The Cellar - Any comments about Mr Madoff?

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- - Any comments about Mr Madoff? (http://cellar.org/showthread.php?t=18995)

I don't understand why people (hedge funds, banks, etc) that pulled their money out of Madoff's fund before it imploded, are being sued to give it back?
Should people that sold their real estate holdings before the bubble burst have to return the money?

Cheaters to prey on Bernard Madoff

Quote:

“Whatever (Madoff hid) offshore, I think he’s going to get cheated out of,” Markopolos told a conference yesterday at Boston College, his graduate-school alma mater.

“If I’m his private banker in Panama, (I’m thinking): ‘I know Mr. Madoff isn’t getting out of prison to collect the money, and I know his family denies having anything to do with this scheme, so they’re not going to show up, either. So guess what: It’s my money now.’ I call that ‘cheating the cheater’ - and that’s sort of poetic justice, I think.”

"How many of Bernie's investors would oppose his waterboarding to get to the truth ? "

So, there's like money floating around in the ocean, off the shore?

(grabs scuba gear and books a flight)

The victim's can get a discount.

LOL!
Ahh, the free market, for all its problems, I still love it.

Does this thread die for two years when the trial starts?

Or will he die before that?

Yeh Zen - I wonder what town that sign was from. Capitalism is the greatest!

I'd only say, capitalism is less screwed up than a central command economy.

Quote:

Bernard Madoff gets maximum 150 years in prison
10 minutes ago
By TOM HAYS and LARRY NEUMEISTER
Associated Press Writers

(AP:NEW YORK) Convicted swindler Bernard Madoff was sentenced to 150 years in prison Monday for fraud so extensive that the judge said he needed to send a symbolic message to those who might imitate his fraud and to victims who need relief.

Applause broke out in the crowded Manhattan courtroom after U.S. District Judge Denny Chin issued the maximum sentence to the 71-year-old defendant, who said he sought no forgiveness and knew he must live "with this pain, this torment, for the rest of my life."

Chin rejected a request by Madoff's lawyer for leniency and said he disagreed that victims of the fraud were seeking mob vengeance.

"Here the message must be sent that Mr. Madoff's crimes were extraordinarily evil and that this kind of manipulation of the system is not just a bloodless crime that takes place on paper, but one instead that takes a staggering toll," Chin said.

The judge said the estimate that Madoff has cost his victims more than $13 billion was conservative because it did not include money from feeder funds.

"Objectively speaking, the fraud here was staggering," he said.

Before Chin announced the sentence, Madoff, wearing a dark suit, white shirt and a tie, sat and listened as emotional witnesses described how he spoiled their security.

"Life has been a living hell. It feels like the nightmare we can't wake from," said Carla Hirshhorn.

"He stole from the rich. He stole from the poor. He stole from the in between. He had no values," said Tom Fitzmaurice. "He cheated his victims out of their money so he and his wife Ruth could live a life of luxury beyond belief."

Dominic Ambrosino called it an "indescribably heinous crime" and urged a long prison sentence so "will know he is imprisoned in much the same way he imprisoned us and others."

He added: "In a sense, I would like somebody in the court today to tell me how long is my sentence."

"The sheer scale of the fraud calls for severe punishment," the prosecutors wrote.

The jailed Madoff already has taken a severe financial hit: Last week, a judge issued a preliminary $171 billion forfeiture order stripping Madoff of all his personal property, including real estate, investments, and $80 million in assets his wife Ruth had claimed were hers. The order left her with $2.5 million.

Thats 2.49999999 million too much to me.

Finally the next phase has begun. There are many more to follow after this first round.

10 others to be charged in Madoff probe

Quote:

NEW YORK (AP) - Federal authorities are pressing a probe of 10 associates of Bernard Madoff despite a sentence that means the mastermind of one of the biggest financial frauds in history will spend the rest of his days behind bars, The Associated Press has learned.

The person, who spoke on condition of anonymity because the investigation is ongoing, wouldn't detail potential charges or say whether the 10 would include Madoff's family or former employees. So far, only Madoff and an accountant accused of failing to make basic auditing checks have been criminally charged in the multibillion-dollar hoax.

In court Monday, the 71-year-old Madoff admitted it was impossible for him to excuse deeds that U.S. District Judge Denny Chin noted had cost investors $13.2 billion by conservative estimates and $50 billion by the estimate Madoff gave his sons in December.

"I don't ask any forgiveness," Madoff told Chin. "Although I may not have intended harm, I did a great deal of harm."

Later, he turned around to look at the victims lining the first row of the gallery.

"I will turn and face you," he said mechanically. "I'm sorry. I know that doesn't help you."

The judge then took his turn.

"This is not just a matter of money," Chin said. "The breach of trust was massive. Investors—individuals, charities, pension funds, institutional clients—were repeatedly lied to, as they were told their monies would be invested in stocks when they were not."

Quote:

Originally Posted by classicman (Post 571119)

Cheaters to prey on Bernard Madoff

I love it! To bad he got it through cheating others. But hey, I wouldn't put it past some of them to make the money disappear.

Personally, I think he should be put to death. In fact, I think that should be the new penalty for white collar crime. For one thing, it does A LOT more damage to a LOT more people than violent criminals, and those people really just never have any remorse, well, beyond being caught that is. Maybe it would be a deterrant once a few of those Wall Street execs were seen hanging from the big board with their eyes popping out of their heads.

You should move to the middle east - seriously.

Quote:

Originally Posted by classicman (Post 578807)

You should move to the middle east - seriously.

Wait now. She might have to wear a Burka. Then life might not be so rosy.