Bernard Madoff

[ms]

The Securities and Exchange Commission and Bernard Madoff have reached an agreement that could eventually force the disgraced investor to pay a civil fine and return money raised from investors.

The agreement states that the allegations of fraud cannot be contested by Madoff and that possible penalties will be decided "at a later time."

The SEC says that it has submitted the agreement to a Manhattan federal judge, who has to sign off on it.

[alsaqr]

No!!!!!!..Well...told ya. There will be a mental instability component in all of this, all the money won't be given back.

This deal between Madoff and the SEC makes me wanna puke.  The SEC sat on their useless butts and let Madoff do his thing.  Madoff's slutty niece, who was a part of the Madoff Ponzi scheme, married an SEC regulator.  Now the SEC is anxious to sweep it all under the rug.

[dukkillr]

The deal, as I understand it, involves only the civil portion of this situation.  It's essentially a failure to contest the SEC claims.  It does not address the amount of restitution, so it will be interesting to see how much money can be accounted for. 

Assuming the penalty phase is productive it's a good deal for tax payers who don't spend hundreds of thousands of dollars prosecuting a case with minimal chance of returns...  It might also make more money available because his attorneys fees will be lower.

[mirage1988]

thanks for taking the invaluable time out of your day to clear that up for us!

[BBF]

I presume this means no time served in the big house?!

[dukkillr]

That's what I was trying to point out.  This deal doesn't have anything to do with the CRIMINAL case.  He could not have gone to jail on the civil case anyway... it's all about money.  And it sounds like whatever money can be found will be claimed by the government under this deal. 

[Redtail1949]

It has always been that way, a young kid can rob a store of thirty five dollars, without harming anyone, and receive 35 years to life in the pen. a banker steals a million maybe billions and destroys thousands of people and gets 6 months.

This scum should spend the remaining days of his life locked up. That goes for all who participated in this fraud and those that helped conceal his assets, namely his wife.

Obama when asked about prosecuting Bush and members of his white house for "CRIMES" stated "...no one is above the law!"

That after he had to issue "waivers" to half his cabinet for being income tax cheats.

What a hypocrite and a farce he and all his team are.

[dukkillr]

Led away in handcuffs today after entering a guilty plea.  Faces 150 years in Federal prison.  Denied bail pending sentencing.

http://news.yahoo.com/s/ap/20090312/ap_on_bi_ge/madoff_scandal

[billy_56081]

So did he make more of an Alfred plea, where you admit they have enough evidecnce to convict you while not actually admmitting guilt. Or did he make a straight guilty plea where he had tp admit his guilt in open court?

[Questor]

I was hoping he'd get one of those sentences you read about sometimes, where a lot charges add up to a really long prison sentence and the sentence is published like "he will be eligible for parole in 6800 years". It would have been cool if Madoff were sentenced to 65 billion years in prison, and required to pay 4 trillion dollars in fines. (At least that way Nobama could change his economic predictions to include the assumption that Madoff would actually pay the fines.)

[dukkillr]

So did he make more of an Alfred plea, where you admit they have enough evidecnce to convict you while not actually admmitting guilt. Or did he make a straight guilty plea where he had tp admit his guilt in open court?

He pled guilty.  He did not enter into a plea bargain.  He simply walked into court and pled guilty to all their charges.  He admitted fault and guilt. 

And 65 Billion years is the same as 30 years when you're already 70 years old.

The next interesting part of this case will be if the Feds can find any criminal evidence against any family members or close co-workers.

[magooch]

Yeah, but will Bernie be able to get his license to get back in the game when he gets out of the slammer? 

What an appropriate name--Bernard Madoff--with other peoples money.

[Tommyt]

By Pleading Guilty
DO you think when all is said and done
He and his Wife will have lost all I mean each and every All Assets
a Broke man as in Other than the slammer Zero/Nada .aka: homeless man /woman
Or do you think he has a way to acquire  moneys or Precious stones, metals that he has Hid

[Oldshooter]

He has had plenty of time to stash something away for the wife(who I hope takes a fall also).
He wont see a free day before he dies I hope!

But money talks, how do you figger he got to stay in his 7 million dollar penthouse all this time.

[dukkillr]

By Pleading Guilty
DO you think when all is said and done
He and his Wife will have lost all I mean each and every All Assets
a Broke man as in Other than the slammer Zero/Nada .aka: homeless man /woman
Or do you think he has a way to acquire  moneys or Precious stones, metals that he has Hid

I thought about this on the drive to work today.  The prosecutors in the case had a very difficult situation in front of them.  Madoff presumably knew he would end up going to jail for the rest of his life when he got caught.  I suspect he knew he'd get caught.  So what do you think he would do?  Stash the money, move money, give it others, hide it in places only you know. 

Well what can the prosecutors do about it?  They have the option of working with him to try and recover as much money as possible, but in exchange offering him a plea bargain.  The downside to that would be the wailing from the public that justice wasn't done and blah blah blah (never mind that 95% of all criminal cases plea). 

The other alternative is that they can refuse to deal with him, or at least refuse to offer amnesty or less jail time thereby assuring that he won't work with them.  In that situation the public wails becasue they can't find the money, and others are involved and blah blah blah. 

