Bye, Bye Bernie: Madoff Gets 150 Years

220px-BernardMadoffWhile his attorneys asked for just 12 years, Bernie Madoff, 71, has been sentenced to 150 years after expressing sorrow for the ruin that he brought to thousands of people — rich and poor — through his criminal enterprise.


During the hearing, victims spoke passionately about all that they had lost — some professionals turning to janitor and butcher jobs to survive while others selling homes to pay their debts. They were not subtle in their feelings. Victim Burt Ross told U.S. District Judge Denny Chin stated: “May Satan grow a fourth mouth where Madoff can spend the rest of eternity.”

Michael Schwartz spoke of how Madoff wiped out money that he had set aside for his mentally disabled brother.

Judge Chin put the damage at $13 billion.

In the meantime, Madoff’s wife will be allowed to keep $2.5 million to guarantee that she does not face the homeless prospects of many of their victims. It is still unclear why the sons or close associates have not been indicted. It is entirely ridiculous to think that Madoff carried out this massive fraud alone.

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Sentences of this length often make me think of the judge who sentences a middle aged man to 30 years only to have the defendant say “Judge, I am already 50, I can’t do that amount of time.” The judge looked down kindly upon the man and said, “That’s okay, just do as much as you can.” Bye, bye Bernie.

19 thoughts on “Bye, Bye Bernie: Madoff Gets 150 Years”

  1. Sentence grounds for appeal because he wasn’t given credit for time already served.

  2. It was a pleasure to serve the public trust the way I was allowed. I trust that I will be remembered as a good soul as I have now seen the good that I can do.

    I hope my old friend Bernie is treated well, you see, pension funds was not looting or a Ponzi transaction at the time I earned my wealth. One must be careful in dealing with other peoples money. I hope my good name is restored one day.

    These were not Junk Bonds, they were an attempt to properly fund growth.

  3. Madia,
    What the heck did you just say? Go back to your troll nest and start your hibernation a few months early. That kind of claim is idiotic and very poor taste. But I have to remember that I am dealing with a troll.
    I have to admit that I was pleased that Madoff got the 150 years and that he had to forfeit most of his assets. I do have a bit of concern that his wife was allowed to keep more money that many of his victims were left with after they were swindled by Bernie.
    Mike Spindell,
    I had forgotten about the Junk Bond King. I have also seen him portrayed in the media as a saint with his contributions to various charities. Of course, with $500 million, I could be very generous!

  4. I can tell you with certainty that Mr. Turley’s relatives & friends LOATH his appearances on Countdown with Keith Olbermann.

  5. It looks to me like Madoff and Allen Stanford so called average fellows without even a hint of an “elitist” backround were able to scam the the elites and the financial system in general. Madoff had a scholarship to Alabama and Stanford went to junior college college and Baylor.For those on this board that think only the elites have access, what happened in these cases? If the economy hadn’t crashed, who knows how long they could have kept going.

  6. What this Madoff did to the lives of people was inconscionable. Sometimes so-called “white” collar crime can be more damaging than so-called “violent” crime.

    Federal judges like to hand out years like they’re days to inner-city kids selling drugs who, while I”m in NO way excusing their actions, it can be argued are entering into an exchange agreement that has more responsibility between the 2 parties than anything Madoff ever promised.

    Many times the drug dealer is just filling the supply-demand void and with a party fully aware of the parameters of the exchange.

    Madoff and these “white” collar types are more reprehensible than any drug dealer and armed robber. The violation of trust is far more scaring and destructive.

  7. 30 days and he will be dead I am sure. If not physically then spiritually.

  8. It is far, far too early to draw conclusions about whether Madoff associates and family members will be prosecuted. In fact, even if you want them to be prosecuted, it’s a good thing they have not been yet. The competitive advantage of federal prosecution is long-term painstaking preparation, including grand jury work. Big cases routinely take years to indict, even after the shit has hit the fan (see, e.g., Enron). That leads to stronger cases and more convictions.

  9. “It is still unclear why the sons or close associates have not been indicted. It is entirely ridiculous to think that Madoff carried out this massive fraud alone.”

