NationStates Jolt Archive

the judge has ordered that bernie madoff go to jail immediately to await sentencing on the 11 counts he pled guilty to.

no going home to settle his affairs (and maybe do himself in) allowed. he left the courtroom and is being escorted to jail.

he is very likely to spend the rest of his life in prison. too bad he is already 75 years old he should have to serve much longer.

Good

wipes hands

Soooo....who's next?

Can we send some of his 'victims' to jail too?

Can we send some of his 'victims' to jail too?
How do you mean 'victims'?

I do think that we should hear more about how you can't make money appear from nowhere. That there are never investments that promise huge returns with no risks, not legal ones, anyway. We should certainly hear about why one should never invest more than they can afford to lose.

All the old rules are still true. People that try to sidestep them are usually going to get burned.

Can we send some of his 'victims' to jail too?
I was just saying as much to my mom. I remember when this story first broke, MSNBC was interviewing Mort Zuckerman (big huge money guy, for those who don't know) about the implications and how the scam affected people, and he was the most livid I've ever seen him, or most anyone else on tv. Zuckerman knows how to manage money, so he only lost about 10% of one of his funds -- but even that would not have happened if the fund manager he had given that 10% to had not invested all of it with Madoff. I thought he had been diverted to the news studio on his way to that fund manager's office to kick the shit out of him. He went on and on about the irresponsibility of some investors, but especially of fund managers, who not only blindly followed Madoff's obviously unrealistic promises but also did not follow basic money wisdom and diversify their portfolios.

He made the point that perhaps the only "real" victims of Madoff were those who lost everything because they were invested in a fund that was managed by someone else who bore a fiduciary duty to handle their interests responsibly and who clearly failed to do so. He also stated bluntly(and with anger) that such managers should be punished as well, and I agree completely.

My mom and I were discussing the old saying that "you can't cheat an honest man." In reality, that's not 100% true, but I think it is accurate to say "you can't cheat an honest man out of billions of dollars over a period of years." I think the bottom line on Madoff is that those who invested directly with him were taken in by his outlandish promises because their own greed overcame their reasoning. I lack sympathy for those who did that, but not for those who trusted a managed fund, and who lost because bad, greed-driven decisions made by the fund manager, who was filtering whatever information they got about the fund's investments through whatever rosy or dishonest prism they had in their heads.

He made the point that perhaps the only "real" victims of Madoff were those who lost everything because they were invested in a fund that was managed by someone else who bore a fiduciary duty to handle their interests responsibly and who clearly failed to do so. He also stated bluntly(and with anger) that such managers should be punished as well, and I agree completely.

My mom and I were discussing the old saying that "you can't cheat an honest man." In reality, that's not 100% true, but I think it is accurate to say "you can't cheat an honest man out of billions of dollars over a period of years." I think the bottom line on Madoff is that those who invested directly with him were taken in by his outlandish promises because their own greed overcame their reasoning. I lack sympathy for those who did that, but not for those who trusted a managed fund, and who lost because bad, greed-driven decisions made by the fund manager, who was filtering whatever information they got about the fund's investments through whatever rosy or dishonest prism they had in their heads.

Well, quite.

Plenty of people who invested with Madoff actually knew it was a scam. They just never stopped to figure out who actually was being scammed.

Also, this whole plea deal stinks like a whitewash. There must have been dozens, if not hundreds, of people involved in this. The idea that one man alone could steal $50 billion over a twenty year plus period from an office in a strip mall in NJ is ridiculous. There was complicity at many levels here. So unless he starts singing like a canary, I remain skeptical about the whole thing.

I don't rate his chances of surviving very long in jail that high though. He's pissed off a lot of people apparently.

How do you mean 'victims'?


I mean the ones that thought he was abusing his position as a Nasdaq market maker to 'guarantee' outsize returns.

Those 'victims'.

I mean the ones that thought he was abusing his position as a Nasdaq market maker to 'guarantee' outsize returns.

Those 'victims'.
Yeah, there are a number of people that should have know far better. Maybe the entire SEC?

Yeah, there are a number of people that should have know far better. Maybe the entire SEC?

Yes. That is why I am saying this all stinks. He had help from the inside. Especially as the SEC was repeatedly warned about him.

As long as this sort of thing goes on, 99% of people should forget anything to do with the stock market. It is a place only for people like Jesse Livermore.

the judge has ordered that bernie madoff go to jail immediately to await sentencing on the 11 counts he pled guilty to.

no going home to settle his affairs (and maybe do himself in) allowed. he left the courtroom and is being escorted to jail.

he is very likely to spend the rest of his life in prison. too bad he is already 75 years old he should have to serve much longer.

I wouldn't down him so much. I I am going to try and talk him into writing me into his will.

I mean the ones that thought he was abusing his position as a Nasdaq market maker to 'guarantee' outsize returns.

Those 'victims'.

anyone who even had a Bachelors in accounting knew he was up to something fishy. guaranteed 10% per year returns just don't happen. Everyone thought he was doing some form of insider trading, AKA stealing from somebody else. In reality he was running a ponzi scheme.

I feel badly for the folks whose pension funds disappeared into thin air. Madoff and his confederates should rot in jail.

Meh. There are hundreds of much worse criminals who will never face justice. Most of them are in politics.

Well, at least he's not sitting pretty in his home anymore. He'll get to enjoy delicious prison food!

well, at least he's not sitting pretty in his home anymore. He'll get to enjoy delicious prison food!

lol!

the judge has ordered that bernie madoff go to jail immediately to await sentencing on the 11 counts he pled guilty to.

no going home to settle his affairs (and maybe do himself in) allowed. he left the courtroom and is being escorted to jail.

he is very likely to spend the rest of his life in prison. too bad he is already 75 years old he should have to serve much longer.

Spot on.

The only thing I hope the judge required is that Madoff name names and disgorge all the cash he's undoubtedly hidden off-shore. I don't believe he was the only one to have participated in this crime.

Hopefully, once he's in the cage he'll sing like a canary. 70+-year-old men used to living in luxury probably don't do well in 6x8 cells.

lol!

L, one of us should send him that recipe for chicken-fried bacon :D

Thanks again for that recipe, btw, NM. I plan to try it out soon. :)

Can we send some of his 'victims' to jail too?

Nahh too much paper work.

Put him in the same cell as bubba whose beloved granny saw her pension wiped out.....

How do you mean 'victims'?

I do think that we should hear more about how you can't make money appear from nowhere. That there are never investments that promise huge returns with no risks, not legal ones, anyway. We should certainly hear about why one should never invest more than they can afford to lose.

All the old rules are still true. People that try to sidestep them are usually going to get burned.

Isn't that like blaming the rape victim who should have known better?


What about the people third and forth hand? My mom saw a chunk of her retirement disappear because her investment plan had a few of his lies in the portfolio.

the judge has ordered that bernie madoff go to jail immediately to await sentencing on the 11 counts he pled guilty to.

Now if we can get his wife in jail and seize ALL their assets that would be super. He sure hurt a lot of people.

What about the people third and forth hand? My mom saw a chunk of her retirement disappear because her investment plan had a few of his lies in the portfolio.

Fucking bastard. I hope it wasn't too big a chunk. Either way, my condolences. :(

Well, at least he's not sitting pretty in his home anymore. He'll get to enjoy delicious prison food!

Maybe they can transfer him to Sheriff Joe Arpaio's jail so he can get pink underwear and sleep in a tent.

What about the people third and forth hand? My mom saw a chunk of her retirement disappear because her investment plan had a few of his lies in the portfolio.

See, when I said 'victims' I was talking about the sort of people who managed your mom's retirement investments.

Obviously I have sympathy with people who lost money and had never even heard of Madoff until he was arrested.

Isn't that like blaming the rape victim who should have known better?


What about the people third and forth hand? My mom saw a chunk of her retirement disappear because her investment plan had a few of his lies in the portfolio.
No. People SHOULD be careful with their money. They should be reminded of the old rules of thumb.

I didn't exclude doling out punishment to fund managers, they are some of those that I stated later "should have known better".

Pay attention.

How do you mean 'victims'?

.

They mean the people who've been fucked over by a man seen as totally respectable, who had been investigated and found "clean" on a number of occassions. Thats who they mean.

We have not been told what Madoff had to do as part of his plea, but apparently, the "investigation is continuing", according to news reports throughout today. Apparently, authorities are looking at about 20 possible co-conspirators.

Spot on.

The only thing I hope the judge required is that Madoff name names and disgorge all the cash he's undoubtedly hidden off-shore. I don't believe he was the only one to have participated in this crime.

Hopefully, once he's in the cage he'll sing like a canary. 70+-year-old men used to living in luxury probably don't do well in 6x8 cells.
he doesnt have to name names. its not a plea deal. he was charged with stuff and he pled guilty to all of it. after all, any sentence over 10 years is life for him anyway.

He'll probably persuade visitors that he isn't a prisoner, but the owner of the prison, which is currently on the market, and that he is working deep undercover to try and understand potential issues with security. He'll then declare that a condition of the sale is that the purchaser prove themselves capable and fully aware of security flaws by busting him out of jail.

Maybe they can transfer him to Sheriff Joe Arpaio's jail so he can get pink underwear and sleep in a tent.

I was thinking the same thing. I also agree the wife needs to go to jail. She knew exactly what was going on. Why should she get off free?