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Ear to the Ground

150 Years in the Slammer for Madoff

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Posted on Jun 29, 2009
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AP photo / Louis Lanzano

Bernie Madoff arriving at Manhattan federal court in March. He’s the guy full of remorse stepping out of the Mercedes.

Bernard Madoff, the man responsible for the biggest Ponzi scheme in human history, has been sentenced to 150 years in prison. The judge was unswayed by the “tormented state” Madoff now finds himself in after swindling $65 billion over a span of 20 years, which affected thousands of people, from Elie Wiesel and Sandy Koufax to small investors and retirees.

The New York Times:

A federal judge sentenced Bernard L. Madoff to 150 years in prison on Monday for operating a huge Ponzi scheme that devastated thousands of people, calling his crimes “extraordinarily evil.”

In pronouncing the sentence — the maximum he could have handed down — Judge Denny Chin turned aside Mr. Madoff’s own assertions of remorse and rejected the suggestion from Mr. Madoff’s lawyers that there was a sense of “mob vengeance” surrounding calls for a long prison term.

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PatrickHenry's avatar

By PatrickHenry, July 1, 2009 at 1:45 pm Link to this comment

By lockweed, July 1 at 2:06 am #

Not all jewish people, just the zionists who put Israel first.

They exist in banking, media, lobbies and government and they collude together to silence valid criticism of Israel and its atrocities and crimes and create enemies who further Israels foreign policies which are rarely in the U.S. interest.

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By lockweed, June 30, 2009 at 7:06 pm Link to this comment
(Unregistered commenter)

To PatrickHenry:

You have to wonder if the western world has gone crazy the way it bends over backwards to please Jewish people.  Other people such as muslims could only dream of being treated like this.  The following is from the United Kingdom:

“A Jewish couple are suing their neighbours in a block of flats, saying an automatic security light is keeping them prisoner in their home because it forces them to break their Sabbath rules.”

http://www.dailymail.co.uk/news/article-1193357/Jewish-couple-sue-neighbours-imprisoning-automatic-hallway-light.html

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By Lockweed, June 30, 2009 at 6:50 pm Link to this comment
(Unregistered commenter)

To PatrickHenry:

Thanks for the information.  I used to read the New York Times and would often read articles where the subject would be identified as Jewish if it was someone to be proud of:  Beverly Sills (opera singer), Leonard Bernstein, Barbara Streisand, Albert Einstein, etc. 

Normally I would not expect someone’s religious or ethnic background to be identified.  Americans come from many different backgrounds from all over Europe and very rarely do we identify them by their ethnic or religious background.  Who knows what George Bush’s or Richard Nixon’s ethnic background is?  You can sometimes guess by the name.  Former secretary of state George Shultz (under Ronald Reagan) is probably of German background.

But since successful Jewish people who contribute good to society are identified as being Jewish, you would think people like Madoff or neo-cons such as Paul Wolfowitz and Richard Perle would also be identified as being Jewish.

This inconsistency seems to indicate that we should praise good Jews but not identify corrupt Jews.  I’m think if someone identified Madoff as Jewish he would risk being called an anti-semite if he’s not careful.

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PatrickHenry's avatar

By PatrickHenry, June 30, 2009 at 2:55 pm Link to this comment

By Lockweed, June 30 at 5:09 am #
(Unregistered commenter)

He has assets in Israel?  Is he Jewish?

http://www.russiatoday.com/Top_News/2009-06-16/Billionaire_Madoff_tied_to_intelligence_agencies.html?fullstory

Your not going to hear about it in the NYT.

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By msgmi, June 30, 2009 at 7:51 am Link to this comment
(Unregistered commenter)

Former chairman, Christopher Cox and his elite SEC overseers of Wall Street enabled the likes of Bernie Maddoff, especially when the SEC had information about the on-going scheme. Cox et al are just as respnsible as BM for keeping the Ponzi scheme alive. They should be held accountable as co-conspirators.

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nefesh's avatar

By nefesh, June 30, 2009 at 7:24 am Link to this comment

By Folktruther, June 30 at 8:11 am #


The US ruling class is still protecting Madoff.

The moral: if the rich do it, that means its not illegal.

More “ruling class” bullshit…....
Madoff has been sentenced to 150 years and will die in prison.

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By Jim Yell, June 30, 2009 at 6:44 am Link to this comment
(Unregistered commenter)

I certainly don’t think he was railroaded and I do think he got at lest what he deserved, but I agree that his family have not accounted for the money they took out just before collapse. The statement that Madoff informed his family what he had done just before admitting it to the country sounds like “octopus ink” meant to distract the obvious complicity of his participating family. They knew what was happening a long time before this set piece.

