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Bernie Madoff only gets 150 years

Pesqueeb

Pesqueeb

bicycle in airplane hangar
Feb 2, 2007
42,374
19,901
Riding past the morgue.
Bernie deserves to die in jail, lots of people involved in this mess do. But I have to say that I really don't have a lot of sympathy for the people that he suckered. What happened to "due diligence"? It never occurred to these people to think that the fact that Bernie was giving twice the returns of anyone else might just be a little to good to be true? The fact that they were given no sort of prospectus for the fund never rose any red flags? Why didn't these people diversify? You really want to put all your eggs in one basket? I'm sorry, what Bernie did was horrendous, and hes getting whats coming to him, but the people he fleeced were naive at best, and financially negligent at worst. A fool and his money are soon parted. P.T. Barnum said "there is a sucker born every minute", and Bernie Madoff found himself a sh!t load of suckers to part from their money.
 
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stoney

stoney

Part of the unwashed, middle-American horde
Jul 26, 2006
22,025
7,931
Colorado
You're on crack. PFE is only $100mmm mkt cap. His business was only worth $150mm.
 
Secret Squirrel

Secret Squirrel

There is no Justice!
Dec 21, 2004
8,150
1
Up sh*t creek, without a paddle
The Joker said:
You're on crack. PFE is only $100mmm mkt cap. His business was only worth $150mm.
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Weren't all his assets together worth 150B though? I swear I heard the same thing that John was referencing...

Edit: Ah...now I see where they got that number...

The $171 billion forfeiture figure used by prosecutors merely mirrors the amount they estimate that, over decades, flowed into and out of the principal account to perpetrate the Ponzi scheme. The statements sent to investors showing their accounts were worth as much as $65 billion were fiction.

The investigation has found that in reality, Madoff never made any investments, instead using the money from new investors to pay returns to existing clients — and to finance a lavish lifestyle for his family. The actual loss so far has been put at $13.2 billion. But the judge said that was a conservative estimate and noted that even Madoff told his sons in December it was a $50 billion fraud.
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The jailed Madoff had already 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.

The terms require the Madoffs to sell a $7 million Manhattan apartment where Ruth Madoff still lives. An $11 million estate in Palm Beach, Fla., a $4 million home in Montauk and a $2.2 million boat will be put on the market as well.
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http://www.msnbc.msn.com/id/31604191/ns/business-us_business/page/2/
 
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RayB

RayB

Monkey
Jan 31, 2008
744
95
Seattle
F*ckers like Madoff deserve to be drawn and quartered.

At the very least, hang him, his crook wife, and crook sons from the gallows and let his victims get their way.

150 years is exactly what the judge said -- "symbolic". He'll spend the next 10 years in minimum security Club Fed before he croaks. He got off easy.
 
dante

dante

Unabomber
Feb 13, 2004
8,807
9
looking for classic NE singletrack
RayB said:
F*ckers like Madoff deserve to be drawn and quartered.

At the very least, hang him, his crook wife, and crook sons from the gallows and let his victims get their way.

150 years is exactly what the judge said -- "symbolic". He'll spend the next 10 years in minimum security Club Fed before he croaks. He got off easy.
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Think of it this way: Wealthy people gave him money, and he went out and spent that money stimulating the economy and benefiting all Americans... It's like a rich, stupid person's tax. :thumb:
 
sanjuro

sanjuro

Tube Smuggler
Sep 13, 2004
17,373
0
SF
dante said:
Think of it this way: Wealthy people gave him money, and he went out and spent that money stimulating the economy and benefiting all Americans... It's like a rich, stupid person's tax. :thumb:
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And the charities it affected? And I know people like Elie Wiesel deserved to be screwed over. That damn Kyra Sedgwick was asking for it for being an enormously beautiful woman playing a fat bitchy detective on TV, and for being married to Kevin Bacon.

Stimulating the economy? How does buying yourself mansions, yachts, and expensive jewelry (he bought more than mil in jewelry for Xmas gifts last year before the Judge made him return it) help my pocketbook?

A crime of this scale affects all of us, even if he didn't steal money out of my pocket.

I'm waiting to see his wife join him in the slam.
 
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