Bye Bye Madoff

[WaTaGuMp]

Text So long you piece of shit.


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Quality of the commentary in the OP is amazing

Senior Anandtech Moderator
Common Courtesy

 

[StageLeft]

Unfortunately, like hanging a mass murderer, it's small consolation.

 

[WaTaGuMp]

Originally posted by: Skoorb
Unfortunately, like hanging a mass murderer, it's small consolation.

Yeah to those he fucked over, its still a sad situation.

 

[alchemize]

If the judge doesn't put him in jail today, I predict riots at delis and synagogues all over New York.

 

[Genx87]

Any word on whether or not his wife and kids get to keep that 70 million?

 

[StageLeft]

Originally posted by: Genx87
Any word on whether or not his wife and kids get to keep that 70 million?

Not sure, but you can bank on the fact they won't be struggling to pay their power bill any time soon.

EDIT: And probably not because prisoners don't pay for utilities. If she knew (don't know if she did or didn't, it's very possible she didn't), she should have every single penny to her name removed.

 

[GoPackGo]

The money is all fraud.

Everything the guy and his family has should be liquidated and divided amongst the people he scammed.

Anyone who profited from his schemes should have there profits taken as well...since its the same as receiving stolen goods.

Prison is too good for this man....he should be forced to work at McDonalds so he can pay restitution.

 

[rudder]

Originally posted by: Skoorb
Unfortunately, like hanging a mass murderer, it's small consolation.

How long will a life sentence be for a 70 year old? Now if they sentenced him to serve time in a real prison.. then some people can get some satsfaction. But more than likely he will be doing arts and crafts on Saturdays.

 

[GoPackGo]

Originally posted by: rudder

Originally posted by: Skoorb
Unfortunately, like hanging a mass murderer, it's small consolation.

How long will a life sentence be for a 70 year old? Now if they sentenced him to serve time in a real prison.. then some people can get some satsfaction. But more than likely he will be doing arts and crafts on Saturdays.

Is that what Bubba calls it these days?

 

[Kaieye]

Remember, it it is too good to be true...

Madoff worked on people to be greedy. I have no sympathy for him or the greedy investors.

 

[nobodyknows]

Originally posted by: rudder

Originally posted by: Skoorb
Unfortunately, like hanging a mass murderer, it's small consolation.

How long will a life sentence be for a 70 year old? Now if they sentenced him to serve time in a real prison.. then some people can get some satsfaction. But more than likely he will be doing arts and crafts on Saturdays.

The way i understand it if he gets a sentence over 25 years then federal regs say he HAS to go to a maximum security prison.

If he cooperates with recovering as much money as possible maybe we could let him have his own TV??

 

[nobodyknows]

Originally posted by: Kaieye
Remember, it it is too good to be true...

Madoff worked on people to be greedy. I have no sympathy for him or the greedy investors.

You have to wonder with the credentials Madoff brought with him if most of his investors thought he had "inside info"?

 

[Atreus21]

Out of curiosity, if he knew he'd be getting life in prison, why bother to plead guilty?

A man as wily as he might be able to dodge charges even as severe as these. I mean, even if he pleaded innocent and was found guilty, they can't get any worse than life in prison, right?

Also, does anyone know exactly what he did? I saw the charges, but does anyone know the specifics?

 

[Mursilis]

Originally posted by: Kaieye
Remember, it it is too good to be true...

Madoff worked on people to be greedy. I have no sympathy for him or the greedy investors.

You assume all investors knew he actually had their money. More than one person had their money in a fund which was nothing more than a feeder fund to Madoff. Lots of fund managers do little more than collect a fee and pass on the money to someone else who actually invests it. Mort Zuckerman lost a couple million from a charitable trust he'd funded because he'd allowed a 'friend' to manage the money, and all the 'friend' did was pass it along to Madoff. Recently, I was trying to help my mom figure out her 401(k), and actually sat down and read the prospectus of a Genworth fund her advisor had put some money into. Turns out the Genworth fund was nothing more than a pass-through for a Franklin-Templeton fund! Literally every dollar coming in (minus fees) was just being passed through to some other company's fund, which in turn was just a feeder fund for three other internal funds! "Managers" were collecting fees for doing nothing but moving money from one account to another, literally adding no value whatsoever. What a racket.

 

[Lemon law]

Originally posted by: Genx87
Any word on whether or not his wife and kids get to keep that 70 million?

----------------------------------------------------------------------------------
Gotta agree with Genx87, that was listed as the big question a few weeks ago, and I have been looking around, and there seems to be deafening silence on that question now.

As it is, the actual money he took in may be as little as 10-11 billion according to some, the remainder is more based on the false promises of 8% or better returns Madoff promised for so long.

But that is the curse of running a Ponzi scheme, you have to pay off the early investors, those that decided to take their money and get out, it does not make those early investors into criminals, it only makes them the lucky winners. But at the end stages of any Ponzi scheme, it becomes impossible to take in enough new money to keep paying all those who got in early.

But without compelling evidence to the contrary, its almost impossible to believe Madoff's wife and relatives should retain any of their gains.

I and the rest of the entire country and larger world will be really angry if any plea bargain was accepted on the basis that those monies gained by fraud can be legally sheltered by his relatives.

Since only a billion is already found, maybe later investors can get a dime back on their dollar, and every little bit helps. As for Madoff, and Madoff's family, I have zero sympathy if they are left without a penny,

 

[Lemon law]

Atreius21 asks, "Out of curiosity, if he knew he'd be getting life in prison, why bother to plead guilty?"

And there is an easy answer to that. No formal charges had yet been filed yet, so the onus was on the prosecutor to prove he was a flight risk during that twilight period of arrest and arraignment. But after the arraignment which was today, the onus transferred to the defense to prove he should not be held in prison without bail. And as it is, no rational judge would allow a bail amount unless it was far higher than the Madoff family could scrape up.

Madoff already knew he was doomed, and has some bargaining rights, Madoff himself may be the only person who really knew how the scheme works, and the guilty plea may allow him to ask for a plea bargain deal to protect his wife, family, and prevent certain other guilty parties to not cough up every dime they received. And its the general public's duty to make sure the Judge and the prosecutors are minding the story.

 

[Atreus21]

Originally posted by: Lemon law
Atreius21 asks, "Out of curiosity, if he knew he'd be getting life in prison, why bother to plead guilty?"

And there is an easy answer to that. No formal charges had yet been filed yet, so the onus was on the prosecutor to prove he was a flight risk during that twilight period of arrest and arraignment. But after the arraignment which was today, the onus transferred to the defense to prove he should not be held in prison without bail. And as it is, no rational judge would allow a bail amount unless it was far higher than the Madoff family could scrape up.

Madoff already knew he was doomed, and has some bargaining rights, Madoff himself may be the only person who really knew how the scheme works, and the guilty plea may allow him to ask for a plea bargain deal to protect his wife, family, and prevent certain other guilty parties to not cough up every dime they received. And its the general public's duty to make sure the Judge and the prosecutors are minding the story.

Thanks for clearing that up.

 

[Vette73]

Prosecutors will seek Madoff's wife's money too

:thumbsup:


Not that it matters as I am sure any large amount of money she "keeps" will dry up fast from all the cival lawsuits.

 

[Genx87]

Good, I hope they go after everything. And I mean when they take this batch and she suddenly shows up with more they take that as well. We all know there has to be hidden accounts around the world this guy stashed his cash in.

 

[Robor]

Originally posted by: Skoorb
Unfortunately, like hanging a mass murderer, it's small consolation.

So true. :thumbsup: