Saturday, June 27, 2009

Bernie Madoff-- Is $171 Billion And 150 Years Enough?


You may have guessed that there is no sympathy for crooked banksters here at DWT. When it comes to corporate crooks-- and political crooks-- this is a strictly law and order blog. If a man steals to feed his starving children, that's one thing. If a man steals because he's competitive with someone who has 10 million dollars when he only has 2 million... throw away the key. And I for one am delighted that the authorities plan to throw away the key when it comes to Bernie Madoff. Throwing away the key and severe confiscatory policy is exactly what these people deserve. Pennilessness is what they have earned and the idea of Madoff forfeiting $171 billion is perfect-- unless he has $171.1 billion. It pisses me off that some softy in the justice system decided that Madoff's moll is somehow entitled to $2.5 million in assets when in reality she should be thrown in prison as an active accomplice.
The 71-year-old Madoff pleaded guilty in March to charges that his exclusive investment advisory business was actually a massive Ponzi scheme. Federal prosecutors say Madoff orchestrated perhaps the largest financial swindle in history.

Larger than the Bush family's? Not by a long shot. Larger than the massive rip-offs of the public by Enron economics? Of course not.
In their submission, prosecutors cited fraud cases against Adelphia founder John Rigas and his son Timothy; former WorldCom Inc. Chief Executive Bernard J. Ebbers; Refco Inc.'s former Chief Executive Phillip R. Bennett; and ex-hedge fund executive Samuel Israel III.

They said any comparison to those cases "simply underscores the harm" caused by Madoff's conduct, as well as the scope, complexity and duration of the fraud.

John Rigas [a major GOP donor], convicted of fraud and other charges in 2004, is serving a 12-year sentence after initially being sentenced to 15 years in prison, while his son is serving 17 years in prison.

Ebbers [also a GOP donor], convicted of fraud and other charges in 2005, is serving a 25-year sentence; Israel, who pleaded guilty to fraud and other charges in 2005, is serving a 20-year sentence; and Bennett, who pleaded guilty to a 20-count indictment in 2008, is serving a 16-year sentence.



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