Madoff gets 150 years imprisonment

[killer]

He is 71 now so he'll be out when he's 221.

[Marin85]

He was said to have confessed to his sons first on December 10, 2008 that the asset management arm of his firm was a giant Ponzi scheme — as he put it, "one big lie."[11] They then passed this information to authorities.

...makes me wonder...

Also, there were criminals in the American history sentenced to much longer imprisonment (If I remember correctly, there was a serial killer sentenced to more than 300 years imprisonment, something like about 70 years pro victim...).

Yet, life imprisonment for a financial crime (even of that size) is IMHO somewhat exaggerated...

[RealBlackStuff]

Yet, life imprisonment for a financial crime (even of that size) is IMHO somewhat exaggerated...

You wouldn't think so if YOU were ruined by this b a s t a r d!

[rkawakami]

Historic swindler Bernard Madoff was sentenced to 150 years in prison Monday for a fraud so extensive that the judge said he needed to send a symbolic message to potential imitators and to victims who demanded harsh punishment.

http://news.yahoo.com/s/ap/20090629/ap_ ... ff_scandal

Echoing RBS' comment, I'm sure that if you were financially ruined by whatever Mr. Madoff and any other unindicted co-conspirator was accused (and now convicted) of doing, you would probably be in the parade to toss him into jail and throw away the key. Madoff may have been preying on the greed of investors who were looking for a big score, but that doesn't mitigate his guilt in running this scheme.

[hausman]

Yet, life imprisonment for a financial crime (even of that size) is IMHO somewhat exaggerated...

It works out to only about 2 years in prison for every $1,000,000,000 stolen.

I might consider spending two years in jail for a billion dollars

[killer]

The bar-steward deserves to be imprisoned. What is difficult to grasp is the sense behind the length of his sentence. How many people live to be 120 let alone 221?

[RealBlackStuff]

You need some understanding of the US penal system.
If you get (say 25 years imprisonment), you may get out after 10 years for good behavior (yeah, right, as if you would NOT behave...).
By giving him that many years, he will never get out, even if he behaves like an angel!
Never getting out is the aim of the game.

[jdhurst]

Like most other people, I lost money in the recent meltdown. I lost 15% on my total retirement portfolio (because one big asset is a stripped bond and did not lose any bond value). Other people lost more.

So what does this mean? It means I have to put retirement off for at least a year (2009) and most likely 2 years (2010). It could be longer. And this puts me better off than many.

Now Madoff ruined a great number of people - everything lost. Some of these folk may now have to work forever (that is, until they drop).

I don't think the penalty was too harsh in that it keeps him in jail forever. 150 years is probably stupid, but life in prison with no chance for parole is probably reasonable in the circumstances.
... JDH

[ajkula66]

Honestly, this type of embezzlement should be treated as high treason and mandate death penalty...

Not that it's ever going to happen anywhere in the western world, though...

My two venting cents...

[mattbiernat]

death penalty...

that's actually humane... let him suffer in the federal prison with understaffed and underpaid gourds.

[qviri]

You wouldn't think so if YOU were ruined by this [censored]!

There is a concept of "too good to be true" that people, especially those investing all their money, need to become acquainted with.

[ajkula66]

mattbiernat wrote:

let him suffer in the federal prison with understaffed and underpaid gourds.

I'd agree 100% if I believed that he'll go to the same type of prison you and me would go to if we messed up somewhere along the way...he'll be pampered for the rest of his days.

[ZaZ]

I was watching some show on PBS a while back about Madoff, Frontline I think it was. It was a whole show about the meltdown and financial fraud. They were saying people were tipping off the SEC about Madoff in 2000. In the financial documents in prepared by Madoff's firm, the rates of return were almost a statistical impossibility because they were so high. He only got caught cause he turned himself in. Was someone asleep at the wheel? I think so.

I think one could make a good argument the amount of damage far exceeds a serial killer, though it's not as emotional because no one died. The fact he'll die in prison, seem appropriate.

[ajkula66]

FredGarvin wrote:

I think one could make a good argument the amount of damage far exceeds a serial killer, though it's not as emotional because no one died.

We have at least two suicides that I'm aware so far directly tied to people losing everything to Madoff...so it all depends on how you'd want to classify these...

[rkawakami]

It works out to only about 2 years in prison for every $1,000,000,000 stolen.

Looked at another way, if the $65B figure is accurate and assuming that I live until I'm 90 (40 more years), then I'd have to spend $4.4 million every day to use up that much money.

[ZaZ]

We have at least two suicides that I'm aware so far directly tied to people losing everything to Madoff...so it all depends on how you'd want to classify these...

I don't think people get as emotional over suicides, though they certainly are terrible tragedies.

[Performa636CD]

I think he's getting what he deserves, but the victims amuse me somewhat.

And as someone already pointed out here, the victims (at least some of them) basically let their greed get the best of them. If something's too good to be true in the investment world, it almost always is.

It's not like Madoff promised to invest in US Treasuries or claimed to donate all the money to charity.