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The knock on effect of what this guy did cannot be underestimated. Not only are plenty of private finances wiped out but businesses could be forced to fold and thousands of other people put out of work as a result.

This guy absolutely deserves his sentence.

He made a fool out of the regulations system, and they punched him in the chin for it. When it comes down to it, the resolution of this incident will be a good thing for all, as the regulators will get their acts together.

Madoff's damages went far beyond personal or institutional bankruptcy. To be fair, if this sort of thing happened more often, he'd have had a shorter trial and ended up with a shorter sentence, but the case was unlike any other. IMO the sentencing judge displayed a sickening zealousness with his powers and comments, but when judges have attitude problems, there's nothing to do but face your palm.

He was just a victim of an activist judge legislating from the bench. All he was doing was trying to make himself a personal fortune by working smarter, not harder.

Fallen668 wrote:He was just a victim of an activist judge legislating from the bench. All he was doing was trying to make himself a personal fortune by working smarter, not harder.

Your statement misses two key elements: intelligence, and sanity.

Madoff wasn't making risky investments that failed. He ran a Ponzi scheme. It's two totally different ideas. It's like comparing someone who goes to the bank to cash a check with someone who goes to the bank with a submachinegun and robs it.

dietrich wrote:Madoff wasn't making risky investments that failed. He ran a Ponzi scheme. It's two totally different ideas. It's like comparing someone who goes to the bank to cash a check with someone who goes to the bank with a submachinegun and robs it.

I think the post refered to was meant to be sarcasm.

Where's that darned sarcasm emoticon?

It wasn't enough, IMHO. What Madoff stole (and let's face it... what he did was theft by fraud) was people's livelihoods. In some cases life savings were ripped off, in others entire retirement accounts. The violence was a different kind of violence... financial violence that will have long term impacts on his victims lives as hurtful as physical injuries. Maybe worse, because most physical wounds heal.

If there was a case for death penalty for financial crimes, Madoff is it.

The Green Git wrote:It wasn't enough, IMHO. What Madoff stole (and let's face it... what he did was theft by fraud) was people's livelihoods. In some cases life savings were ripped off, in others entire retirement accounts. The violence was a different kind of violence... financial violence that will have long term impacts on his victims lives as hurtful as physical injuries. Maybe worse, because most physical wounds heal.

If there was a case for death penalty for financial crimes, Madoff is it.

Is there not? Historically the death penalty could be applied for fraud. Does anyone know if this could be interpreted as a crime against state?

Frazzled wrote:

Fallen668 wrote:He was just a victim of an activist judge legislating from the bench. All he was doing was trying to make himself a personal fortune by working smarter, not harder.

Your statement misses two key elements: intelligence, and sanity.

Just like every other time those catch phrases get used?

Pretty much. Catch phrases of the consultant. I used them when I was a consultant.

Madoff got off light.

It should have been 150 years at hard labor. Thousands of very old people now have to go back into the job force to feed themselves and their lives are ruined. Those folks will have to now work until they die, so should Madoff. If one looks at the evidence he did not do it alone. His wife, children and all of his senior managment should be in prison with all of their assets siezed and doing hard labor in a chain gang for the rest of their lives as well.

With as many victims of his crimes as there are the odds he is going to meet up with the children, brother, nephew, etc.... of one of them in prison are good. I hope that meeting is everything one expects from a bad prison movie.

NeedleOfInquiry wrote:Madoff got off light.

It should have been 150 years at hard labor. Thousands of very old people now have to go back into the job force to feed themselves and their lives are ruined. Those folks will have to now work until they die, so should Madoff. If one looks at the evidence he did not do it alone. His wife, children and all of his senior managment should be in prison with all of their assets siezed and doing hard labor in a chain gang for the rest of their lives as well.

With as many victims of his crimes as there are the odds he is going to meet up with the children, brother, nephew, etc.... of one of them in prison are good. I hope that meeting is everything one expects from a bad prison movie.