Monday, June 29, 2009

Madoff Gets 150!....

ONE HUNDRED and FIFTY YEARS, that is! The Associated Press reported it this way;

“Convicted swindler Bernard Madoff was sentenced to 150 years in prison Monday for fraud so extensive that the judge said he needed to send a symbolic message to those who might imitate his fraud and to victims who need relief.

Applause broke out in the crowded Manhattan courtroom after U.S. District Judge Denny Chin issued the maximum sentence to the 71-year-old defendant, who said he sought no forgiveness and knew he must live "with this pain, this torment, for the rest of my life."

“Chin rejected a request by Madoff's lawyer for leniency and said he disagreed that victims of the fraud were seeking mob vengeance."


conservative brother said...

I'm not a Bernie fan at all jmk, BUT I do believe the 150 year sentence is drastic overkill. I believe the sentence was nothing more then judicial grandstanding. Bernie is going to die in prison regardless of the sentence. Even if he was sentenced to 30 years, he still would have died in prison.

JMK said...

I don't know Tyrone.

In Madoff's case I could support "Chinese justice" where he'd be hung for such crimes.

The guy ripped off tens of BILLIONS of dollars in a ponzi scheme and has the temerity to beg for mercy from the court, despite refusing to cooperate with investigators trying to find the rest of the missing money so restitution can be made.

This guy's a scumbag of the first order.

Clifton B said...

I have to disagree with Conservative Brother. Bernie Madoff is an example of a growing problem in our finical system… ignoring the laws. Enron and Bernie wasn’t so much about greed gone wild or a lack of oversight. Rather both had more to do with breaking existing laws to gain profit. Creating new laws to stop people like them are meaningless and new laws only hamper those who do follow the rules.

The perfect way to deal with the Enrons and Madoffs of the world is to make an example out of them and punish them so severely that copycats would be afraid to try. I would like to see Madoff and any of his family member who had a hand in it, made poorer than their victims.

JMK said...

Again, I agree wholeheartedly Clifton!

Bernie Madoff violated a sacred trust and "Chinese justice" is almost begged for in this case.

The Enron guys, the Madoff's the andWorldcom and Tyco guys are all examples of businessmen who reviled Capitalism and abused the regulated market.

Socialism has FAILED miserably.

Currently the regulated market doesn't look all that healthy.

There IS a third option - the original economy of the U.S. - real free market capitalism.

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