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Madoff Gets 150 years

by Kay King
12 replies
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Bernie Madoff got 150 years just a short while ago!

He "gave up his money" - except for 2.5 million for his wife.

Only problem is - he gave up no co-conspirators - and the money is about 10% of what he is reported to have been worth.

kay
  • Profile picture of the author EmmaJames
    150 years....as my child would say...OMG
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  • Profile picture of the author Trader54
    Imagine how many people you would have to murder to get 150 yrs. I guess the dollar has a lot more value then some give it.
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    • Profile picture of the author Thomas
      Originally Posted by Trader54 View Post

      Imagine how many people you would have to murder to get 150 yrs. I guess the dollar has a lot more value then some give it.
      Maybe he should have murdered his investors... he probably wouldn't get as long.
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  • Profile picture of the author HeySal
    Just saw that a minute ago, Kay. I'm sure all the victims feel some atonement, I'm guessing that they would have preferred their money back - many of them are completely destitute now.

    It will be interesting to see if they can find out where the money is.
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    Sal
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  • Profile picture of the author derekwong28
    I have issues with extremely long and unrealistic sentences for economic crimes as well.

    I always found the behaviour of his sons very suspicious. It is very untypical for Jewish families to betray your father like that. It is quite clear that Madoff was protecting somebody.

    His wife did inherit some money for her own mother, it would be difficult to prove that she is in the scam.

    The SEC should really be on trial as well. Just how is it possible that such a large series of fake share transactions can occur without being picked up. Makes you think whether other funds such as hedge funds and mutual funds are safe as well.
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  • Profile picture of the author HeySal
    Ah come on - the 150 is just for looks to make the people scammed feel better - the guy is 71 years old. Had he been 35 he would have gotten a decade max and had to pay back for the rest of his life. They know at 71 he'll die in jail so they souped it for the public to feel exonerated.

    By the way - in my first post I said something about where the money was - it was a comment I had heard and repeated without thinking. He was ponzi so we know where much of it went -- I just wonder how much he actually kept back out of the pool for himself.
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    Sal
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  • Profile picture of the author Patrician
    There is no sentence long enough - he has violated the trust and security of all his victims, who will not recover.

    They lost their life savings and only a small percentage were 'rich' people - (the ones that got all the attention). The vast majority were people who worked and saved all their lives.
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  • Profile picture of the author Michael Motley
    What is the point of a 150 year sentence on a 75 year old man?
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    • Profile picture of the author Kay King
      I wondered that, too - but perhaps it will make sure he never gets parole? If he'd gotten 50 years he probably would have been out in 7 the way the system works.

      kay
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  • Profile picture of the author artwebster
    Has nobody looked at this case and thought to themselves - "That figurehead must have come from a very large clipper - I wonder what she looked like under full sale."

    The establishment has accepted a scrificial offering and ignored the fact that taking the offering is tantamount to saying "Well, thanks all you acolytes. Now we can forgive and forget."

    Madoff will serve a very short (comfortable) term in prison while the rest of his organisation (you know, the people who actually did the dirty work) will be able to breathe a sigh of relief as the pressure upon them is eased.
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  • Profile picture of the author robinpike
    Ah yes... the 150 year term ... one can only wonder what the purpose of such a sentence would be. The guy is 71 and you are right Art... he wasn't the one doing any of the dirty work. It is amazing how everyone else can continue to sit back and relax... justice! ha
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