    JT,
    This is a really good point. My own surmise has been from the start that Madoff pleaded guilty in a bargain to save his family and perhaps that is why there is no prosecution. I am happy with the sentence, although I must wonder if his victims had been people who were much less wealthy, would the same sentence have been handed down?

    The other day, while watching a Mets home game on TV (FOX broadcast) Michael Milken, The Junk Bond King, came into the announcers booth and was on air for the whole half inning being lionized for a prostate charity that he organized and was taking place at Citi Field. The announcers outdid each other in praising the man’s philanthropy. His role in the excesses of Wall Street and Banking, that has its fallout’s in today’s economy, was key in implementing an era of greed. He was sent to jail for ten years, only served two and got to keep $500,000,000 of his ill gotten, fraudulent gains. Now almost two decades later the man is a recognized and wealthy philanthropist. It looks like Bernie won’t have the same benefits and that makes me glad.

  10. Mojo,

    That’s great. Fittingly, some of the victims ain’t stopping with Bernie. They are looking at going after the SEC who knew about this for years and did nothing. I think this case is just starting to get interesting.

  11. In reference to JT’s header:

    Cons!
    I don’t know what’s wrong with these cons today!
    Cons!
    Who can trust any one of them anyway?
    Cons!
    They are multi-fraudulent, ponzi-scheming crooks!
    Sleazy, crazy, corrupt, lazy, loafers!
    While we’re on the subject:
    Cons!
    You can call them in to the SEC!
    Cons!
    But the SEC will let them walk free!
    Why can’t they be like we are,
    Honest in every way?
    What’s the matter with Cons today?

    Bye, bye, Bernie indeed …

  12. Given equal or more time than convicted rapists, gangbangers, pimps, slavers, child molesters, and serial killers…As expected of a society that values material possessions over human life.

    Messing with the money of the rich and powerful in this world is one of the most dangerous things one can do, even if you are one of them.

  13. Yeah, but he’ll only do 127 1/2. 126 1/2 if he gets into the drug/alcohol rehab program. And BoP might let him do the last six months in a halfway house.

  14. As it was in the Anthony Proviano Case – Belmont County Ohio I believe a “Suicide” is really a MURDER.

    Paul Edward Ault’s ‘ruled suicide’ on Wednesday, June 17th, 2009 in Bellaire, Belmont County could well have been a murder.

    Landlord Ault
    [Don’t expect the “Official” records to show Ault as the owner – it could be MEA Properties or Rivertowne Lim. Inc. and if so – just try and find these companies ANYWHERE in the world]
    rented
    [917 Main St., Wheeling, WV (The Mary Elizabeth Apartments – most of the top two floors)]
    to members of a terrorist religious cult whose doctrines promote the ‘…elimination, of those that are not completely cooperative, DURING VIOLENT STORMS’
    and Mr. Ault died during a horrible thunderstorm not long after telling members of the cult that he was not interested in selling them the 917 property.
    The cult uses, by becoming members, established religious organizations as shields for their varied illegalities.

    If any responsible parties care to investigate this matter, be forewarned – you will not find a more entrenched Good Old Boys (Dining well in the Tenderloin District) network than that in the Wheeling/Belmont County area. Expect nothing but indifference, at best, and interference from the ‘local’ authorities.

    That is all I know and suspect in this matter.

    However I have little doubt that this will go into the ‘Got away with murder’ category because if Mr. Proviano’s parents had not been
    well-connected, in the Pittsburgh area, with plenty of money and a desire to fight for justice for their son’s murderer NOTHING would have been done.

  15. I can’t imagine the anguish that the people who lost their entire
    life savings to this BUM,The saying that “the same people you meet on your way up,and see them again on the way down”

    I bring this up,because there was a conversation on the radio about some of the people that got swindled.

    One in particular really hit home,the person was a of all things a CORRECTIONS OFFICER.

    Need I say more?

  16. Here’s a question to ponder: why didn’t Madoff just leave the country to some place he couldn’t be extradited from (e.g. like Polanski)? Or is there even such a place given the offense?

    Would people feel differently about his sons if he just skidaddled out of town?

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