Madoff's New Home: Cell the Size of Walk-in Closet

[MTK]

I think this guy should do hard time in a F me in the a$$ prison, what do you think?

ABC News: Madoff's New Home: Cell the Size of Walk-in Closet

[gibbsisgod]

Originally Posted by Mattyk72

I think this guy should do hard time in a F me in the a$$ prison, what do you think?

ABC News: Madoff's New Home: Cell the Size of Walk-in Closet

I totally agree. Unfortunately, it will probably be in a minimum security type.

On a humorous note, that is sig material right there.

[724Skinsfan]

I hope someone super-glues his soap to the floor.

[dmek25]

not to burst your bubble, but he is out on bail as we speak

[MTK]

Originally Posted by dmek25

not to burst your bubble, but he is out on bail as we speak

Not to burst yours, but his bail was denied and he was sent straight to jail

NEW YORK (AP) — Saying he was "deeply sorry and ashamed," Bernard Madoff pleaded guilty Thursday to pulling off perhaps the biggest swindle in Wall Street history and was immediately led off to jail in handcuffs to the delight of his seething victims.

U.S. District Judge Denny Chin denied bail for Madoff, 70, and ordered him to jail, noting that he had the means to flee and an incentive to do so because of his age.

The Associated Press: Madoff pleads guilty and goes to jail in handcuffs

[GMScud]

Originally Posted by Mattyk72

I think this guy should do hard time in a F me in the a$$ prison, what do you think?

ABC News: Madoff's New Home: Cell the Size of Walk-in Closet

"Peter Gibbons, I sentence you to 10 years in a federal pound me in the a$$ penitentiary." LOL!

Seriously, I hope he rots. He's the lowest of the low. And that smug effing look he always has on his face really pisses me off. I hope he gets a steady diet of trouser snake smothered in underwear.

I hate it when guys like this say they are "deeply sorry." Please. Sorry you got caught is more like it.

[dmek25]

Originally Posted by Mattyk72

Not to burst yours, but his bail was denied and he was sent straight to jail

NEW YORK (AP) — Saying he was "deeply sorry and ashamed," Bernard Madoff pleaded guilty Thursday to pulling off perhaps the biggest swindle in Wall Street history and was immediately led off to jail in handcuffs to the delight of his seething victims.

U.S. District Judge Denny Chin denied bail for Madoff, 70, and ordered him to jail, noting that he had the means to flee and an incentive to do so because of his age.

The Associated Press: Madoff pleads guilty and goes to jail in handcuffs

no problem. the guy deserves what ever he gets. in my eyes he is lower then pond scum.

[Trample the Elderly]

I want to know where the money went.

[MTK]

Originally Posted by Trample the Elderly

I want to know where the money went.

Up his nose?

[Trample the Elderly]

Originally Posted by Mattyk72

Up his nose?

No way! Even Tony Montana can't snort up that much blow. All the cartilage would be gone after 3 mil. I think his sons laundered it.

[firstdown]

Originally Posted by Trample the Elderly

I want to know where the money went.

Thats why some say that the judge should have denied his plea agreement and not accepted his quilty plea and forced it to go to trial. What that guy did is the same thing the goverment does evryday with our social security money.

[CRedskinsRule]

50Billion gets you life in a cell, 700Billion gets you a ranch in Tx, 810Billion gets you the White House. Makes a $200,000 mortgage seem like a bargain.

[gibbsisgod]

Originally Posted by firstdown

Thats why some say that the judge should have denied his plea agreement and not accepted his quilty plea and forced it to go to trial. What that guy did is the same thing the goverment does evryday with our social security money.

I haven't been following this that closely but I don't think it was a plea agreement. He just pled guilty to all charges. He had no deal with the prosecution. If he wanted any kind of agreement he would need to give up the money or at least give up accomplices. He's not gonna do that unless his offer is too good to be true.

[70Chip]

Some of the money went to pay for the lavish lifestyle of his family and associates. The bulk of it however was probably paid back to investors as dividends to maintain the illusion of propriety, with the earliest investors probably getting back more than they put in. That's how pyramid schemes work. Some investors did quite well but we won't here about them for a while, because they have no motive to come forward. In fact they would probably like to disappear, because there are laws that will require them to forfeit any returns they got, so whatever is left can be distributed more fairly

Obviously Madoff should rot, but for some reason I can't get as worked up as everybody else at the plight of the victims. I'll give you two reasons why:

1. Somebody that has 5 or 10 million dollars to lose in the first place also has real assets - house(s), car(s), jewelry, that they can liquidate and live on (although living like regular people will surely seem like a hardship) Also, Mort Zuckerman and Steven Spielberg will be okay. Kevin Bacon lost everything, but if he makes just three movies he'll make enough loot to live fairly well. The bottom line here is that losing a small fortune is not a tragedy to me in the same way that say, childhood cancer is. There is hardship and then there is hardship.

2. Madoff suckered these people the same way grifters and confidence artists have been suckering people for years. He appealed to their own greed. If you have 5 million dollars, you can make extremely safe investments and still see annual returns in the six digits. Along comes Madoff and he says, "6% is for schmucks. You're way too smart to JUST earn 6%. Someone as intelligent and good looking as you deserves at least 11% or 12% and I can make that happen." At the more basic level the scam might go like this. Guy shows up at an old widow ladies door and he says "I have this check from the government for $5,000. Problem is I can't cash it for two weeks. I'm really desperate for cash so if you'll just give me $3,000 now, I'll sign this check over to you and you'll make $2,000 for just waiting 14 days." She tells herself she's doing a good deed for this poor soul, but she's really in it for the $2,000. The fault is not in our stars, it's in ourselves. It's their own greed and vanity what does them in.

[firstdown]

Originally Posted by gibbsisgod

I haven't been following this that closely but I don't think it was a plea agreement. He just pled guilty to all charges. He had no deal with the prosecution. If he wanted any kind of agreement he would need to give up the money or at least give up accomplices. He's not gonna do that unless his offer is too good to be true.

I guess I might have used that a little out of context. What I really meant is that the judge had agreed to acept his guilty plea which was agreed upon before he pled guilty. I read that in an article but I cannot find it at this time. Not sure if it makes that much difference but it would sure be nice if they could track down some of the money so the poor people who got ripped off.