Thursday, March 12, 2009

Madoff Jailed After Admitting Epic Scam - Finally

I was incensed that BM was allowed to walk the streets with his smirk while people suffered. He took over $500 million each from two men he was the closest friend to. One of them he just got an additional $250 million out of just weeks before his fall. Madoff Jailed After Admitting Epic Scam -
Madoff was sent to jail Thursday after confessing to one of the largest frauds in history, telling a courtroom filled with people he cheated that he was "sorry and ashamed" for bilking so many out of their life savings. "As the years went by, I realized that my arrest and this day would inevitably come," said the 70-year-old Mr. Madoff, dressed in a crisp white shirt and charcoal-gray suit. "I am painfully aware that I have deeply hurt many, many people, including the members of my family, my closest friends, business associates and the thousands of clients who gave me their money."
I don't think he is aware how much he hurt people. The list of people who went from wealthy to near poverty is long. His own sister had to sell her house. Just more words from the master liar. And he quit investing the money over 15 years ago - pure ponzi. One highlight of the hearing today:
During the bail discussion, Mr. Madoff's lawyer, Ira Sorkin, explained to the judge that his client's wife, Ruth, paid for a security company to monitor Mr. Madoff at her "own expense." The crowd burst into derisive laughter, since many believe [translation: everyone knows] her money came from the Ponzi scheme.

1 comment: said...

I suppose that ignoring opportunity costs and taxes paid on fictitious profits, half of Madoff's direct investors lost no money