April 9, 2009
This is one of those crimes that if you were a victim would hope the guy died in prison or you would find him and do the job. Almost like that Agatha Christy, where all the people killed the villian, Richard Widmark. People would stand in line to get even with Burney Madoff, after he took everything they had in life.
This begs a few questions about our legal system and what we think is justice. When does someone get sentence to 150 years, instead of just saying life in prison? In our system, you commit one crime, you get tried for one crime, but in this case the one crime was ongoing, and produced many victims over years. Is each victim a separate crime or was the Ponsi scheme considered a single crime? When you rob a bank, arn't you robbing everysingle depositer, or just one bank in a single crime? On the other side of the coin, people kill other people and only get a fraction of his punishment. Why wouldn't anyone who took a life get at least 150 years to start with, making 50 minimum before parole hearings? However, it is common to only get something less than 10 yrs, and the most outrageous I recall, was 30 days served on weekends. That was the sentence given to the wife of Andy Williams, who shot and killed Spider Savage the ski champion.
I have no doubt Madoff pleaded guilty to save his wife from prison, who still got to keep the better side of 3 Million dollars. They complained they should have been able to keep something near 60 million. How much of the billions has been recovered or where it is? I havn't watched it that close.
Bernard Madoff sentenced to 150 years in prison
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AP – FILE - In this March 10, 2009 file photo, Bernard Madoff exits Manhattan federal court in New York. A … 1 min ago
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 that his secretive investment advisory business was a "big lie."
He pleaded guilty to securities fraud and other charges in March and has been jailed since.
THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.
NEW YORK (AP) — Bernard Madoff has apologized to his family and to the victims of his multibillion-dollar fraud scheme.
The 71-year-old financier said Monday at his sentencing that he "will live with this pain, this torment, for the rest of my life."
Madoff says that he dug himself "deeper into a hole" as the scheme progressed.
Attorney Ira Sorkin says the 150 years in prison recommended by prosecutors or the 50 years recommended by the federal probation department are excessive.
Victims who lost millions of dollars earlier urged a stiff sentence for the former Nasdaq stock market chairman.
Madoff has pleaded guilty to securities fraud and other charges in March and has been jailed ever since
April 9, 2009
As far as I'm concerned this is a real slap in the face. I also read of the 13.2 Billion, only 1.2 billion has been recovered. WHERE THE *&[email protected] IS THE OTHER 12 BILLION?
Lets put poor Ruth's delemia into proper perspective. If anyone is lucky, in an entire working carreer of 40 years they might have grossed 1 million, because their working carreers span back to the 60's where 25K a year was a huge income, and average factory workers were $10 per hour and under, min wage was about $1.50. Very few people have made total lifetime earning of 2.5 million, and even if they did would not have saved near that amount. The victims of this Ponzi scheme invested everything they had, at a time when bank int were very low, are left with zero savings to last the rest of their lives. Ruth's income of $125K off that money is far far more than I get with a pension and SS combined. I never made near that amount in any year of my carreer, even years both of us worked. If she is left alone with that amount of income she will want for nothing. She can afford cruises, trips to Europe and eat out anyplace she desires. she will not be clipping coupons, shopping at Costco, or driving a 20 year old clunker. $10,500 per month income pays for a million dollar home, and get you a car most of us never could have.
Who do you know that couldn't retire right now if they were just handed 2.5 million or hit a jackpot for that much $$$?
Ruth Faces Living Off a Scant $2.5 Million
by Brett Arends
Monday, June 29, 2009
How tough is it living off $2.5 million? Ruth Madoff is about to find out.
Bernie Madoff's wife has been left with a lump sum in that amount from her settlement with the Justice Department.
More from WSJ.com:
• Bernie Madoff's Secretary Talks (and Talks)
• Trouble Ahead for Ruth?
• The New Battle to Manage Rich People's Money
The first thing to note is that the cash doesn't come completely free and clear. She may still face claims from the Securities & Exchange Commission, the Securities Investor Protection Corporation, and the trustees liquidating her husband's business and estate. It is also unclear how much Social Security she will have to live on as well.
When you cast aside the sort of smoke and mirrors used by her husband, a conservative investment portfolio may only earn about 3% a year over inflation. At that rate, and if Mrs. Madoff wants to make sure she doesn't outlive her money, her $2.5 million settlement should give her an annual income of maybe $125,000 a year. That would make the money last all the way to age 100.
