Justice served?

Bernard Madoff received a 150 year prison sentence today for his multi-billion-dollar Ponzi scheme.

Last week, a judge issued a preliminary forfeiture order valued at $171 billion, stripping Madoff of his personal property, including real estate, investments, and $80 million in assets his wife claimed. The order left Ruth Madoff with $2.5 million, according to the Associated Press.

Was justice served?

10 comments Add your comment

Tyree

June 29th, 2009
1:29 pm

What assets were the victims left with at present? Nothing or maybe pennies on the dollar? No, just was not served when Ruth Madoff still has 2.5 million.

catty

June 29th, 2009
1:33 pm

In a word, “Hell yes!” Too bad he won’t live long enough to serve the full sentence

jake

June 29th, 2009
1:38 pm

He should serve it in that max security federal pen in Colorado, and the only news he be permitted to watch for the rest of his life is clips of all the people he swindled and how they’re suffering.

Marsha

June 29th, 2009
1:40 pm

Poor little Ruth. I hear she is now riding the subway. Hope he rots!

Andy in Blairsville

June 29th, 2009
1:42 pm

He is just one of many of the Jewish owned/run investment banks, brokerage companies and hedge funds who played a key role in astronomical oil costs and commodities last year, overinflated stock prices via bogus recommendations/rating not mention shady mortgage products. The list goes on……..

Rot in hell Bernie!

Alan

June 29th, 2009
1:48 pm

Was justice served? Is 150 years not enough? Too bad OJ didn’t get that!

KILJOY

June 29th, 2009
2:15 pm

No, justice was not served. Mr. Madoff, his wife, brother and sons are still mulit-millionaires. All of these people became rich off the scheme he concocted. If I rob a bank would my wife and children and relatives be allowed to keep any of the proceeds? No this is a rich mans justice. Until white collar crime is equal to all crimes then this country will continue to go hell in a hand basket. No wonder the economy has collasped!

Herd89

June 29th, 2009
2:36 pm

I agree with Kiljoy in that I think the entire Madoff clan is somehow involved in this scheme and I would imagine they have secret funds that are well-hidden offshores. I am glad that Madoff got 150 years and not the 12 years that defense wanted. Hopefully, this will deter other Ponzi schemes in the future, but I know it will only make the schemers smarter. My question is, after all the attorneys are paid, how much will left for the victims? How will all of that money be redistributed to those who trusted this man.

Tiffany

June 29th, 2009
3:23 pm

I believe that all the money should be striped from family and friends and leave them just as broke as there victims. Also, I won’t know if justice was served until I know where he is going to prison. If it’s a nice cushie Martha Stewart “prison” setup then the only things that he will be missing are the servants to wait on him hand and foot. That’s no kind of justice

Wally Kalbacken

June 30th, 2009
2:13 am

Ruth Madoff has been stripped down to her last $2.5M (pause for laughter here). But, it’s not really like having $2.5M because she still has an undetermined criminal prosecution threat, and no doubt will be dragged into more civil actions that you can count. So, the $2.5M will be more than consumed by her lawyers. Not that this is any consolation. I think the interesting situation will be the sons – who, to date, have done a fairly good job of resisting implication.

The other underreported aspect of this is the greed of many of the investors and their foolishness in placing their entire net worth with one investment firm. Just as the investments you make should be diversified to minimize market risk, the channels you invest through should have some diversity to protect against his kind of catastrophic loss. And when I say “greed” I mean to suggest the there was some irrational justification these folks were going through – thinking, I get this high rate of return and there is no risk trade off! There always is… What were they thinking? Was this huge market and this enormous investment community out there just somehow worse than Bernie at garnering returns? And were they just lucky to be in his fold? I don’t feel perfectly comfortable saying that people who are in distress have to accept some of the responsibility for the impact (particularly those who placed 100% of their net worth – or that of their parents with Madoff), but what is the alternative they are after? Taxpayers being asked to make them whole? I had never heard of Bernard Madoff until December 11th 2008. And I may even have missed the story until the following morning. Now that Bernard Madoff has received his criminal sentence – some of the victims who are speaking in the press are lifting the veil a bit on their intentions to assert some liability on the part of the SEC, which is another way of saying people who had nothing to do with this (taxpayer-farmers in Kansas, for example) should make them whole. The only thing worse than the financial devastation Madoff visited on these people would be to make the federal taxpayer (about 99% of whom never heard of Bernard Madoff, couldn’t gain admission to his country club or social circle) pay for it.