No 'Club Fed' for Madoff
Filed under: People
At disgraced financier Bernard Madoff's sentencing on Monday, Judge Denny Chin described his crimes as "extraordinarily evil." If legal experts are right in their assessment of where Madoff is likely to serve his time, he'll have the chance to meet plenty of other people whose misdeeds fit that description. There's no "Club Fed" in Madoff's future. Sentenced to 150 years in prison, far more than most white-collar wrongdoers, it's likely he'll spend the rest of his life locked up alongside violent criminals, these experts say.
His many victims will likely agree that living the rest of his life in such harsh conditions is a fitting punishment for Madoff, whose shocking multibillion-dollar swindle has made him as synonymous with fraud as Charles Ponzi.
Madoff should expect to serve his time in "a relatively dank facility where he's going to be integrated and treated no differently than other prisoners," said Kirby Behre, a sentencing expert with law firm Paul Hastings, Bloomberg News reported.
His days will be highly regimented and will include hours of work for meager wages of 12 to 40 cents an hour, with just an average of 10 minutes a day to make phone calls to the outside world, according to the article.
Burt Ross, the former mayor of Fort Lee, N.J., told The New York Times and other news organizations gathered outside the courthouse after the sentencing, that he believed the man who stole $5 million from him will "go down to the depths of hell" after he dies. Ross clearly isn't the only victim who feels that way.
It's worth contrasting Madoff's likely punishment to those of other recent corporate criminals. Take Jeffrey Skilling, the former Enron executive, or Bernard Ebbers, ex-CEO of Worldcom, both of whom are serving 25-year sentences in low-security federal prisons. How much worse was Madoff's crime? How much worse is his punishment?
Madoff destroyed livelihoods. He stole life savings. His investors lost at least $13 billion, according to prosecutors. But was he more "evil" than Enron? The crimes Skilling was convicted with destroyed some $60 billion in market value.The resulting reforms fundamentally changed the corporate landscape.
Was he as evil as the people he'll spend the rest of his life in prison with? With his 150-year sentence about to begin, he'll have a long time to think about it. So will we.
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Reader Comments (Page 1 of 11)
7-01-2009 @ 5:10AM
Sandi said...
Does anyone actually know yet just where will this evil person spend his lifetime, which prison? I have never heard yet. I hope that it is a hard security prison with only 1 hour a day or less out in the yard. I want the guys to get a hold of him and give him a "piece" of meat, get my drift? I guess that he would have to be mingling with the other inmates to get a piece of that strange stuff tho. Too bad, I want it to be the very hardest on him.
Reply
7-01-2009 @ 8:46AM
Gower said...
Here is his info for future use to find where he is.
1. BERNARD LAWRENCE MADOFF 61727-054 71-White-M 11-14-2139
The 617 number is how he is numbered for prison life. Here is link to find him also:
http://www.bop.gov/iloc2/LocateInmate.jsp
7-01-2009 @ 8:48AM
jim said...
As bad as this is.. Why is OK for our government to steal from us. Look what happen with Freddie and Fannie.. Yet no one is going to prison for that. Some of the low lifes were re appointed by our so called president to other position. Why not go after them. Bernie is just a distraction to the real crimes going on in the goverment
7-01-2009 @ 9:06AM
jeff said...
i'm glad the courts saw fit to put him in general population.. i'm sure someone that lost to this pc of shit will make sure someone in prison gets special gifts in return for a pain party. maybe the next person who gets the bright idea of stealing from decent hard working people will think twice before they take.. hopefully this is a sign of change and these maggots will suffer as they should.. now if we could just put the lawyers in the same place..
7-03-2009 @ 1:22AM
Beachcut said...
I am Positive his wife,brother.2 sons,SEC and many on Wall ST, knew about it. I bet there is a lot of Ponzi Theft going on Wall St. Do you really think this Bernie could get away with 50 billion for 25 years and no one knew??The Goverment recovered less than 1 billion. Where is the rest??? Probably sitting in Israel. All of the Madoffs should be water boarded or see my Dentist for the rest of the Money. Only in America can this happen.
7-01-2009 @ 12:11PM
Unknown said...
Sandi, you have a lot of nerve to make such comments. Yes, what the man did was wrong. But, does he deserve all the things you are saying? You have no right to judge him. You're just putting in your worthless two cents just like all the others on this message board. What makes you think you are greater than thou? Please. Talk about evil. Don't kid yourself, Sandi.
7-01-2009 @ 5:55AM
paul s said...
My fellow americans are as sick as he is. What is wrong with this country? Do you want public hangings to? How about burning him at the stake? Our anger at the financial system has been crystalized in one man by the media. Wake up. Mutual funds locked up in 401K's until we were almost 60 got vaporized. Violent criminals? You want him beaten up everyday too? Christians,huh? Through out history they've been real good with words.
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7-01-2009 @ 6:54AM
Dealerlic123 said...
Well said Paul: Too bad we never saw this media outrage with the Bush administration. Welcome to the new USSR! Everything in this country and the world is owned by the same clans. The Royals rule you, the churches fool you and the NWO owns you.
7-01-2009 @ 8:41AM
mAGGIE said...
HOW GOOD TO SEE ANOTHER PERSON LOOKING AT MR. MADOFF AS A TRUE CHRISTIAN SHOULD. i AGREE pEOPLE AEE EVIL BUT NOT ABOUT THEMSELVES AND ALL ABOUT MONEY AND WANTING REVENGE! THANKS FOR YOUR OPINION.
7-01-2009 @ 8:25AM
Barbi said...
They should make a reality show of his life in prison. The hardship he has to go through everyday. The beatings, rapings, torture. What about the families who lost all their savings because of this lowlife? I don't believe in an eye for an eye, but this loser thought he was invincibile and gave no thought to the families whom he stole from. I think it would definitely be "Must See TV"!
