Bye Bye, Bernie

[CraigV]

Madoff sentenced to 150 years in prison
NEW YORK - Bernard Madoff was sentenced Monday to 150 years in prison after apologizing to victims for a multibillion-dollar fraud scheme that the judge called "extraordinarily evil."

http://www.msnbc.msn.com/id/31604191/ns/business-us_business/?ns=business-us_business&GT1=43001

Hope the bastard gets “reamed” as he so richly deserves .

 

[Nemo128]

He'll be dead in 3 anyway, pointless term. Lesson for white-collar criminals everywhere, if you're gonna steal, steal big enough and it won't matter if you get caught when you're in your 70s.

 

[aberkowitz]

He'll be dead in 3 anyway, pointless term. Lesson for white-collar criminals everywhere, if you're gonna steal, steal big enough and it won't matter if you get caught when you're in your 70s.

Agreed- what's the purpose of 150 years? Couldn't they have just sent him away for life without possibility of parole?

 

[jamie2112]

I really hope he gets Bubba as a cell mate and he will be taking something....

 

[mrjsw]

Agreed- what's the purpose of 150 years?

Probably to put parole out of reach for his life without explicitly doing so.

Still, it would have been nice to see a year for every, oh, ten million dollars he stole.

 

[adwilk]

Agreed- what's the purpose of 150 years? Couldn't they have just sent him away for life without possibility of parole?

No, they couldn't. 150 years was the maximum sentence for the charges.

I'm sure it was a maximum sentence for each charge...

10 years + 10 years + 10 years...etc will never equal life. It is what it is.. some sentences reach 300+ years.

My favorite is the consecutive life sentences.

 

[CraigV]

My favorite is the consecutive life sentences.

…created for guys like this

 

[Rickster71]

The best part, is that his wife and sons (who were business partners) got off.
Someone played: Let's make a deal...

 

[mtrycrafts]

Agreed- what's the purpose of 150 years? Couldn't they have just sent him away for life without possibility of parole?

Yes, but that number 150 is more meaningful than life. Just easier the get your head wrapped around such a number, no?

 

[adwilk]

Yes, but that number 150 is more meaningful than life. Just easier the get your head wrapped around such a number, no?

They could NOT have sentenced him to life. Life would exceed the maximum punishment for the crime.

 

[aberkowitz]

Yes, but that number 150 is more meaningful than life. Just easier the get your head wrapped around such a number, no?

I disagree, mostly because it's such a ridiculous number (for a guy who's 70+ year's old) that it doesn't allow other judges to use it as a reasonable precedent for other similar cases. If they would have used a more reasonable number (something within the lifetime of a human being), the chances that it could set a precedent are greater. What I fear is that the sentence is so ridiculous that it will be written off in the future when looking at the crimes of others.

 

[CraigV]

I disagree, mostly because it's such a ridiculous number (for a guy who's 70+ year's old) that it doesn't allow other judges to use it as a reasonable precedent for other similar cases. If they would have used a more reasonable number (something within the lifetime of a human being), the chances that it could set a precedent are greater. What I fear is that the sentence is so ridiculous that it will be written off in the future when looking at the crimes of others.

I disagree - it sends a very clear message that if you screw people over, you’re going away for a very long time, no matter what. True, it’s a number that no human will reach, but thinking about it for anyone considering doing what he did should have them shaking in their feet.

 

[adwilk]

Look at it this way...

You commit a crime, lets say you steal a whatchimacallit and the maximum prison sentence for said crime is 10 years.

Now if you stole 15 whatchimacallits over a period of a few years and you got the maximum sentence... 150 years.

The precedent is surely set. The documentation for said case would clearly state how said sentencing was done.

 

[Warpdrv]

That man won't live very long if he's in a real prison... trust me...

On another note, I am not sure but I personally feel that his punishment should entail something along the lines of all the people that were duped should be givin a Grapefruit spoon - ya know with the serrated front area and be allowed to get at least 2 scoops of his flesh until there is a lack of flesh to scoop.

Oh and these people should also be paid at least 1 million per scoop !!

Thoughts...?