That's a pretty good income. It's a lot more than many of her husband's ruined victims will have. But it will hardly support her past lifestyle. Mr. and Mrs. Madoff, according to court papers, owned homes in Manhattan, Montauk, N.Y., and Palm Beach, Fla., along with millions of dollars in furniture, art, furs, and the like.
Sounds like she's going to have to do, on a bigger scale, what a lot of Americans are doing right now: Downsize.
More from Yahoo! Finance:
• Wiped Out by Madoff
• Pricey Cities That Pay Off
• 10 Quirky Economic Indicators
Visit the Banking & Budgeting Center
If Ruth Madoff spends a third of her $125,000 a year on accommodation, that will come to about $3,500 a month -- enough perhaps for a (modest) two bedroom in Manhattan, but nothing glamorous. It will rent more in Florida. Especially if she moves inland from Palm Beach -- to somewhere like Sunrise.
The good news? There's an Ikea nearby. And lots of factory outlets. And in Florida she will be able to survive without her $36,000 Russian sable coat.
As for cars: Mrs Madoff has to give up her Mercedes-Benz E class and CLK. But a brand new Mercedes SmartCar only costs about $14,000.
As for investments: Mrs Madoff is 68. She will need income to live on for maybe 30 years or more. She's going to have to generate income to live on, and enough growth to keep up with inflation. That's going to mean a conservative mix of stocks and bonds.
Among bonds, Treasurys look expensive. Even inflation protected Treasurys, so-called TIPS, are starting to look fully priced. And Mrs. Madoff would do well to avoid very long-term bonds. They are at risk from inflation.
There are better opportunities in corporate debt, from investment grade to high yield. She might also look at tax-exempt municipals -- she can earn at least 3.5% tax-free without taking on too much inflation risk. She might even consider emerging market government bonds.
If she wants stocks paying good income as well, Mrs. Madoff should be able to earn yields of about 4.5% a year right now without taking too much risk. Closed-end funds -- special mutual funds that trade like regular shares -- can be a great way to get equity income. That's because the funds themselves can sell at a big discount, which means you get more income for each dollar invested.
The irony, of course, is that Mrs Madoff really needs right now a financial adviser she can trust to handle her money.
Write to Brett Arends at email@example.com
April 9, 2009
You should start with the oversight and reg bodies. I'll go out on a limb and bet you $100.00 to a doughnut that they know where every penny went and where the rest is located. This is where you and I butt heads Greeney, you constantly see the small picture while the bigger one gets lost in translation. Things these days, especially these days, are never ever what they seem on the surface and when it comes to large sums of monies it seem to be even that much more obvious to those of us who see the big picture.
This topic was discussed a ways back, IT'S COMPLETELY IMPOSSIBLE for the FEDS not to have suspected something was amiss with this guy, and going a step further, equally impossible for his Kids not have KNOWN, or at a minimum SUSPECTED.
They will call them assets and in a essence they are, HOUSES, PROPERTIES, JEWELERY ETC~~All to be sold off and distributed back to those affected but more than likely at the discretion of an appointed OFFICIAL~~AFTER ALL WE'RE TALKING BILLIONS are we not?
Last I checked appointed REGULATORS don't work for minimum wage, and more often than not have access to info you and I will never know, nor will such info ever see the light of day where the GENERAL PUBLIC is concerned. The SEC has gone through 3-4 different chairs since this idiot has been running this scam
I can explain in detail what really happened here but it would take way too long so I'll make it short by asking a few simple questions:
If this guy was stealing and running a scam for years and years, WTF TOOK SO LONG to uncover it? 😉
Secondly, I'm sure a few of his investors had suspicions long ago~~where are they? Why didn't they speak up/out.? Is it possible that they did and NOBODY cared enough to inquire? 😉
You're talking about billions of dollars, but THAT is what is being reported, nobody knows exactly how much was lost or stolen except those in charge of oversight/regulation. They will be the last to say ANYTHING. We lose sight of how big a number a billion is vs a million~~light years in difference. Same thing with being RICH VS WEALTHY~~Huge differences.
How this guy had a financial reputation as a Professional was put forward by those on Wall Street, so he was an easy sell to people with new found money, Movie Stars, Ball Players, lucky business developers ETC. Give me your money I return 10% forget about it, I GUARANTEES IT!
HE WAS CHAIRMAN or President of one of the Wall street Firms, so saying that No one knew or has suspicion is probably pure bullshit.
In this link you can read where he started his business in 1960 with $5,000.00 that he made from being a freaking lifeguard. Where's that bridge I have for sale.
http://www.timesonline.co.uk/tol/news/w ... 331997.ece
Good night Gracie!
