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Madoff Gets the Max. Chime in.
June 29, 2009 11:52 AM
He is perhaps the number one villain of the nation's financial implosion. Bernie Madoff's attorneys argued that the financial swindler should get 15 years in prison after admitting to a scheme that bilked billions of dollars from investors. But the judge saw things differently sending the 71 year old to 150 years in prison. More than 1300 investors lost money in the Madoff scheme. Many say they are wiped out. Victims may receive $500,000 in insurance but the chances are slim of recovering anything substantial from their investments. Hundreds of victims are here today in New York to witness the sentencing for themselves.
June 29, 2009 | Permalink | Share | User Comments (25)
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a little justice after all -
Where did the money go to - he didn't eat it or burned it, did he?
Investigators need to keep digging until they find it.
Posted by: jk | Jun 29, 2009 12:09:01 PM
i would like to know how meney of the people that say they got screwed from madoff, in all of the 20 years , did they make any money, im sure they did, all of them made lots of it so why are they crying now.
Posted by: john dimeglio | Jun 29, 2009 12:18:55 PM
I am not in the least sorry for those who lost money in the Madoff scheme. Did any of them question or ask for documentation of where the money was coming from? I believe they just took the money and ran. Question: don't they have to pay income taxes on their gains??? How could they without documentation stating where that income was from? As for Madoff: I hope he lives long enough to serve out his full sentence.
Posted by: Barb of Mpls | Jun 29, 2009 12:33:09 PM
i think the ones that Bernis showed payoffs to are being veerry veerry quiet right now
Posted by: KPM | Jun 29, 2009 12:40:06 PM
Yeah!
Posted by: MaryAnn P | Jun 29, 2009 12:43:31 PM
Well now that I'm older, I see that saved money is a huge asset when you retire. Social Security isn't going to cover all the bills. If these people kept it in a fund for their retirement (didn't use it like their 401K) then Madoff had to send them monthly progress summaries so they can see how they are doing financially. Many of us have saved from a very young age did contribute to it and let it grow, didn't touch it. To have that nice nest egg disappear when you're at retirement age is a terrible blow. It could be such a blow as to change a person's health. I do feel very sorry for those people. He got what he deserved, hopefully some assets can be found and returned to the investors. Everyone pays taxes on their invested income when they use it. I don't think he's going to live out his 150 year sentence...
Posted by: Sharon McConville | Jun 29, 2009 12:48:17 PM
What ever happen to IF IT' TO GOOD TO BE TRUE,IT'S NOT. These people were very greedy and thought they were going to make a lot more money, then the average guy, so where are they now.
Posted by: Tom Greene | Jun 29, 2009 12:50:36 PM
There are more where he came from. Some are even in government. Let him rot in the slammer..!
Posted by: Magnum | Jun 29, 2009 12:55:06 PM
People do what they are allowed to do. So many involved in this starting long ago including the investors. Too good to be true? Absolutely!! Regulators are responsible also. Now, where's the money? That's a "Need to Know".
Posted by: bly | Jun 29, 2009 1:01:20 PM
Lesson here - don't put all your eggs in one basket...
Posted by: Mike | Jun 29, 2009 1:03:47 PM
Yes the Government should be involved and locate the money. One time my mother had a $4.00 interest that was not reported. THEY LOCATED that....so FIND the funds and help some of these that lost everything.
Posted by: Kathleen Walker | Jun 29, 2009 1:17:18 PM
why would anyone be so stupid as to put all their money in the care of one man? remember the old saying "don't put all your eggs in one basket?" if you do you lose
being poor all your life is a lot better than trusting some man to increase your riches then losing it all, at least you know how to economize and make your money go farther
Posted by: kathleen | Jun 29, 2009 1:20:37 PM
A dirty rotten scoundrel, jail is too good for him, especially the country club he'll go to. The rest of his life in leg irons breaking rocks, bread and water, with a sound beating once a month, sounds about right to me!
Posted by: Jeff | Jun 29, 2009 1:21:47 PM
For the people who want to blame the investors- SHAME ON YOU! Yes, perhaps putting all your money in one location wasn't the best of ideas, but nobody but the investors know the specifics behinds these losses. Someone else asked why they didn't question the statements that would have been sent... Anyone heard of fake documents??? Good grief! Would YOU know if you got a fake statement on one of your accounts or logged in and they were faking the website w/this data? There would be NO way for you to know this. Don't judge other people's situations that you have so little knowledge about. No, I'm not one of the people who lost money from him. I'm just smart enough to know that we don't have all the facts. He got exactly what he deserves and I hope he dies in prison for what he did. I don't think his wife should be able to keep the 2.5M either. I would be willing to bet that he's got several bank accounts offshore with this money stashed away difficult if not impossible to find or touch.
Posted by: K.V. | Jun 29, 2009 1:42:32 PM
He did what the government has been doing to the American people for years, he just got caught. As they say, you can't fight the government. Not to live and tell about it anyway.
Posted by: Kathy | Jun 29, 2009 1:43:32 PM
I do not believe that a scheme of this breadth and scope could possibly be the work of one man. His inner circle - certainly his sons who worked for him - at least were part of a conspiracy of silence. They need punishing too.
Posted by: Daniel | Jun 29, 2009 2:32:26 PM
Bernie Madoff enjoyed the success that he set out to accomplish for years the problem of his business rule was exposed to someone. why did it take so long for the government to act on Bernie's crime and why has no one charged the Board of Directors of Madoffs business for approving such a crime. It's almost half complete our legal system has again fail short of making a case that would stop others from thinking of this type of crime if it the legal system included the accountant, board of directors, cfo, coo or any others that allowed this type of action to carry on. Who in Washington knew of Madoff crime?
Posted by: Ralph | Jun 29, 2009 3:19:33 PM
This man had everything. A beautiful wife wonderful kids, his wife even had a $48,000.00 fur coat. Now no one wants to sell her a place to live in N.Y.C. She has to be hurting really bad. She will never ever see her husband walk on grass.
The Judge was so right in giving him 150 years.
Posted by: Palm Coast Mary | Jun 29, 2009 3:41:45 PM
I think there are more people on wall street who were equally corrupt who need a jail sentence who are living free as a bird right now. There should be more corporate heads rolling than they are now for all their deception and fraud. America needs to start demanding more from its institutions and look to our future as a community and a country not just to every get rich scheem that comes down the pike.
Posted by: cm | Jun 29, 2009 5:13:38 PM
Where were the Wall Street watchers while this was going on?
Posted by: Jim Lewis | Jun 29, 2009 6:36:59 PM
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