Modoff sentenced today.

[phail]

Put him in the same cell as Conrad Black. Listening to that pompous bore will drive ol' Madoff nuts inside a couple weeks.

jwm

black may be getting out soon!

 

[anon1]

I predict he'll fall ill to some "obscure ailment" and be released to home custody within 2 years.

 

[Malibook]

Now they need to go after his accomplices.

They are also going after those who made money on this Ponzi scheme, whether they knew anything or not.

I'm sure Madoff and his family have hidden cash that will never be recovered unless some family members find themselves in a position to cut a deal.

 

[rafterman]

Here's a view of what's in store for Madoff.

NEWS FROM Globeandmail.com

Madoff's future: a cell mate, no conjugal visits
Steve Eder
14:24 EST Monday, Jun 29, 2009

New York — From rubbing elbows with millionaires to sharing a prison yard with drug dealers and gangsters, Bernard Madoff's life is about to change dramatically.

The U.S. Federal Bureau of Prisons has not decided where Mr. Madoff, who orchestrated a Ponzi scheme that bilked investors out of billions of dollars, will serve his 150-year sentence. But no matter where he ends up, Mr. Madoff should not expect plush digs, former federal prisoners say.

Far from it.

Mr. Madoff, 71, leaving behind his wife and his $7-million Manhattan apartment, will likely find himself earning pennies a day sweeping floors, cleaning toilets or manning a stove in the prison kitchen.

Like all prisoners, corrections officers will shine a light in his face twice in the middle of the night as part of six or seven daily checks.

“One of the most difficult things to deal with in prison is the reality that you are powerless,” said Jonathan Richards, author of “Federal Prison – A Comprehensive Survival Guide,” who served time in a Federal Medical Center, which is similar to a low-security prison. “Your whole life you basically eat when you want to eat, sleep when you want to sleep, wear what you want to wear. Then, suddenly, this daily freedom is taken away.”

Although Mr. Madoff will likely have air conditioning when the weather demands it, nearly all of the perks of the high-life he's accustomed to will disappear, regardless of whether he is sent to a low or medium security prison.

On arrival at the federal lock-up, Mr. Madoff will quickly see for himself that designer soaps aren't among the items included in his prison-issued hygiene kit. Instead, he'll get a tiny bar of soap, a tooth brush, a comb and a razor.

“This bar of soap is like the size of a matchbook,” said Larry Levine, the founder of Wall Street Prison Consultants, who spent 10 years in federal prison. “The razor – you can barely shave with it.”

The food will toe the line of edible, and his outdoor time will amount to pacing in an outdoor cage. His prison-issued khaki wardrobe won't make a fashion statement.

The chances of Mr. Madoff running his own investment club inside the prison are slim, but – when he isn't working – he should have plenty of time to read, write, exercise, and even network with other prisoners, if he chooses. Some inmates learn new skills like painting.

He can write and receive letters, make limited phone calls for 25 cents a minute, and it is possible he will have access to e-mail, although his messages can be monitored.

Once Mr. Madoff is settled, his friends and family can visit, but conjugal visits are forbidden.

“You can hug, you can kiss, but they can't give you anything,” said Mr. Levine, who served in high, medium, low and minimum security prisons. “You aren't permitted to go to the vending machine and get snacks yourself – they have to get them for you. And before you know it, the visit is over.”

The prison system tries to place inmates within 500 miles of their families, which makes visiting easier.

If prison officials decide to keep him close to home, Mr. Madoff could end up in the Federal Correctional Institution in Otisville, New York, a medium-security prison about 70 miles northwest of New York City that houses 1,100 inmates. After initial isolation, Mr. Madoff likely will have a cell mate.

In Otisville, Mr. Madoff's potential bunk mates would include Emory Clash Jones, a drug dealer; James Coonan, a noted gangster and convicted racketeer; Gregory Rago, a mob soldier and co-conspirator in the murder of Louis “Fat Lou” LaRusso; and Blake Prater, a comparatively small-scale Ponzi scheme artist.

“I don't see anybody being his big pal,” said Mr. Levine. “Some people will cozy up to him looking for stock tips.”

But more likely, Mr. Madoff will be met with resentment.

“The guards and inmates are going to view Madoff as a reason why their families don't have money, even if it is not his fault,” Mr. Levine said.

© Copyright The Globe and Mail

 

[landscaper]

He was sentanced to 150 years, apparantly its a bad time to be a trend setter in the American legal system

 

[sibannac]

He was sentanced to 150 years, apparantly its a bad time to be a trend setter in the American legal system

I'm glad they set this precedent, there are about 15 others from Wall Street awaiting trial. After this sentence they will be falling over each other to get a plea deal and rat out the rest of the scum.

 

[Rockslinger]

There is something wrong with Madoff's "apology". He said that he lied to his brother, his sons and his wife. Now, his brother, sons and wife have the "I was lied to" defense .

Apparently, two of his victims are the Colombia drug cartel and the Russian mob. You don't ever want those guys mad at you.

 

[The LoLRus]

He will almost certainly get a medium-security prison. I cant see maximum and I cant see minimum, that only leaves medium.

 

[blackrock13]

Apparently, two of his victims are the Colombia drug cartel and the Russian mob. You don't ever want those guys mad at you.

Somehow I'm going to file this under urban myth. There is no way anyone would talk about it, if they were in a position to know.

Sorry.

