Posted by Tina
Justice is served up as a life sentence for Bernie:
NEW YORK - Bernard Madoff has been sentenced to 150 years in prison for his multibillion-dollar fraud scheme. U.S. District Judge Denny Chin handed down the sentenced in New York on Monday. The 71-year-old former Nasdaq chairman was arrested late last year after confessing to his sons... - NYT
In a statement issued by her attorneys Ruth Madoff is says she is "embarrassed and ashamed" and that many of the victims were her friends. She did not attend the sentencing.
WALL STREET CHEERED
This is sad, Madoff ruined so many lives. Unfortunately I don't think Madoff's sentence will serve as a deterrent. You wave a billion dollars under the nose of most people on Wall Street and they are going to tumble. That's the problem. We've lost something when money matters so much to too many people in high places. We need to find our way again as a more ethical people. That will take a long time and a lot of effort if we even have the will anymore, sometimes I wonder?
Madoff is just the poster boy of the day, tomorrow it will be somebody else, there always is. (Jack Lee)
I think he should get a bullet to the back of the head. On the other hand I have a hard time feeling bad for the people I have seen on TV, the ones he swindled out of their life savings and have to go back to work. The two people I saw had invested three million dollars and lost it all. I call that greed, if you cant retire with three million bucks you have a problem.
I have no idea if he screwed actual "little people" out of money, if he did I am sorry for them and hope something can be done for them.
He took money from investors and gave it to the people who invested with him a few years earlier, but until more people invested, he could not pay the latest investors. Then he ran around and told everyone that their investments were doing fine, when the fact was, their money was gone.
He ran a Ponzi Scheme and got caught. When will the government get arrested for doing the same thing? It's called Social Security.
The guy should get a medal, not prison time. Most of the people he ripped of were looking for a fast buck, but they got rolled by a flim flam man. In my circles many questioned his ability to make such profits off the investments he was getting. Interesting that most of the investors that I know who lost money, were the most liberal of my friends, while my most conservative friends were like me.
We were asked to invest with him, we were told we were crazy for not jumping on board. We declined, because it just seemed too good to be true, and it was. I still have mine and my grandchildren's future because I look for honest long term investments, not overnight fortunes.