Bernie Madoff will take his 150 years, and like it
Bernard Madoff has decided that he will not appeal the 150-year prison sentence he received for orchestrating a massive Ponzi scheme, according to his lawyer Ira Lee Sorkin. The decision was reached Monday when Sorkin and Madoff met, and although the Ponzi operator may have a "strong legal argument" because the maximum 150-year penalty may have been symbolic, Madoff will take his medicine.As Sorkin said, even if the court said that 150 years was excessive and lowered the terms to 40 years, "what's the point? He undertands his future. He is not going to walk out of prison at age 106." Sorkin believes that the Second Circuit Court of Appeals would find a stiff penalty "well within reason for Madoff," suggesting that 30 to 40 years would not "be ridiculous." (Sorkin came to this number by comparing Madoff's crimes with those of WorldCom CEO Bernie Ebbers and Enron CEO Jeff Skilling.) Taking 15 percent of the jail time off for good behavior, Madoff would leave jail at 98 -- and that is with the shortened sentence.
His decision suggests that that Madoff may have a bit of a heart. Apparently, the resolution concerning his wife (she got her passport back, which suggests there may be no criminal prosecution) "is of great satisfaction to him." The Justice Department will not seek $2.5 million from Ruth Madoff, even though other litigators could aim for this cash.
I am glad that Madoff has decided not to fight these charges. He did it, he admitted it, and he will pay the price by sitting in a jail cell, eventually, with other criminals. Why fight it? Even if it is symbolic (which Sorkin argued and many believe), Madoff will take his medicine. Supposedly, Madoff feels upset about his victims; Sorkin has said that Madoff has "felt ashamed and upset . . . since Day 1." Even so, I'd bet that the millions of dollars that supported his lavish lifestyle cushioned the shame and guilt a bit.
One thing is certain, this is not the last we will hear of the Madoff fraud. We are sure to learn more in the coming weeks and months, this kind of situation doesn't just disappear.
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Reader Comments (Page 1 of 2)
7-09-2009 @ 2:47PM
janice mertz said...
I think that Madoff's wife should not get 2.5 mil. That would mean she would be getting $80,000. a year. She should have to live on minimum wage like some of these people her husband ripped off will have to do. Where are they going to work at this stage of their lives 65 and up, to earn the kind of money they had?
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7-09-2009 @ 3:10PM
Alfred Mandler said...
Madoff's wife cannot be blamed for Madoff's sins. He is the one who engineered the Ponzie scheme.
7-10-2009 @ 10:12AM
Sarah said...
As usual, they put their money where it wasn't needed because they thought there was alot more to be had. I've noticed this with people in life; they want to be a part of something or of people who don't need them and then they will pay top dollar and invest. Look at all the good they could have done with their money, instead they give it to a vastly wealthy criminal, and because the loss is on paper it doesn't hurt them as much as if they physically got it all stolen.
They knew he was cheating someone to get that high interest back, and they revered him, and considered him an exclusive club that only the wealthy could get into. What a bunch of fools. Bragging about it the whole time. This is a real good example of how people are just not that smart; people assume they are because of their money, but an animal would have better instincts.
7-09-2009 @ 4:11PM
Bob said...
There is NO WAY that the family or at least most of them knew about this scam. Madoff is trying to take the fall for his family and close associates. Hopefully, the rest of the scum will each get 150 years each.
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7-09-2009 @ 5:09PM
owen said...
Well his wife got her passport back.... Does anyone really believe they dont have millions overseas someplace...she is on easy street when she leaves the country. Wait and see, if wont be long till she flys away and tough stuff to the losing investors. betcha I am right.
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7-09-2009 @ 5:22PM
j corley said...
read the Vanity Fair article about Madoff. His personal secretary of many years stated clearly the Ruth Madoff handled all the personal finances for the Madoffs and had access to the "off-limits" 17th floor where Madoff and his criminal cohorts ran their rackets. Madoff and his wife were completely intertwined business-wise. About his two sons, I don't know. I'm sure she will get litigated to death by people ripped off by the two Madoffs.
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7-09-2009 @ 5:24PM
val herring said...
