The New York Times reports that the judge didn't buy Madoff's theory that there was some sort of "mob vengeance" surrounding calls for a long prison term.
"Objectively speaking, the fraud here was staggering," the judge said. "It spanned more than 20 years."
Of course, this was just a polite, judgy way of saying "LOL, no dude, what you did really is that bad."
Speaking for himself, Fraudy McEvil told the court his life really sucks.
"I live in a tormented state now, knowing all of the pain and suffering that I've created. I've left a legacy of shame, as some of my victims have pointed out, to my family and my grandchildren."
He also apologized to his victims, acknowledging that it didn't really matter if he was sorry.
"I will turn and face you. I'm sorry. I know that doesn't help you."
The Times also noted that when passing the maximum sentence on Captain Jackass, the judge mentioned that no one — not "friends, family or other supporters had submitted any letters on Mr. Madoff's behalf, attesting to the strength of his character or good deeds he had done."
So, future Madoffs, take note: Be sure to Robin Hood it up whilst stealing people's life savings. It'll look better in court.
Madoff Sentenced to 150 Years in Prison for Ponzi Scheme [NYT]
]]>@blueneon: I can't stand this. Yeah the guy stole, he's an asshat and needs to go to jail. But there is a 2 TIME CONVICTED child molesting rapist 4 miles from my house and my 2 little girls. He moved to FL from NY and has the freedom to live near me. WTF is wrong with the system that a scammer will DIE in prison with this lowlife piece of shit free to roam the country.
]]>Do you e-mail your mother with those typing hands? -har!-
]]>
Madoff Eligible To Scam Again In Only 150 Years
Umm, not to sound pedantic, but the end of his prison term != the time he is inelgible to be involved in the financial services industry.
Assuming that he lived to be 221 (150 plus 71), upon his release he'd still be inelgible for any US licenses to hold most jobs in the financial services sector.
]]>(hi hi)
]]>I was going for something even worse but I'll take whatever sticks...
]]>Madoff never stole anything from me. You see... I don't believe in getting rich quick. I never invested any money into his bullshit scams..which were obviously bullshit..just as the NASDAQ was when he ran it..
I was under the impression taxes were to fund the operation of the government, not to pay back shotty investments.. I guess I was misinformed..
]]>The only thing he is sorry about, is that he was caught ... both for having operated the Ponzi scheme in the first place, and for having tried to shelter his property.
]]>I AM PREPARED TO BE FLAMED
You know, I really don't feel too sorry for most of those that lost money. The behavior and often downright criminal activity that resulted in the fortunes these people had, and the generational transfer of such wealth is really hard on society. There comes a point where enough is enough already with the excess concentration of wealth. I've seen a few ordinary folks that got ripped off, but the vast majority are privilaged trustafarians or those with somewhat shady dealings behind their wealth. Just as our Great Recession has caused us to save more, I wonder if any of these types will look back and think perhaps they should have used a bit of their wealth in the here and now for the wider benefit of society. Think of all the good that so many could have done with the money their greed got them scammed out of, or that was lost when Wall Street crashed. Please don't praise the charitable works some of these people did do: it is so miniscule compaired to their total net worth. Also, I know several charities lost everything: perhaps these Foundations & Trusts should quit making themselves permanent fixtures & get the money out there doing more good.
YOU MAY NOW FLAME AWAY at this socialist commie pinko fag...
The guy willingly and knowingly destroyed countless lives, with nothing else in mind but absolute greed. He's right where he should be.
]]>Phew...150 years...that's a lot of Vaseline!
]]>From the Boston Herald:
Located at the former Fort Devens some 40 miles west of Boston, Devens Federal Medical Center houses some 1,100 male inmates who require long-term medical or psychiatric treatment.
The former Ft. Devens site is being slowly turned over to manufacturing and housing. It's a predominantly wooded, shady location not too far up Rt. 2 from Concord, and the only harsh thing about it is the New England winter.
]]>It would be cheaper than prison, and he wouldn't have any of the luxuries he enjoyed while bilking everyone out of their investments. I think it would be a great punishment for someone like him.
]]>You mean like Ponzi? LOL!
]]>You mean like the Federal Reserve?
]]>@takes_so_little: I hope you're wrong too, but I doubt it.
]]>LOL! A+
]]>Is this Madoff stealing from us, or is this the Federal government stealing from us??
]]>Everyone should start using the word "Madoff" as a swear word, a word that means something along the lines of lower than the scum of the Earth. The more this "insult" sticks, the more this name will live on in history as "lower than scum" and countless Madoff generations can suffer the repercussions of the actions of one stupid ancestor.
Perhaps this will even make the families change their last name and eventually annihilate the name from the face of the planet.
