Madoff Aftermath

[quote]MaximusB wrote:

[quote]Brother Chris wrote:

[quote]MaximusB wrote:

[quote]Brother Chris wrote:

[quote]MaximusB wrote:
I am willing to bet that he was looking at some kind of indictment coming. I don’t think lawsuits would have scared him into suicide, you can always settle those out of court and miss jail altogether. He didn’t like the prospect of 3 hots and a cot IMO. [/quote]

I don’t think he would have gone to “prison,” he would have gone to the country club for a few years like his father.[/quote]

LOL @ thinking an FCI Medium is a country club.[/quote]

Madoff is in a medium? I didn’t hear exactly where he was going, so I assumed it was like every other Wall street guy that went to prison.[/quote]

He was sentenced to 150 years in Federal Prison, his release date is Nov 14, 2139. He will get 22 years of good credit behavior.

The “cushy” place you are thinking of can only be attained once you have 10 years or less remaining on your sentence, and don’t have a violence level unsuitable for a minimum or a low level facility. [/quote]

Lol @ 22 years of good credit behavior.

I bet Madoff could still make more money from inside prison than most people can if they were on the out.

[quote]Brother Chris wrote:
I bet Madoff could still make more money from inside prison than most people can if they were on the out.[/quote]

I agree, and that’s how uncaring and stupid the government is. They simply wanted a scalp, they don’t care about the people who lost money. Madoff could actually work to get at least a portion of the people’s money back. Give him a computer and monitor his every move. In 10 years time he could have paid back at least a portion of the money that he stole. But that doesn’t fit the government’s agenda. All they know how to do is PROSECUTE. THERE WE GET EM. DUH!

[quote]ZEB wrote:

[quote]Brother Chris wrote:
I bet Madoff could still make more money from inside prison than most people can if they were on the out.[/quote]

I agree, and that’s how uncaring and stupid the government is. They simply wanted a scalp, they don’t care about the people who lost money. Madoff could actually work to get at least a portion of the people’s money back. Give him a computer and monitor his every move. In 10 years time he could have paid back at least a portion of the money that he stole. But that doesn’t fit the government’s agenda. All they know how to do is PROSECUTE. THERE WE GET EM. DUH![/quote]

I get the sentiment of this, in that he could be doing something useful to contribute to the restitution he owes, but there is a reason that they don’t employ thieves on work release at Best Buy. Cause they’ll clean the place out through the back door.

What do you do with someone who has proven that they can not or should not be trusted?

[quote]MaximusB wrote:
I am willing to bet that he was looking at some kind of indictment coming. I don’t think lawsuits would have scared him into suicide, you can always settle those out of court and miss jail altogether. He didn’t like the prospect of 3 hots and a cot IMO. [/quote]

I’m sure there was more going on than meets the eye, they’re just interested in where the money went and looking to account for every cent. Family would be my first place to look. If I still had a passport, I’d have changed my name and relocated to Bora Bora. Sounds simple…

BG

[quote]TommyGunz32 wrote:
The whole thing is bizarre really. He was so exclusive, you had to know a lot of people just for him to take on your money.

I think that played into his hand because it was so difficult for him to take your money that no one wanted to question him once they got in. In addition to that it appeared that he was making consistent gains so why question it.

I saw a year end statement that he gave to one of his clients. It looked as if someone made it in about 10 mins from their basement. it was pathetic no back up whatsoever. No date of sale, no specific stocks, nothing. [/quote]

Yup, spun out of the proverbial whole cloth. People who invest where my wife works had lost money to the guy as well. These were relatively small investors too.

BG

[quote]SkyzykS wrote:

[quote]ZEB wrote:

[quote]Brother Chris wrote:
I bet Madoff could still make more money from inside prison than most people can if they were on the out.[/quote]

I agree, and that’s how uncaring and stupid the government is. They simply wanted a scalp, they don’t care about the people who lost money. Madoff could actually work to get at least a portion of the people’s money back. Give him a computer and monitor his every move. In 10 years time he could have paid back at least a portion of the money that he stole. But that doesn’t fit the government’s agenda. All they know how to do is PROSECUTE. THERE WE GET EM. DUH![/quote]

I get the sentiment of this, in that he could be doing something useful to contribute to the restitution he owes, but there is a reason that they don’t employ thieves on work release at Best Buy. Cause they’ll clean the place out through the back door.

