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Madoff Sentenced to 150 Years

Gill said:
And how do you know that they did not get several opinions???

Madoff fooled a lot of very intelligent financial people.
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Life savings + high risk investment + no diversification = not smart

All I'm saying is that Madoff and the people who invested with him were wrong.
The individuals that put a large amount of money in that ruined them are very wrong.
 
Harry Guerrilla said:
Life savings + high risk investment + no diversification = not smart

All I'm saying is that Madoff and the people who invested with him were wrong.
The individuals that put a large amount of money in that ruined them are very wrong.
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And I'll repeat again..... many of the people that lost money did not personally invest the money with Madoff. They had money in trust funds, pension funds, etc. And yes, the fund managers that were responsible for their money bear some responsibility for its loss.

But..........how many savvy fund managers and financiers has Madoff fooled over the past 20 years?? Are they each and every one stupid?? Or, more likely, was Madoff just a great con artist?
 
Birdzeye said:
Good. Now I hope they can seize all his assets. Even then I doubt that the people he fleeced will be fully compensated.
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Unfortunately it appears that there are not enough assests of his to seize and distribute back to those he stole from.
 
jamesrage said:
Will he actually go to a real prison or one of those Martha Stewart group homes?
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Speaking of him in prison does can anyone picture this bazoonka running a sceme in prison. You know like smokes, ho's , gourmet food stuffs, drugs. Or maybe he will teach his boyfriends how to invest their pittiful cash reserves and turn them into billions.
 
Harry Guerrilla said:
What Madoff did was wrong, without a doubt.

With that said, you should not put all your money into extremely risky investments and expect me to feel sorry if or when you loose it all.

They are victims of Madoff and their own stupidity.
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These people are victims of a thief.

If these people had invested their money in a hedge fund wherein there is high risk, and lost their money due to the fluctuations associated with that risk, then there would be no crime.

But, they invested their money with a thief who lied to them and used their money as a means to steal more money.

That is illegal in this country, and the guy in this case managed to steal more money than has ever been stolen by one person.

He deserved what he got, and I hope his family members who worked for his company are indicted soon, and also receive a very harsh sentence if found guilty helping him steal at this level.
 
winston53660 said:
NEW YORK -- Bernard Madoff was sentenced to 150 years in prison Monday, meaning he will likely spend the rest of his life behind bars after admitting in March to running one of the largest and longest financial frauds in recent memory.
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He will get out of prison when he is 220 years and probably pull the same
fraud all over again. :2wave:
 
paris said:
Good!

Are they going to sentence Dubya too for the Iraq war and wrecking the US economy?
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Since there is no law against stupidity the Shrub will not see justice for those alleged boo boos. Shrub will live in Texas., make tons of money giving so so speeches and grow into a very old , grey , and leafless Bush.

ps if there was a law against stupidity Bubba Clinton would be incarcerated for life.
 
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Harry Guerrilla said:
I'm not justifying it, I'm saying his sentence is a bit excessive.

To make a ruling based on emotion isn't justice.
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while i get your point, that the sentence should be found reasonable for the crime, i don't know that the judge had a better option

the sentence is almost ONE DAY in prison for each $ONE MILLION stolen

had he actually sentenced madoff on that basis, it would have been about 137 years, based on the $50 Billion estimate that the perp indicated he had stolen during the extended period of fraud

our prisons are filled with people who spend years for theft of amounts much less than the one day per $1,000,000 madoff will serve

if the judge had provided the leniency which madoff had solicited, justice would be seen as tainted; unfairly punishing the have nots by comparison

don't do the crime if you can't do the time

and if you really feel sorry for the guy, send him some soap on a rope. his wife was left with only $2,500,000 in cash ... she won't be able to afford it
 
I have no idea why they're putting Bernie Madoff in jail. I mean, we should make him the Secretary of the Treasury because he has the kind of experience we need for running a ponzi scheme.
 
Gill said:
And I'll repeat again..... many of the people that lost money did not personally invest the money with Madoff. They had money in trust funds, pension funds, etc. And yes, the fund managers that were responsible for their money bear some responsibility for its loss.
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Managers of these funds in many cases have a fiduciary responsibility to handle their money correctly.

These funds should not be investing in hedge funds, end of story.
All these managers know this, the fact that they violated this puts them on the hook for criminal and civil liability.

Gill said:
But..........how many savvy fund managers and financiers has Madoff fooled over the past 20 years?? Are they each and every one stupid?? Or, more likely, was Madoff just a great con artist?
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They got too greedy.
I personally have no problem with greed, however, everything should be done in moderation.

Some were fooled and some were very stupid. Either way it doesn't absolve a person of their reckless behavior.
 
tryreading said:
These people are victims of a thief.

If these people had invested their money in a hedge fund wherein there is high risk, and lost their money due to the fluctuations associated with that risk, then there would be no crime.

But, they invested their money with a thief who lied to them and used their money as a means to steal more money.

That is illegal in this country, and the guy in this case managed to steal more money than has ever been stolen by one person.

He deserved what he got, and I hope his family members who worked for his company are indicted soon, and also receive a very harsh sentence if found guilty helping him steal at this level.
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I know he is a thief but that does not excuse the "victims" reckless behavior.

It doesn't matter how suave someone is, the absolute #1 rule of investing is; never, ever put all of your money in one investment.

If someone stole a car because a person left their keys in it with the car running unattended, would you not think they were stupid?
 
justabubba said:
while i get your point, that the sentence should be found reasonable for the crime, i don't know that the judge had a better option

the sentence is almost ONE DAY in prison for each $ONE MILLION stolen

had he actually sentenced madoff on that basis, it would have been about 137 years, based on the $50 Billion estimate that the perp indicated he had stolen during the extended period of fraud

our prisons are filled with people who spend years for theft of amounts much less than the one day per $1,000,000 madoff will serve

if the judge had provided the leniency which madoff had solicited, justice would be seen as tainted; unfairly punishing the have nots by comparison

don't do the crime if you can't do the time

and if you really feel sorry for the guy, send him some soap on a rope. his wife was left with only $2,500,000 in cash ... she won't be able to afford it
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I don't feel sorry for him and never said I did.

Honestly, I don't care how much was stolen because it doesn't change the fact the he committed the crime.
 
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