]]>Call me inhumane, but i would love to see his fat, rich papmpered ass put into general population at a medium security prison. Seriously.."Prison consultants?!" Gen Pop will know what to do with him. They will se a rich, white guy comingand give him a nice shiv welcome. Class warfare exists, don't fart bunnies and rainbows and tell me it does not.
]]>@dragonfire81: Nay, nay. There's no parole in the federal system.
]]>@NotChoinski:
Plotline: Becomes friend of Benders, develops get rich quick scheme, takes everyones money, spreads money out over other heads, Bite Benders Shiney Metal Ass, Resolution.
Sounds like a good episode!
]]>I am not a lawyer. But I think the truth in sentencing applies here meaning he gets pretty much 150 years. Or as far his cold, dark, heart carries him.
]]>Give the man a star!
]]>Fortunately Hell lasts for an eternity.
]]>I hope that money evaporates under the lawsuits and legal bills in store for her.
]]>His entire family who got rich off of his scheme should go down too, but that's another story.
]]>Madoff scams billions, but the federal reserve is allowed to have a Ponzi scheme operating in the trillions?
]]>Not every victim was as wealth as Steven Spielberg. Madoff didn't require a huge minimum investment. Some people had $100,000 or less (their life savings) invested with him and lost it all. Some people will do just fine losing that money but several have lost everything. You really should follow the story a bit more before making dumbass comments.
]]>@Snarkysnake: don't forget this guy was one of the founders and chairmen of the NASDAQ. normally you shouldn't trust anyone with your money whole heartedly, this guy had the credentials, and knew his clients personally. it'd be like trusting your family reunion video with Steven Spielberg, so you can't really blame them
]]>...hey, but, maybe I can get the money to be a target if Prince Farkuintbut needs help getting his money out of Africa!
]]>Now they're just seizing everything they can get from him and his wife. I guess that explains why she didn't testify on his behalf.
]]>the judge mentioned that no one - not "friends, family or other supporters had submitted any letters on Mr. Madoff's behalf, attesting to the strength of his character or good deeds he had done."
Damn!
Well that says it all, doesn't it?
]]>Should be nice if it REALLY was 150 years. I bet this scumbag will be let out in 12 years for good behavior or pity for getting old behind bars. We need truth in sentencing. If they sentence him for 150 years, he should be there until he dies.
I was feeling bad for the "victims" at first, but not so much now because they were greedy too.
]]>I can't escape the sneaking suspicion that for every Ken Lay/Bernie Madoff etc. wealthy person who gets made an example of for the satisfaction of the masses, there are dozens more who operate above the law. Hope I'm wrong.
]]>The article doesn't seem to have any details about the reasoning behind his sentencing, besides that it is meant to act as a deterrent.
]]>Let him die in prison.
Then bronze his shriveled carcass and set him up on Wall Street as a warning to others.
]]>I'm just thrilled that the judge practically spat on his request for what, like, ten years? That's awesome. I just hope he doesn't get it reduced or get parole.
]]>@pollyannacowgirl: Uh, he pleaded guilty. No trial.
]]>He wont be eligible for parole until he is 191.
@bohemian:
"...under current rules in federal court, a person must serve at least 80 percent of a sentence - 120 years - prior to being eligible for parole. That would mean Madoff would have to live until he was 191 years old before being eligible for parole."
Is it just me, or did he receive justice VERY swiftly? He was exposed in December, and less than a year later, he's convicted and sentenced.
I'm not complaining, but I always thought the justice system moved a lot more slowly. Or do the wealthy get bumped to the head of the line, too?
]]>@blueneon:Most of the women who kill their children do so because they are suffering from some psychological problems. While this does not accuse their behavior it does mitigate their culpability and knowledge of their acts is more punishment than anything the courts could hand out. A long sentence would serve no purpose.
In the case of finical fraud a long sentence is a warning to every other would be schemer. This does serve societies purposes by preventing future crimes.
]]>@NotChoinski: +1
best. idea. ever.
]]>A LOT of his victims could have asked themselves how this guy could be up in down markets and up more in up markets without being able to explain how he "invested" their money.This is just not logical.When I have a couple of million on the line and that is the sum of my wealth , you better believe that no one person gets all of it , and if they say "trust me" , I'm outta there.
I hope that his cellmate has a "thing" for balding old guys.
]]>"If you invest those cigarettes with me at 15%, in no time, you'll be earning more free smokes than you know what to do with! Trust me!"
]]>Nope. This isn't in L.A.
]]>Madoff's actions are a major threat to society since so much of our society is built on the power of money even in the small scale of being able to live with some shred of dignity.
]]>I expect his head in a jar to appear on the new 'Futurama'
]]>