 

[BallzDeep]

I've changed my stance a bit, they should have cut him a deal if he would admit to where all the money is, try to get as much money as possible back for the victims.

Having him out on the street in two years wouldn't be too bad if the people could get back 60% of their money back, he's not violent and wouldn't be anywhere near anyone's money, maybe I'm crazy.

 

[JohnLarue]

A lawyer (or banker) with a briefcase can steal far more than a bank robber with a gun. You wouldn't have a problem putting a bank robber in jail, would you?

btw, they are taking all his money and banning him from the securities market.

I think he got what was deserved. He will never again walk freely (barring health issues or some form of reprieve)
For the good of the capital markets it was important to put this fraud away for the rest of his days. It will send a strong message to other would be sham artists & hopefully restore peoples faith in money managers

However I do not agree with your comparison of the lawyer / banker with a briefcase vs. the robber with a gun

The robber with a gun always has the option to pull the trigger if the robbery goes wrong. And because they are nervous this often happens.
IE a much higher probability for someone getting killed or injured


If things go wrong with the banker / fraud, he wets his pants and flees to the Cayman's- no violence

 

[landscaper]

I think he got what was deserved. He will never again walk freely (barring health issues or some form of reprieve)
For the good of the capital markets it was important to put this fraud away for the rest of his days. It will send a strong message to other would be sham artists & hopefully restore peoples faith in money managers

However I do not agree with your comparison of the lawyer / banker with a briefcase vs. the robber with a gun

The robber with a gun always has the option to pull the trigger if the robbery goes wrong. And because they are nervous this often happens.
IE a much higher probability for someone getting killed or injured


If things go wrong with the banker / fraud, he wets his pants and flees to the Cayman's- no violence

The problem with the analogy is you are discriominating between two crimes, Madof removed 160BILLION from people under false pretences, that would be several lifetimes for the most energetic robber. The issue of gunplay while the robbery is ongoing is of interest only to the peoiple on the scene.

I think Madof got the poster boy penalty . I also think it will be appealed successfully because of that reason. 25 years would have put him away for the reat of his life that would have suficed.

 

[BallzDeep]

Maybe there's a 35-40 year old ponzi guy out there that could live another 50 years, might deter him.

 

[Rockslinger]

Suppose it is possible a future president might pardon Madoff but then the Colombian drug cartel and/or the Russian mob might dispense their own form of justice.

Years ago, I heard of a company that allegedly screwed a mob owned business on a business deal. A few days later that company's lawyer was found shot to death in his car.

 

[JohnLarue]

The problem with the analogy is you are discriminating between two crimes, Madof removed 160BILLION from people under false pretences, that would be several lifetimes for the most energetic robber. The issue of gunplay while the robbery is ongoing is of interest only to the peoiple on the scene.

I think Madof got the poster boy penalty . I also think it will be appealed successfully because of that reason. 25 years would have put him away for the reat of his life that would have sufficed.

I agree that anything over 25 years is moot as he will probably die in prison inside of 20 years

I disagree on the gun comparison.
The law has made a distinction between robber & armed robbery for many years & rightfully so as you can not put a price on a life.

The other issue is the amount.
Madoff would have been the same scumbag, had he defrauded the same number of people out of 1.6 Billion, 16 Billion, 160 Billion or even 1.6 million
In all cases there would be people who lost their life's savings & were ruined.
The amount he stole is not the point, his crime was perpetrating a fraud
Unfortunately he was an extremely good fraud artist for a long time.

Is his crime all that much greater than someone who steals $100,000 from each of 50 elderly widows?
Not really, its only the number of zeros. The intent is the same

 

[Rockslinger]

Let's hope this sentence is a turning point. Just like smoking and DUI are now socially unacceptable, so must also be white collar swindles. Just because the crook wears a suit and tie does not minimize the severity of the crime.

 

[squash500]

I think he got what was deserved. He will never again walk freely (barring health issues or some form of reprieve)
For the good of the capital markets it was important to put this fraud away for the rest of his days. It will send a strong message to other would be sham artists & hopefully restore peoples faith in money managers

However I do not agree with your comparison of the lawyer / banker with a briefcase vs. the robber with a gun

The robber with a gun always has the option to pull the trigger if the robbery goes wrong. And because they are nervous this often happens.
IE a much higher probability for someone getting killed or injured


If things go wrong with the banker / fraud, he wets his pants and flees to the Cayman's- no violence

I've lost all my faith in money managers and financial advisors a long time ago. Well before the Madoff fiasco. All I can say is thank goodness for etfs and discount brokerage accounts . I think a lot of people will become DIYers after this Madoff fraud as well.

I find it hard to believe that Madoff's wife didn't know what was going on? IMHO she shouldn't be allowed to keep the $2.5 million.

 

[Asterix]

Pretty much a symbolic sentence given in part as an example and partly to suck all hope out of the man. If he had gotten 15 years there may have been a chance to get it reduced at a later date. He knows he'll never get out and given the shock to his system from how he had lived before to how he will live now I'll be surprised if he lasts 5. The bastard deserves to finally know what it's like to live without.

 

[The LoLRus]

I find it hard to believe that Madoff's wife didn't know what was going on? IMHO she shouldn't be allowed to keep the $2.5 million.

I agree, I bet she was in on the whole thing.

Also 10 more cohorts to be charged soon: http://www.breitbart.com/article.php?id=D994UPK00&show_article=1

 

[pjoe43]

They should hang him. He got off easy for all the families lives he ruined.