As Warren Buffett used to say, "You only find out who is swimming naked is when the tide goes out." In Madoff case, the tide was when the economy went south exposing his deceit.
If someone could promise an elixir to keep Bernie Madoff alive for every one of the 150 years he's been sentenced to, it might be a good investment.
He deserves to serve every day of it.
Madoff will be remembered as the biggest swindler in modern history, if not for all time.
The money manager from hell accomplished the unfathomable: He not only stole money -- at least $13 billion, but likely much more -- he also stole people's pasts and their futures. Their life savings and their nest eggs for retirement. Their hopes and their dreams for a better life.
Madoff had the audacity in court Monday to talk about how his wife "cries herself to sleep every night, knowing all the pain and suffering I have caused." No amount of tears could make up for the sleepless nights and torments Madoff has caused his victims.
As Ponzi schemes go, this was the Great Pyramid. Madoff took billions of investors' dollars -- including from the rich and the famous, but also from some very middle-class investors -- and never invested a dime apparently. Instead, he used new investors' money to pay returns to earlier investors, giving off the impression that he was Midas himself.
And, of course, he siphoned off billions for his own family's ultra-lavish lifestyle that included multiple mansions and watercraft and big-time golf club memberships and more.
No one knows how many people Madoff victimized, though the estimate is a staggering 13,500 investors. A judge has begun seizing $170 billion of Madoff's money and property.
Madoff "came to personify the crooked face of the credit crunch," writes the Telegraph of London.
Few others, besides the world's most heinous murderers, ever receive a sentence approximating 150 years. But Madoff is worthy of every minute of it. If only he could be made to live that long.
With time off for good behavior, he could be released at about age 198.
We're fairly certain his victims would love to live long enough to see that day.
Comments
As Warren Buffett used to say, "You only find out who is swimming naked is when the tide goes out." In Madoff case, the tide was when the economy went south exposing his deceit.
Coulda been worse, they could have given him life.
His sanctimonious wife gets me. She knew what he was doing and loved spending the money. She ends up with 1.5 million a year for life. What a hardship.
Riverman - I read that her deal with prosecutors allowed her to keep 2.5 million in exchange for dropping her petition to keep money and property, not 1.5M a year. Either way, I think it's too much. I think if she can prove her assets separate from her husbands, she gets to keep whatever she can prove and nothing else. I really hope she doesn't get 1.5M a year, that could be money that could go to repaying Madoff's victims. I hope he's not like Ken Lay and dies before he gets to get comfortable in jail. Remember Lay died before he could appeal so they threw out the verdict and his wife and family got to keep all those stolen millions.
I feel bad for the victims, but cannot believe people were so careless with their money to not be more involved. To just hand all your money to someone and say, "here, you handle this" means people took their investments as a burden. Granted it can be, but when it comes to money, I am surprised they put all their eggs in one basket. Too bad Amway is not taken down next. That is a pyramid scheme if I have ever seen one.
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