You know the old lady knows where the money is at, that whole family needs to be investigated and not receive one penny.
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7-09-2009 @ 5:30PM
joe said...
I will give the man credit for taking it on the chin, not ratting anyone out and serving his time. We all do wrong but at least he is not like our politicians whining and crying for sympathy
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7-09-2009 @ 5:34PM
ruth shuford said...
Madoff should be put under the jail where he can't see the light
of day and then throw the key away! He knew very well what
he was doing, and just like any other criminal, they hope they
don't get caught.
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7-09-2009 @ 5:34PM
dan said...
No appeal was the deal to keep his sons out of prison. This whole process is a joke.
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7-10-2009 @ 12:40PM
Dave Mihay said...
Bern you took our money with a smile on your face. Glad it was for only a million. Thanks for all your help in the past. May God forgive you your sins like we do you .
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7-09-2009 @ 6:08PM
OG said...
Look at everyone sitting here whinning about little Madoff when the Government rips you off every single day (Into the trillions easily), taking both your money and freedoms while you sit back and take it like a Mexican whore. Can't blame him for trying to get a piece of the pie for himself although I surely do feel sorry for the victims, they should have put their money in a safe at home where it would have been safe. Nowadays everyone's looking for an easy buck, then when the scam crumbles everyone starts whinning, his investors had to have known something was up by their amazing returns but they just kept their mouths shut, they need to sack up and realize that there is no such thing as an easy dollar. Hardwork,honesty and creativity are the only sure routes to success! You gambled and you lost, suck it up. Gotta give it to the old man though, maybe he's oldschool, but people don't take their punishment anymore and keep their mouths shut like men. If anything congrats on that Mr. Madoff.
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7-09-2009 @ 6:22PM
papa said...
Sorkin says the scum bag will not get out of prison even if sentence is reduced. Well, it all depends on who will be the president in 2020. If it is someone like Slick Willy, he will pardon him for a price.
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7-09-2009 @ 7:25PM
Glenn Nelson said...
Bernie's sentence is to light. He should have gotten 150 years in the electric chair with the power turned on. Ruth should be made to live in the "projects" in New York City, either in Harlem or Bed-Sty, see how decent hard working people live. The sons should be locked up as well, I can't believe they didn't know. Fry the sons of a bitch
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7-09-2009 @ 7:35PM
bailoutsos said...
Let's try to figure this out. His sons are paid to operate the trading desk and they never made any trades? I am not the sharpest knife in the drawer, but even I can figure out they knew fully what was going on.
7-09-2009 @ 7:29PM
bailoutsos said...
His congressional contacts will have him out after all the news about him dies down.
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7-09-2009 @ 7:41PM
bailoutsos said...
Look at him smile in the photo. He has an ace up his sleeve and when the time is right, he will play it.
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7-09-2009 @ 7:57PM
beachpaul said...
He used all the money to payoff earlier investors. There is no secret account. You people watch to much television. If the economy hadn't tanked, he would have gotten away with it indefinitely. There were people lining up to give him money. He has no money to pay Sorkin for an appeal. The sentence would have been overturned and reduced. It is as insane as he became has his web spun increasingly out of control. Mr. Madoff did nothing to me. My portfolio lost 37% of its value. Please spend some time and money locking up the people responsible for that.
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7-09-2009 @ 7:53PM
fed up said...
Bernie Madoff was screwed! He should be set free to enjoy the few years he has left on this world! If you put a hot apple pie on an open window, you can't cry if somemone steals it!
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7-09-2009 @ 8:22PM
Duane said...
Have you folks forgotten how this kind of situation works. Here is the scenario. Six months or maybe one year from now, it will be announced that Bernie Madoff has "died" of natural causes (heart attack etc) while in his cell asleep. His body will be removed, from the prison, out the back door in the middle of the night. He will be "buried" and that will be that. Then, a couple days later, a country in So. America, will receive a new resident, who will live in some very, very, exclusive area of Rio de Janerio or some other high roller city. The president of that country will become 20 million dollars richer and everyone will be happy. This is how these things work and no one in the U.S., especially his victims will ever be the wiser. A shame but this is our world.
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