FU Madoff
- Thread starter sanjuro
- Start date
So, my main thoughts are that since he didn't work out a plea-deal, he's keeping whatever he's hidden for his family. However, it got me thinking... If you had the option to live the life of a billionaire with houses, apartments, yachts, planes, etc from the time that you're 30 till you turn 70, but then had to go to jail for the rest of your life (white collar fed prison), would you? Your family gets taken care of, and there's no "live the high life and flee to Argentina before you get caught" option. Would you accept living in jail between 70 (and whenever you die) in exchange for living the lifestyle of the rich and famous beforehand?
No plea deal, no negotiation about where you end up.
Enjoy Leavenworth.
EDIT: Article about his future jail life: http://www.bloomberg.com/apps/news?pid=20601087&refer=home&sid=aQfzxHFaj_Co
Last edited:
Nah, if you can do all he did and get away with it, you win, if not, you lose and welcome to the world of being a high valued man whore.
http://www.cnn.com/2009/CRIME/03/12/madoff.victims/index.html
Good point here - investors paid hundreds of millions, if not billions, in taxes on fictional earnings. The IRS needs to give that money back to these people.
Good point here - investors paid hundreds of millions, if not billions, in taxes on fictional earnings. The IRS needs to give that money back to these people.
No, I thought he just had bail revoked. He still has to stand trail. The judge put in jail pending trail becuase he had the means and the methods to flee.
well, either that or technically it could be considered a gift (taxed as income) since the money didn't actually come from earnings (15%). maybe the IRS can go after them for *more* money on their back taxes...
FWIW.
Most experts believe he started out on the honest in the early 60's. The theory is that his initial investment idea failed miserable early on and he lost all of the money he was entrusted with.....the whole Ponzi scheme started then to save himself from emabarrassment....
Most experts believe he started out on the honest in the early 60's. The theory is that his initial investment idea failed miserable early on and he lost all of the money he was entrusted with.....the whole Ponzi scheme started then to save himself from emabarrassment....
Last edited:
right, i understand all that, but i'm wondering if he plead out, what's to defend? he's manning up.
i thought a defense attorney gave causes or extenuating circumstances when making the non-guilty plea. what do i know? i've always plead down to get community svc or susp sentence
I don't get how that works. It's not income unless you convert it out of Madoff or get paid a cash dividend, in which case it IS real earnings and you should pay taxes on it.
I don't think the guy in the story understands how that works either.
Looking at the way most people can't understand how tax brackets are based on marginal income, I'm not overly shocked.
Is it because folks in those tax brackets generally pay estimated taxes? I'm not sure why they would pay tax on it either..
Apparently, all he has to do is show back up for sentencing, he's done.
He has a sentencing date set for June.
You don't pay taxes until you realize the gain. You don't pay estimated tax based on your investment statement. Unless Madoff was paying dividend checks to everyone, but that's kind of counter to the way a Ponzi works, isn't it?
(Property taxes don't work this way, however...they are usually based on assessed values.)
Bernard Madoff's lawyers are appealing a judge's decision to revoke his $10 million bail and send him to jail to await sentencing. Madoff pleaded guilty Thursday to 11 felony counts including securities fraud and was immediately jailed. His lawyers filed papers with a federal appeals court Friday. The court papers were not immediately available.
$5 says he whacks himself first...