7-01-2009 @ 8:57AM
John said...
We 'fellow Americans' are not "as bad as Madoff", that is why he-- is-- the-- one-- going-- to-- jail, yay- is that clear enough for you?
I never callously stole from a sole in my life, I never saw people's lives destroyed while I smirked and felt indignant, I never caused anyone to commit suicide (to all you idiots who don't think he is a terrible crimminal-- HE DID TAKE LIVES)
We developed the justice system for a purpose, not so we could let others rape a huge population of people's TRUST, SECURITY, FREEDOM...
People with the mentality to BLAME THE VICTIMS are just perverse,( they must be Madoffs sons or old hag writing here). These "victims" were mostly people who invested in other financial firms that were getting kickbacks from Jackoff to invest with him--- most of these people were lied to, bullied, or CONNED because they could never suspect someone so heineous themselves. The SEC investigated and THEY never came up with a thing(I smell inside corrunption), how does that look to the average person who can barely read a financial statement???
There is one crimminal here, and his croonies, that is guilty in this---the victims were just that--VICTIMS!!!
7-01-2009 @ 8:58AM
Bill said...
Yes, public hangings, bring the stocks back, post bad check writers, Yuma prision , the chain gang w/ horse riding guards/shotguns etc, sr\triped black and white jail clothes, Alcatraz. Try making crime not pay. And bring back Devils Island and other nice spots like it. You liberal do gooders have soften this country into butter with you're BS of "crule and unusual", always forgetting about the person who had the crime done to them.
7-01-2009 @ 9:21AM
Mike McGowan said...
Paul get a grip get out of the liberal closet. Why bring religion into this. Public an SEVERELY HARSH public punishment might just be the answer to the insanely unfair justice system (unfair for the victim/s that is) crimes are committed because there is no fear of fitting punishment. Why worry about spending time in a club fed of all expense paid luxury prison (tv, 3 squares, bed,books, workouts etc) That's why we have so many people in prisons!! Enough public "equitable retaliation" to criminals and it might just stop the problem.
7-01-2009 @ 10:02AM
rufus said...
actually, public hangings would do a lot to deter future thefts. if the potential criminals could actually see what punishment awaits them, it would make some of them think.
7-01-2009 @ 12:05PM
Henry said...
Some people are too busy castaging te Black man and his socalled anti-social behaviors, they are looking at their own kind.
That is the way the poweful white man wants it to remain.,
7-01-2009 @ 6:14AM
wq said...
WHAT IS WRONG WITH US.
So now we put a white collar criminal into a prison where we know he will be physically abused if not killed.
Is the crime not supposed to fit the punishment.
My prayers to this man and his family.
Reply
7-01-2009 @ 7:14AM
John said...
The punishment is supposed to fit the crime and in this case he will not live long enough to endure punishment for suited for the crimes he commited.
Maybe a few executions are in order, too many career criminals sitting in jail costing everyone millions each year to feed and house. Habitual criminals that will never ever become useful to society. I feel that these crimes (white collar) are just as vicous if not more harmful and brutal than murder, rape etc.., as the murderer only kills a few whereas Madoff hurt thousands. Can you concieve 65 billion? Greed, and dis-honesty must be harshly punished, and a message sent to those in such high places that betrayal, stealing and cheating will not be tolerated.
This was a brilliant man who could have just as easily made money honestly, and loved and admired. He chose to cheat and steal, and you argue that we should be easy on him>? What is the standard? Where do we draw the line? How much betrayal and stealing before we send a message? There are many more that need to be taught that their wrongdoings will not be tolerated. How would you like to be 65 years old and lose everything? Unable to live on the money that is left.. Having worked an entire life for someone else to enjoy the finest cars, homes, yachts, caviar, champagne with your money? How do you punish this crime? His family I believe was well aware of his dealings and they too should be punished, and probably will be. Rich people in gerneral are rude, arrogant, and condesending to everyone, they look down on the hard working person. They feel everyone else is of lesser value. Don't believe me? Drive out the the Hamptons in NY and spend the weekend in the sumnmer there if you can afford it and see for yourself. Its mind boggling.
They order people around as if they own the word instead of being grateful and humble for their good fortune and kind to others. This is a hineous vulgar crime and no punishment is to harsh for a man that had no regard for anyone but his own self serving interests. I do not deny anyone his or her enjoyment of their money, but again they do not have to treat everyone else as subserviant and insignifacant.
How about the bankers who ruined our economy and then wanted a bonus? How do you punish this? Enough said..
7-01-2009 @ 7:56AM
SHUTUPDEMLIARS said...
YOUR RIGH WE SHOULD JUST HANG MADOFF WHY FEED THIS BUM AND LET HIM WATCH TV ALL DAY.
7-01-2009 @ 8:26AM
tianicmike said...
No doubt you lost nothing ,such as your life savings to this s.o.b.,Why don't we just smack his hand and give him his job back! He needs to be beheaded out in front of the courthouse for all to see. F all you bleeding hearts for all the criminals,and child rapers and such. We need to be like other countries who behead a--es like him. I guess if someone raped and killed your child you'd want to have them to dinner to pray for them! Anyone who defends scum is scum themselves!
7-01-2009 @ 9:38AM
sara said...
How many comments on here are written by the 'Jackoff' family???
"Oh no, don't make him suffer for his and his family rolling around in riches with those snobby attitudes, looking down at people, bossing waitstaff and chauffers, butlers, maids--you can't be cristian if you believe in justice!"
What a load of crap!!!!
I am a very kind person with a lot of compassion and humility AND...I'M LOVING THIS!!! BURN MADOFFS, BURN!!
Religous folk believe in HELL don't they??