These people were investors first. Investors hoping for unrealistically high returns. So in that sense, they were really speculators. It didn't work out. Sure this guy is a crook, but the folks who are out the capital have to take some responsibility too. It's called greed - the reason they didn't put the capital in T-Bills. And what irony, the only trades that I saw were naked short selling (or buying Puts ) of DNDN. DNDN is trying to find a cure for cancer, and all these charities are sending their money to Madoff. And he is making money hand over fist shorting DNDN. Can't make this stuff up. Coincidentally, I was long 5K shares of DNDN when it collapsed. Big hickey for me. I rode it out, doubled down at $5.00. Still Long. Now I up pretty big, 10K shares. You pays your money, takes your chances.
He hasn't cooperated, letting them off the hook. Others must have helped on such a scale. A clear case for water boarding the bum ? I don't think the sentence will scare off too many future fraudsters.
He should be sentenced to federal ass raping prison and get the same treatment as any other low-life scumbag bastard would have.
I got this idea today. We should shut down all of our prisons and send the convicts to third world countries with a small stipend for them to take care of each prisoner. We could probably save billions if we did this. I suspect that the third world would also take very good care of them because if one dies then the money stops coming.
See the sec blowback? They do this now, or the people take to the streets. UBS to pay up to 5bill, Madoff a long time boy toy, just a good start. I play golf with a guy in the Porn business. He was in the fish business, so I guess it was a natural. Anyway, he says they're guys out there into everything - ugly, fat, amputees, all weird stuff. I wonder if there is some prisoner on the waiting list for an old guy? "Hey, Chico, this one's yours." That alone is reason to walk the straight and narrow.
This trial is a parody. Madoff doesn't deserve 150 years. Tha^t's for murderers, Madoff was just taking advantage of gullible people who have come crying to the government . A 20 year sentence was long enough allowing to get him out one day. The whole thing is a joke, the guy is made an example of and all his accomplices and family are getting away . You didn't think hr did it all by himself.
He'll be pardoned at the end of Obama's term....... Why not...? Holder pushed hard for the Mark Rich pardon that Clinton gave out in his last days. Wonder how much went to the politicians pockets over the years?