Just wait until the attorneys chop up the assets for legal fees prior to anyone who lost money ever seeing a dime. Help me so I can help you!
Oh and his wife can keep 2.5 million by simply pleading ignorance because she was just a warm body for long cold nights, she had NO CLUE where the money came from 🙄 🙄 and neither did anyone else in the family, we're all just deaf, dumb, and blind! Now where's my Land Rover, I mean Cruiser or WTF ever you call that damn thing!
Here ya go Greeney~~just scroll down the linked material: Read em and weep. Looks like he took out a few Jews. Mael must be smiling.
http://s.wsj.net/public/resources/docum ... 81215.html
ah his wife speaks: See Greeney I'm never wrong about such things, basic common sense and a well functioning brain: Her statement.
A short time later, Ruth Madoff, who was not in court to witness her husband's humiliation, broke the silence she has maintained since her husband's arrest.
"I am embarrassed and ashamed," she wrote in a statement. "Like everyone else, I feel betrayed and confused. The man who committed this horrible fraud is not the man whom I have known for all these years
http://www.nydailynews.com/money/2009/0 ... s_max.html
April 9, 2009
April 9, 2009
Feds seize Madoff penthouse, wife leaves
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AP – FILE - In this March 22, 2009 file photo, the building in midtown Manhattan in New York where Bernard … By LARRY NEUMEISTER, Associated Press Writer Larry Neumeister, Associated Press Writer – Fri Jul 3, 1:59 am ET
NEW YORK – Federal marshals seized disgraced financier Bernard Madoff's $7 million Manhattan penthouse on Thursday and forced his wife to move out and leave her possessions behind, including a fur coat she had asked to take with her, an official told The Associated Press.
Proceeds from a sale of the property and its contents could be used to help reimburse those who lost billions of dollars investing with Madoff before he confessed to running a Ponzi scheme.
U.S. Marshal Joseph Guccione said the marshals arrived at the property at noon with a court order permitting them to take custody of the apartment and to make anyone living there move out. Guccione said Madoff's wife Ruth had been advised in advance of the marshals' plans and was leaving the residence and surrendering all personal property.
"She will be leaving," he said at midday. "Restitution for the victims is the government's top priority."
Typically, the U.S. Marshals Service changes all locks and secures a property when it seizes a location.
By about 1 p.m. EDT, 67-year-old Ruth Madoff had left. It was not immediately clear where she went to live.
Ruth Madoff first argued with marshals who came to the apartment and asked to stay, then asked if she could take a fur coat with her, a federal official informed of Ruth Madoff's departure told The AP. The official wasn't authorized to discuss details of her encounter with marshals and spoke on condition of anonymity.
Ruth Madoff walked out of the apartment carrying just a straw bag after she was told she couldn't take her coat, the official said.
"This cheap effort to smear Ruth Madoff is meritless — with a little over two days to pack up her entire life of 68 years and find a new place to live, Ruth still managed to move out right on time, in an orderly fashion and in total compliance with her court approved agreement," said her lawyer, Peter Chavkin. "And it was she who forfeited the furs last Friday as the publicly filed stipulation states."
"These anonymous attacks on her should stop," Chavkin added.
The 71-year-old Madoff was sentenced Monday to 150 years in prison. He pleaded guilty in March to charges that his investment advisory business was a multibillion-dollar Ponzi scheme that wiped out thousands of investors and ruined charities.
Authorities said Madoff had carried out the fraud for at least two decades before confessing to his sons in December that his investment business was a fraud and that he had lost as much as $50 billion.
Last week, Ruth Madoff agreed to give up all of her possessions in return for a promise that federal prosecutors would not pursue $2.5 million not tied to the fraud. The money, though, is not protected from civil legal actions that might be pursued by a court-appointed trustee liquidating Madoff's assets or by investor lawsuits.
Ruth Madoff broke her silence Monday when she said in a statement that her husband "stunned us all with his confession and is responsible for this terrible situation in which so many now find themselves."
Before she agreed on a deal with the government to resolve her finances a week ago, Ruth Madoff had indicated through lawyers that she planned to try to keep the penthouse and an additional $62 million in assets as unrelated to the fraud.
Before the fraud was exposed, the Madoffs had homes in Palm Beach, Fla., the south of France and the tip of Long Island along with the midtown Manhattan penthouse. They also traveled by private jet and yacht.
The couple met at their Queens high school and married in 1959. Ruth Madoff worked with her husband when he started his financial business in 1960 and she reportedly still had an office near his when the fraud was exposed.
Madoff has said he operated his fraud without the knowledge of his family.
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