Without his cooperation the challenge will be following the assessets.  Cars, homes, jewels, etc can be taken back and given to those who lost money, but you have to be able track where they came from, and you have to be able to find them.  It will be difficult to do too much of that without inside help... Like I said, the prosecutors were in a tough place. 

[Cabin4]

They should offer Madoff a deal. We'll make him Chairman of the SEC if he divulges the location of all the money. Then, task him with closing all the loop holes at the SEC since he is obviously an expert at exploiting them.

Sound familiar…Joe Kennedy #2.

[Cabin4]

Its also amazing that the guy did not even try to fight any of it. You gotta wonder, is anyone in the SEC on the receiving end of the money? Becasue if it went to trial, they would all have to dig into the micrscopic details of this. The SEC does not want this to go to trail becasue it will expose them and likly others for their incompetance.

[Graybeard]

Most likely either obamination or his bosses are getting their cut of the money. He will be pardoned when the obamination leaves office.

[Oldshooter]

Doesn't make sense..all Bernies's crimes took place during the Bush regime.

Look I dont think obama is to blame for this but Bush sure aint either! Come on give this Man a break he isnt to blame for everything that has ever gone wrong in the world and not even to blame for everything that went wrong while he was President.

Bernard Madoff scamed everyone he dealt with! Ill bet that berny was running his scam during the Clinton years too, but it aint his fault either!  Now the  SEC definetly has some answering to do!

But give "W" a pass on the madoff scandal. jeeeez

Sometimes people give these presidents more credit than they deserve and they surely give them more blame than they deserve also!

[Tommyt]

This mornings news has him asking to get out,
They say his lawyers are working on that ,
for one how come they can't freeze his assets and I think we all know He will
disappear if he gets out, or gun in Mouth

[Oldshooter]

Well pardner fun is in the eye of the beholder! Fun for me if he had my money would be explaining to him why he was about tell me where it was!

[dukkillr]

It has always been that way, a young kid can rob a store of thirty five dollars, without harming anyone, and receive 35 years to life in the pen. a banker steals a million maybe billions and destroys thousands of people and gets 6 months.

This scum should spend the remaining days of his life locked up. That goes for all who participated in this fraud and those that helped conceal his assets, namely his wife.

He get's the max, 150 years.
http://news.yahoo.com/s/ap/20090629/ap_on_bi_ge/us_madoff_scandal

[crustaceous]

I don't think this show is over by a long shot. Others will be implicated.

http://www.msnbc.msn.com/id/31510209/ns/business-small_business/

[dukkillr]

OKay Bernie gets the max (from Judge Chu), but he still doesn't have to talk or come clean on anything at all. Now appeals can start for all manner of things..

Next thing to do is find out where Bernie gets sentenced and see if he is still there in a few years (just try and do this..), or if he dies if it is him.


..TM7

Keep that tinfoil hat on real tight. 

We talked about this above.  The prosecution was in a situation where they couldn't force him to talk.  What do they have to offer?  Offer a reduced jail sentence and the whole world is howling.  So no deal is made and they are forced to hunt down co-conspirators without his assistance.  They will get fewer convictions and less restitution this way, but they will get the satisfaction of knowing that the principle defendant will die in jail.

[Oldshooter]

Now you cant persecute folk for 11 to 15 % returns. As a former employee of the double crosses "Exxon"

I can tell you that their stock has continually returned 12 % for years!

[dukkillr]

OKay Bernie gets the max (from Judge Chu), but he still doesn't have to talk or come clean on anything at all. Now appeals can start for all manner of things..

Next thing to do is find out where Bernie gets sentenced and see if he is still there in a few years (just try and do this..), or if he dies if it is him.


..TM7

Keep that tinfoil hat on real tight. 

We talked about this above.  The prosecution was in a situation where they couldn't force him to talk.  What do they have to offer?  Offer a reduced jail sentence and the whole world is howling.  So no deal is made and they are forced to hunt down co-conspirators without his assistance.  They will get fewer convictions and less restitution this way, but they will get the satisfaction of knowing that the principle defendant will die in jail.

No tinfoil hat needed...watch the kool-aide yourself___it can leave a nasty stain..   That's pretty much what I said.....only thing is you and I know a caper this size, over this number of years, took more than just the princple Madoff. And we'll see what appeal court Judges have to say....the case begs further watching.

Another interesting thing is the so-called victims of this financial gangster were not complaining when they were making 11-15% returns when everyone else were earning 2-3%, or worse yet getting wiped out....they weren't complaining then....didn't they think something was wrong??

...TM7

Please tell me what issues you believe will be appealed?  No crazy consipracy theories, actual legal issues that will be appealed...

[Rustyinfla]

  150 years is a long time...

[pastorp]

An't that the truth, Rusty.

[billy_56081]

  150 years is a long time...

Well with good behavior he should be out in 100!   

[gypsyman]

Their throwing Madoff to the wolves. How many s.o.b.'s in Washington should be tried for treason. And that, is a hanging offense. Or firing squad. gypsyman