Madoff is now in jail

1. Mar 12, 2009

Ivan Seeking

Staff Emeritus
He plead guilty to all eleven counts.

2. Mar 12, 2009

Astronuc

Staff Emeritus
He apologized, but that didn't carry well with some of his victims.

http://news.yahoo.com/s/ap/20090312/ap_on_bi_ge/madoff_scandal [Broken]
Apparently at some point in the last decade, Madoff realized that someday, someone was going to find out about his scheme, but he didn't stop, he just kept taking peoples' money!

Last edited by a moderator: May 4, 2017
3. Mar 12, 2009

LowlyPion

The most incredible thing I've heard about this case is Elie Wiesel's call for a Federal bail out for Madoff's thievery.
http://www.cnn.com/2009/CRIME/02/27/wiesel.madoff/

Fuggedaboutit, unless the Government plans on getting into bailing out the victims of the stock market, and CNBC's Cramer pumping stocks to unsustainable levels.

4. Mar 12, 2009

mgb_phys

It was his first offence !

5. Mar 12, 2009

He pleaded guilty to 11 offenses, many of which played out over many years. Next for the prosecution should be Madoff's wife and relatives that profited from his thievery. It's a drop in the bucket, but she's parked in a $7M penthouse and has vacation properties all over the world, and those should all be forfeited. The fiction that "she didn't know" is a slap in the face to the investors who were cleaned out by the Madoffs. 6. Mar 12, 2009 russ_watters Staff: Mentor I know it is functionally about the same, but I think it would have been nice if they had charged him with a couple hundred thousand separate offenses, one for each money transaction into or out of his fund. 7. Mar 12, 2009 Proton Soup ugh. i'm sure this will piss off some people, but so be it. the fact is, Madoff ripped off a huge number of fellow jews and jewish charities. most (Ben Stein being a notable exception) simply failed to do any due diligence, and it appears they invested in Madoff simply because he is jewish. it is quite reasonable to assume that they thought they were getting in on a special deal, and therefore carries a tinge of racism. i don't think it is appropriate to get the government involved in supporting this sort of thing. furthermore, if you look at a list that was published at the New York Times, quite a few of these charities appear to have lost everything, down to the penny, because they did not distribute their assets but put everything in Madoff's fund. perhaps they thought the fund distributed risk for them, but it still seems like poor management to me. 8. Mar 12, 2009 mgb_phys Robert Maxwell's sons were directors of his company when it stole$1Bn of pension funds - they didn't even get disqualified as directors.

9. Mar 12, 2009

Brilliant!

Good riddance.

10. Mar 12, 2009

turbo

That's a good point, Russ. Or at a minimum, he should have been charged for every single person and group that he victimized.

11. Mar 12, 2009

Proton Soup

no need to throw the book at him. save some charges in case he earns some acquittals. ;)

12. Mar 12, 2009

LowlyPion

He pled guilty to 15 felonies today. I'm not seeing much opportunity for reversing.

If he really cheated the Russian Mafia as I have seen discussed, I'd think the term of his sentencing may not be a big issue.

13. Mar 12, 2009

turbo

maybe let him out on bail and let nature take it's course??? I'd rather see some disclosure and claw-back.

14. Mar 12, 2009

LowlyPion

The more intriguing battles of Madoff's legacy remains. It seems the Government is intending to claw back payouts from the enterprise. So if you invested 20 years ago and you've been taking out payments every year, and you have gotten back more than you put in initially you not only lost your account, but you may owe to the Government.

15. Mar 12, 2009

He might make $.75 an hour in the prison shop, or get a few years off for good behavior. Trading with cigarettes was not what he bargained for. 16. Mar 12, 2009 Unknot I'm not an American so I don't know this - but does he go to a special prison? Or is he thrown into normal prison with rampant prison rape? 17. Mar 12, 2009 Proton Soup well, my bad. it seems he has pled guilty, so worrying about acquittals is pointless. what is this about the russian mafia? i guess if he shows up completely bald or with a bad case of scarring acne, we'll know they got to him. 18. Mar 12, 2009 Ivan Seeking Staff Emeritus According to one person interviewed on The NewsHour, on PBS, people who profitted from Madoff's scheme, primarily early investors, may have to give back the profits. 19. Mar 12, 2009 rootX Can the people who fooled by Madoff be called idiots/blind? If he was just being clever and other being idiots, I don't know why anyone should get anything back (Knowing that this is not something new). Last edited: Mar 12, 2009 20. Mar 12, 2009 Ivan Seeking Staff Emeritus By all accounts that I've heard, it was a very sophisticated sham that tricked even seasoned and sophisticated Wall Street investors. And it isn't like they lost their money; it was stolen. 21. Mar 12, 2009 rootX I remember my parents getting tricked into this once .. all money was just disappeared. No one ever found even a single penny! But, it didn't affect us much. That's why I don't trust these kind of complicated schemes much. 22. Mar 12, 2009 Ivan Seeking Staff Emeritus One person was commenting tonight that it is very difficult to hide$50-$65 Billion. It all had to go somewhere. 23. Mar 13, 2009 Gnosis He's facing a potential of 150 years in prison, which is pointless at anyone's age, but especially so per his age. He doesn't have all that much longer to live anyway. Short of executing him, they have no means by which to appropriately punish the thieving parasite. 24. Mar 14, 2009 Astronuc Staff Emeritus Madoffs were worth more than$823M, documents show
http://news.yahoo.com/s/ap/20090314/ap_on_bi_ge/madoff_scandal_assets [Broken]
It would seem to me that if Bernie Madoff is truly remorseful, he would be working very hard to help authorities identify where the money went. Still more to come in this case I guess.

Last edited by a moderator: May 4, 2017
25. Mar 14, 2009

TheStatutoryApe

I'm fairly certain that there were many innocent bystanders in this who trusted madoff. in and of itself I would not think that worthy of a bail out but I hear that authorities had been presented with credible evidence that madoff was involved in illegal financial activities 10 or more years ago. I can see how one could argue the merit of a government bailout in the case of negligence on the part of the federal authorities.

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