Monday, June 29, 2009

Madoff Gets 150 Years

Bernard Madoff got slammed with the 150 year maximum sentence today at his sentencing hearing with Judge Denny Chin. This pretty much assures that Madoff will leave prison feet first at room temperature. A representative sample of eleven of his many victims gave heart rending impact statements. The sentence reflects well the sense of public indignation at Madoff's looting of charities and eldlery people on the threshold of retirement.

Let's face facts. Any sentence served by Madoff is likely to be a life sentence, when you consider his age. The big question is, how much restitution will he pay? If Madoff goes to a "Club Fed" easy time prison,there will be no pressure on him to come clean. Madoff should be sent to an uncomfortable place such as Marion, Illinois or Florence, Colorado. If he wants comfort, let him cough up cash. If he starts "forgetting" refresh his memory with an impromptu transfer with no notice.

There is another set of screws that can be tightened. Shine the spotlight on his family. When his nephews and nieces, cousins and sons find that they are going from one audit to the next, maybe he will have mercy on family.

It would be nice to see unremitting hell for Madoff, but there has to be some effort made to recover his plundered billions.

The last unanswered question as Madoff goes to cold storage is that of his accomplices. Who made up the fake statements? Who reeled in new victims? It is impossible to believe that this massive fraus which spanned decades had no other willing participants. Others are guilty as well. This case has just begun. Sphere: Related Content

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