 

[jamie2112]

The best part, is that his wife and sons (who were business partners) got off.
Someone played: Let's make a deal...

Yeah that really grings my gears Rick..............very freakin lame IMO they should be charged as they knew what was going on. Lets make a deal and these idiots get off???? They should be charged PERIOD.

 

[adwilk]

Yeah that really grings my gears Rick..............very freakin lame IMO they should be charged as they knew what was going on. Lets make a deal and these idiots get off???? They should be charged PERIOD.

I completely agree... is there any evidence that they might get charged? Surely there's a crime somewhere.

 

[markw]

Well, the fat lady hasn't sung yet on this one...

"Authorities are pursuing charges against 10 more people in the Bernard Madoff financial scandal after the mastermind of one of the biggest financial frauds in history was sentenced to spend the rest of his days behind bars, The Associated Press has learned.

A person familiar with the investigation, speaking on condition of anonymity because the probe is ongoing, wouldn't detail what the potential charges would be or say whether the 10 people 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."

http://www.comcast.net/articles/finance/20090630/US.Madoff.Scandal/

And, as far as his wife is concerned, she's broke for all intents and purposes. 125 k/yr is chump change to people like her. That won't let her live in the manner in which they are accustomed. Heck, she may have to move into a middle-class suburb abd do without servants.

"The New York Times reported that her hair salon, where she used to receive highlights every six weeks, told her not to return. The Times reports that Mrs. Madoff "is viewed as an unrepentant beneficiary of ill-gotten wealth, a petite and well-dressed embodiment of the collective, bloated greed that helped topple the stock market and the housing industry." Whether or not the public scorn is justified seems to be beside the point

Assuming she invests with a non-crook and isn't hit with more claims, Mrs. Madoff can expect to earn about $125,000 per year on her $2.5 million settlement. Adjusting to life on a fixed income will require a significant change in lifestyle. Still, that's a problem that many of her husband's victims would surely love to have."

http://finance.yahoo.com/family-home/article/107251/ruth-madoff-speaks.html

"Poor Ruthie -- she's reduced to riding the subway.

The millionaire wife of Bernard Madoff, who ruined the lives of thousands of trusting friends and innocent investors, yesterday took a stroll through Rockefeller Plaza and rode the F train beneath an ad promoting a 99-cent cellphone bargain."

http://www.nypost.com/seven/06252009/news/regionalnews/manhattan/the_ruth_hurts_176041.htm

 

[Rickster71]

"The New York Times reported that her hair salon, where she used to receive highlights every six weeks, told her not to return.

A fate worse than death (for her) I'm sure.

Combine that with the fact she can't buy 20 pairs of new shoes a week.

 

[Nemo128]

I disagree - it sends a very clear message that if you screw people over, you’re going away for a very long time, no matter what.

Does the death penalty stop people from murdering? Does life in prison stop cocaine distributors?

No laws or punishments will ever stop people from doing something, because no one does anything thinking about the consequences of getting caught. No one that has TRULY wanted to commit a serious crime ever stopped because they were afraid of the consequences.

All this did was show everyone how worthless laws and justice systems are. No prison term, no punishment, will ever fix the lives of the people he screwed. Real law and justice is supposed to prevent things from happening, not punish perpetrators in a pitiful attempt to "right the wrong". How, in the grand view of things, is Madoff any different than the majority of the execs in the failed Wall Street companies.

 

[markw]

so...

Does the death penalty stop people from murdering? Does life in prison stop cocaine distributors?

No laws or punishments will ever stop people from doing something, because no one does anything thinking about the consequences of getting caught. No one that has TRULY wanted to commit a serious crime ever stopped because they were afraid of the consequences.

All this did was show everyone how worthless laws and justice systems are. No prison term, no punishment, will ever fix the lives of the people he screwed. Real law and justice is supposed to prevent things from happening, not punish perpetrators in a pitiful attempt to "right the wrong". How, in the grand view of things, is Madoff any different than the majority of the execs in the failed Wall Street companies.

Finding flaws is easy. Coming up with better solutions is not.

What, in your infinite wisdom, do you suggest to prevent crimes?