find out the whole truth.

Re:Madoff is content

[Miseph]

Ok, I have mod points assigned, and I was going to spend them, but I just have to respond.

FCI Loretto. I've been there, I've seen it. It may not be Camp Mead, but it's still pretty swanky for a prison. The deer living in that valley will actually eat from your hand, they're so used to people walking around not hurting them. Many of the inmates are bankers, lawyers, politicians or businessmen who got caught committing low violence high dollar crimes (like investment fraud), although there are also some high profile Mafia types.

Maybe no golf course, but it's hardly hell on Earth.

Re:Good... although

[node 3]

I'm sure Madoff operated with that understanding (hey, he can't be stupid), yet still got caught in spite of that. I don't really think this sends any message anyone wasn't already aware of.

The message before today was, "and if you get caught, you get 3-10 years, then you're back out and you'll be rich."

A lot of people take these sorts of risks under the impression that, worst case, they spend a few years in jail, and they're fine with the prospect of trading a few years of their life in exchange for wealth far beyond their natural means.

Now the message is, "if you get caught, your life is ruined."

Re:DOOOOOOPED! You Are So Wrong...

[Nom du Keyboard]

But it doesn't really matter, does it? These were the extremely wealthy who were conned.
As far as the general public is concerned, it's not a big deal when the wealthy steal from the wealthy.

Excuse me, but...

I lost my job over this when my employer tanked because of Madoff's scam, and I never had a dime invested with him. This has affected all kinds of people!

Re:Good... although

[jamstar7]

Thing is, if you try to make money off of crime and you're convicted, the government seizes everything in sight unless you can prove 100% that you had it before the crime was committed. They call it 'proceeds of crime', and put it in place to 'get' drug 'kingpins'. Even hiding the cash offshore isn't good enough, as even the Swiss have bent over backwards to open the books on those numbered accounts. Moving 65 billion dollars is a big feat, and will leave a big-assed papertrail.

Re:Tricky -- NOT

[Darkness404]

Which honestly is pointless. Should Madoff be banned from operating a company? Sure. Should he have to return his stolen goods and pay back the people he scammed? Yes. Should he be forced to liquefy most of his assets to help pay back? Yes. Should he be in prison not just scamming people once but effectively scamming the taxpayers. No. Prison should be reserved for only dangerous people who committed violent crimes and need to be put away for a while so they don't go back into crime and when they get out of prison they for the most part should be rehabilitated and able to live a normal life (with perhaps a few restrictions such as banning the sale/possession of firearms form violent criminals). Madoff is not a danger to society. And before you try to use a reasoning of "setting an example" that is not justice. No matter how much he scammed, he does not belong in jail. He should be working the rest of his life making small payments to pay for those he scammed. Prison is not the place for non-violent criminals, those should be placed on house arrest, have fines, restrictions or be placed on probation. Why should my tax dollars pay to lock away someone who wouldn't threaten anyone's lives, property, etc if he was out on the streets (with again restrictions on what he can and can't do economically).

Where do I sign up?

[Maxwell]

Fifty years of the most luxurious lifestyle imaginable, every financial dream at your dospaoals, walthy than the ealthiest kings - without all the hassle.

Followed by 2-5 years in prison and a quiet death?

I'll take it. Where do I sign up?

Real punishment would be making him work to pay something - ANYTHING- back. Not to the people he fleeced, who were almost as greedy, but to soceity as whole. Now taxpayers have to pay to house and feed this guy! Make him work as a waiter, or cold call salesman or some other crap drop until he drops dead. Every penny gets invested into a trust fund for children's education or some other noble cause.

Re:Tricky -- NOT

[nbauman]

From your post, I'm pretty sure you've never had to get health care in the U.S. for someone who didn't have any money. Correct?

There are some sicknesses that socialized healthcare either will not cover or will not cover thoroughly enough to really cure.

Name one.

In the U.K., under the NICE system, they set a price limit on every condition. If they can save a year of life for about $50,000, they will do it. If it costs more than that, NICE recommends against it, but if people complain about it, the government usually gives in and pays for it anyway. They try to avoid giving out $100,000 drugs that have minimal effectiveness, but they treat long-term conditions better than we do in the U.S.

The U.K. is the cheapest, stingiest system in Europe. Sweden probably has the best care in the world.

But even in the US you can usually get on so many programs and with the aid of various non-profits and a good story in the newspaper or TV news station get enough help to get the care you need.

I just spent several days on the phone over the last few months trying to help a friend of mine who lost his job and health insurance get on Medicaid, so I know something about what actually happens. The city welfare agency just delayed his application for months. He had one condition that required lifetime medication to save his life, so it was a serious business. I made half a dozen calls to those non-profits and got nowhere.

But don't take my word for it. Here's a story in the Wall Street Journal that demonstrates how you can die in the U.S. if you can't afford health care. http://www.post-gazette.com/pg/06339/743713-84.stm The WSJ had a whole series like that. (This is for people who don't believe Michael Moore.)

Granted, you will probably be in debt till you die, but even if you are poor you can usually *get* the initial treatments

As the WSJ story shows, that's not true.

but with socialized healthcare you get placed in "review hell" because A) the doctors get paid the same really no matter what they do and B) there are many other doctors/clinics.

So how come the Mayo Clinic, where doctors are on salary and get paid the same whatever they do, has some of the best outcomes in the country?

If you say you need antibiotics for something, chances are in the US you can get them for whatever weak reason,

That's supposed to be a benefit? If you take antibiotics when you don't need them, you're growing antibiotic-resistant bacteria, which could kill you later.

with socialized healtcare if you have a non-common illness the answer will always be to wait longer.

Ridiculous. I just read an article in the New England Journal of Medicine in which French doctors described how they were treating cryopyrin-associated periodic syndrome in their socialist system. Is that non-common enough for you? They were using canakinumab, which will probably cost tens of thousands of dollars per year.

Re:Good... although

[ralphdaugherty]

      I'm saying the government can't find or account for most of the recent money, so they're saying look, look what a lavish life style he lived to divert attention from what they don't want to admit.

      It couldn't have been a Ponzi scheme because he didn't pay it out. The math isn't there to account for it. But Ponzi scheme is the easiest thing to call it so that's what they're doing. And of course Madoff himself is caling it that. That he self describes something that no one understands and explains nothing about it should be clue one for everyone. But people prefer the spectacle to hearing that no one understands where the money is.

  rd