I do agree that Madoff is only the most visiable and that the investment community and their substantial money inserted into our politics still, has provided cover for the hundreds if not thousands of people who worked in similiar skims and got away with it by paying to have rules left un-enforced or by out right buying re-writes of laws to absolve them of criminality. They are traitors to the country, much more than the religiously damaged “American Taliban”.

This would be a joke, but no one is laughing except the thieves. Oh and by the way substantial Jewish institutions were damaged by Madoff, so what is all of this “he has money in Isreal”, I would bet he has more money just off shore.

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By Thomas, June 30, 2009 at 6:25 am Link to this comment
(Unregistered commenter)

Where I live, two thugs robbed a jewelry store…and when the police I.D’d them…..They were charged with armed robbery & CONSPIRACY!!!!!

MadeOff and his CRIME FAMILY….“only ONE bad apple!!”

apparently, Conspiracy is only for the little people!!

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By Folktruther, June 30, 2009 at 5:11 am Link to this comment

The US ruling class is still protecting Madoff.  Amazingly, he and his family have not been questioned as to how they conducted their ripoff and what they did with the money. They faked buying stock for twenty years and were not stopped despite being reported several times to the SEC and widespread rumors on Wall Street.

A more plausable explanation is that they invested in drugs and other illegal dealings, such as arms, which are extremely lucrative.  But they probably paid off the regulatory commissins and prosecution to avoid being questioned about it.  really astonishing.

The moral: if the rich do it, that means its not illegal.

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By TheHandyman, June 29, 2009 at 11:31 pm Link to this comment

No matter how bad Madoff was, Paulson, aided by Congress and Bush make Bernie look like a piker with their lack of over sight and the TARP program. These rich a holes thumb their noses at us, take the People’s money, pay themselves even bigger bonuses and they have the nerve to talk about Madoff. Every time I pick up a paper or read online I see some other scam they have gotten away with and Obama’s whiz kids keep saying it is good for us. Don’t mention Geithner is the guy who should have put a stop to a lot of this when he was head of the Federal Reserve. Just another reason to compare Obama to Bush!

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By Lockweed, June 29, 2009 at 10:09 pm Link to this comment
(Unregistered commenter)

He has assets in Israel?  Is he Jewish?

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By samosamo, June 29, 2009 at 4:02 pm Link to this comment

Perfect time to see how long this guy could be kept alive, you know kind of how our country would torture those we don’t like right up to death then bring them back to life to torture them again.

If the sentencing holds up 150 years that just might turn some heads on wall street.

Judge Denny Chin deserves the medal of honor.

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PatrickHenry's avatar

By PatrickHenry, June 29, 2009 at 3:27 pm Link to this comment

Now arrest his wife, sons and daughters, corporate officers and seize all assets, here and abroad (Israel).

Give them all a FEMA trailer to live in.  Food stamps and minimum social security.

I hope the taxpayers don’t get stuck with one red cent of this except prosecutorial and incarceration chanrges.

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MarthaA's avatar

By MarthaA, June 29, 2009 at 11:35 am Link to this comment

Good, we got rid of him, now if our government will be more than an elaborate Ponzi scheme and actually provide health care for all, instead of more of Nixon’s sophist health care Ponzi scheme for the insurance companies and forced auto insurance for those who can’t afford insurance for themselves.

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MarthaA's avatar

By MarthaA, June 29, 2009 at 11:35 am Link to this comment

Good, we got rid of him, now if our government will become more than an elaborate Ponzi scheme for private industry, and actually provide health care for all, instead of more of Nixon’s sophist health care Ponzi scheme for the insurance companies and forced auto insurance for those who can’t afford insurance for themselves.

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By Passing Mixer, June 29, 2009 at 11:26 am Link to this comment
(Unregistered commenter)

Actually, he’s just a fall guy. Other folks, (Chase) got out right on time, so they couldn’t be screwed. Madoff suckered some of the rich and famous, and for that he’s scapegoated.

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By choirgirl, June 29, 2009 at 11:01 am Link to this comment
(Unregistered commenter)

a shonde. he should rot forever.

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By SteveL, June 29, 2009 at 10:54 am Link to this comment

This A-hole needs to be the first of many.  I still get calls from so-called financial advisors despite the simple request on my part to “leave me alone”.

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