Comments on: Madoff Sentencing Only the Beginning

By: CG

CG — Wed, 01 Jul 2009 23:56:35 +0000

LD, months ago you interviewed an investigator who discussed Madoff’s assets that were most likely hidden elsewhere. Is there any update on whether all assets and monies hidden have been determined yet and whether those who assisted in the hiding of the money and assets are going to be considered accomplices to fraud? I understand some of the victims have already filed suit against the SEC, negligence?

By: Northwest rain

Northwest rain — Wed, 01 Jul 2009 03:53:53 +0000

Well he had fun fun fun fun — until uncle same took all ‘his’ money away — and now he looks really old and beaten. And nope I have no sympathy for him — his enablers should also lose everything & go to jail.

Any other sneaky ba$tards who just haven’t been caught yet — probably lots of them — that’s the problem — there are other greedy jerks getting away with their thieving ways.

By: maq

maq — Wed, 01 Jul 2009 00:14:10 +0000

“virtually guaranteed that, at age 71, the financier-turned-felon would die in jail.”

However, now we the taxpayer are the newest victims as Bernie will be medically well taken care off. Long Term Care courtesy of the Federal Tax dollars. A young inmate as a nursing assistant to wheel him around as needed. Wheel chair paid for with tax dollars. Even his burial will be financed by tax dollars.

By: califlefty

califlefty — Tue, 30 Jun 2009 21:59:21 +0000

My thoughts about this. First, lets identify the guilty parties; Madoff, those the directly assisted him and those individuals AND institutions who enabled him, including any licensed professional that had oversight of his activities like CPAs, bankers, lawyers, financial consultants and those in the SEC who failed at their legal oversight.

Now lets identify who is criminally responsible, see above, and by criminal I mean jail time from extreme to symbolic along with stripping of license and banning from practicing.

Now lets identify who is financially responsible. In addition to those above who at a minimum should pay fines, all those who benefited from receiving stolen funds should be required to provide financial records and disgorge as much s feasible. Obviously a charity that spent the money can’t be asked to return money, but individuals or organizations (investment pools, pension plans etc.) should return profits that are in excess of the average expected within the time frame of their investment lets say comparable to investing in an index fund tracking the NADSAQ less 5% since they had use of the money. It is not fair to punish those who may have made profit by investing innocently with Madoff either.

My understanding is that if you look simply at money invested, as opposed to paper profits lost, the figure is around %15B. Hopefully they can recoup as much of that as possible.

By: Doc99

Doc99 — Tue, 30 Jun 2009 21:50:51 +0000

Barack Obama – Tax Cutter.

As we near the end of June, which is supposed to be one of the four biggest months for federal tax collections (January, April, and September are the others), it is clear that the serious receipts shortfalls are not only continuing, but have caused the March 20 projections of the administration and the Congressional Budget Office (CBO) outdated.

Media coverage of the ongoing receipts dive has been minimal at best.

Our country’s in the best of hands.

By: foxyladi14

foxyladi14 — Tue, 30 Jun 2009 21:49:46 +0000

same stuff.

By: Doc99

Doc99 — Tue, 30 Jun 2009 18:50:00 +0000

Meanwhile, the Conyers' Saga continues.

By: Ellen D

Ellen D — Tue, 30 Jun 2009 18:10:27 +0000

Yes, what happened to the good old days when people in the government actually got FIRED?

By: connie

connie — Tue, 30 Jun 2009 16:55:58 +0000

Gee, our politicians are cheating us out of billions of tax dollars, putting our dollar in jeopardy of being replaced by another form of money, putting our country in the jeopardy of being owning by the chinese, and the policians are letting this administration to what ever it wants to us the taxpayer. Personally I don’t see much difference in what Madoff did and what BO is doing to us the taxpayer. What can we do to stop the insanity?

By: Lisabona

Lisabona — Tue, 30 Jun 2009 16:49:40 +0000

I’m sure, instead of ” 150 years” in jail, they would like better, their money to be returned. They are still, without their life savings(some of them).

By: elizabethrc

elizabethrc — Tue, 30 Jun 2009 16:39:01 +0000

His wife and children need to have EVERYTHING taken from them and given to the victims. Many of his victims, at very advanced ages, are working in fast food places, many have to borrow money for basic necessities from relations, so why shouldn’t the precious Madoffs be required to do manual labor for the rest of their miserable lives? Personally, I’d like to see them earning 12 to 40 cents an hour in some hard core prison for 50 or more years. And don’t tell me that they weren’t in on it! I’m not that gullible.

By: Tricia Spiegel

Tricia Spiegel — Tue, 30 Jun 2009 15:28:38 +0000

Excellent post! It makes me angry all over again. I worry that with so much going on our country will just jump from crisis to crisis and not taking the time to do the proper mop-up work.

I agree 100% with your sentiments, LD.

By: sandi78

sandi78 — Tue, 30 Jun 2009 15:23:40 +0000

I think the SEC should be feeling a lot more than just “real personal and professional shame”. They failed to do the job they are supposed to do. Has anyone there lost their job because of this? Will anyone lose their job? Why not?

To investors, individuals and others. This is a reminder that all that glitters is not gold. If something looks too good to be true, it usually is.

By: candymarl

candymarl — Tue, 30 Jun 2009 14:44:19 +0000

At least one person, Madoff’s boss, killed himself over this tragedy.

Not all of the investors were “greedy”. There were pension funds for teachers, police officers, and others involved.

Sure, some rich folks got burned and it made the news. But that does not apply to all of the investors. For some involved this was their old age pension. They can’t start over. Just like many of those caught in the Enron Ponzi scheme.

This sentencing has the same effect as a life without parole sentence.

That said, I agree with LD. Madoff couldn’t have pulled this off by himself. The rest of the criminals need to face justice as well.

By: Ellen D

Ellen D — Tue, 30 Jun 2009 14:34:35 +0000

I think the sentence was mostly a warning to others. This type of fraud, given its scope, has the power to damage the country.
It must be treated severely. I was in favor of the maximum when it became clear that he wouldn’t cooperate with the government. I never saw myself as part of a “mob”.