What do you do with someone who has proven that they can not or should not be trusted?
[/quote]

This is not a work release at a Best Buy. Do you fully understand the working knowledge of the markets that this man has? He could easily be placed in a room with a computer IN PRISON. His trades could be monitored and he could actually do some good for the many lives he’s ruined. But our system is so freakin antiquated that there is no exception for people like this. I’m sure the families that he cheated would certainly enjoy at least some of their money coming back.

[quote]ZEB wrote:

[quote]SkyzykS wrote:

[quote]ZEB wrote:

[quote]Brother Chris wrote:
I bet Madoff could still make more money from inside prison than most people can if they were on the out.[/quote]

I agree, and that’s how uncaring and stupid the government is. They simply wanted a scalp, they don’t care about the people who lost money. Madoff could actually work to get at least a portion of the people’s money back. Give him a computer and monitor his every move. In 10 years time he could have paid back at least a portion of the money that he stole. But that doesn’t fit the government’s agenda. All they know how to do is PROSECUTE. THERE WE GET EM. DUH![/quote]

I get the sentiment of this, in that he could be doing something useful to contribute to the restitution he owes, but there is a reason that they don’t employ thieves on work release at Best Buy. Cause they’ll clean the place out through the back door.

What do you do with someone who has proven that they can not or should not be trusted?
[/quote]

This is not a work release at a Best Buy. Do you fully understand the working knowledge of the markets that this man has? He could easily be placed in a room with a computer IN PRISON. His trades could be monitored and he could actually do some good for the many lives he’s ruined. But our system is so freakin antiquated that there is no exception for people like this. I’m sure the families that he cheated would certainly enjoy at least some of their money coming back. [/quote]

That’s like saying that a doctor who was drunk while operating, killed a patient, lost his license and convicted of manslaughter should be able to help out in the prison hospital - I mean we could limit his drinking right? /sarcasm Sure the doctor has a lot of specialized knowledge that COULD be put to good use, but his INTEGRITY has been compromised. When professionals do that, they lose their right to practice in that field - no matter HOW good they are.

[quote]ZEB wrote:

[quote]SkyzykS wrote:

[quote]ZEB wrote:

[quote]Brother Chris wrote:
I bet Madoff could still make more money from inside prison than most people can if they were on the out.[/quote]

I agree, and that’s how uncaring and stupid the government is. They simply wanted a scalp, they don’t care about the people who lost money. Madoff could actually work to get at least a portion of the people’s money back. Give him a computer and monitor his every move. In 10 years time he could have paid back at least a portion of the money that he stole. But that doesn’t fit the government’s agenda. All they know how to do is PROSECUTE. THERE WE GET EM. DUH![/quote]

I get the sentiment of this, in that he could be doing something useful to contribute to the restitution he owes, but there is a reason that they don’t employ thieves on work release at Best Buy. Cause they’ll clean the place out through the back door.

What do you do with someone who has proven that they can not or should not be trusted?
[/quote]

This is not a work release at a Best Buy. Do you fully understand the working knowledge of the markets that this man has? He could easily be placed in a room with a computer IN PRISON. His trades could be monitored and he could actually do some good for the many lives he’s ruined. But our system is so freakin antiquated that there is no exception for people like this. I’m sure the families that he cheated would certainly enjoy at least some of their money coming back. [/quote]

Yeah, I understand his expertise to the extent that I am able. Unfortunately, when you have a mastermind like his, and it turns criminal, which it has, you have a criminal mastermind.

Do you fully understand the depth, breadth, and how completely out of bounds what this guy did was? He didn’t just take other rich peoples money (as if that matters), he tore through charities, church funds, and all kinds of philanthropic organizations just for love of money.

I would not want to be the guy who supplied him with the tools of his trade only to have him outsmart (an admittedly inept system) and use them to the same ends again. People who are not nearly as smart or educated do it every day.