At long last, there is some semblance of justice taking place. Bernie Maddoff pleaded guilty to 11 counts in Federal court this morning. The judge has ordered him to be held in jail till sentencing on June 16th. Woot! Woot! Now I say - go after the wife and the $60+ million she has in assets. There is no way in the world, she can claim legitimacy to these assets - she DIDN'T WORK. C'mon - a guy who has the audacity to mail (USPS) millions of dollars worth of diamonds, to try and hold on to those assets - nope LIARS, LIARS!!
I truly understand and have empathy for those who have been robbed of their retirement funds and livelihoods - and to see Maddoff in jail, will never be enough solace for them. I don't have the answers, and all of that money will never be retrieved. But to know that he no longer can scam hard working people, to line his wallets and expensive tastes - has to help alleviate their moods a wee tad.
I should hope now, that the investigation continues, as this one man COULD NOT have handled this alone. Possibly his sons and others were aiding him in this crime. Time will tell. At least he will not be sleeping in that $7 million dollar penthouse apartment - EVER AGAIN!!
One last note - a better system of checks and balances needs to be laid out - to ensure this never happens again!! I should hope this is high on the priority list for Wall Street.
Be back.....Later......
5 comments:
I saw he was wearing a bullet-proof vest at the trial. What he did to his victims is just sad.
Yes, can you say "Restitution?!"
I won't be satisfied until his wife and sons are in jail with him. Squeeze play will get someone talking about who helped and how they did it and where did the money go.
The S.O. and I have been wondering just where all the money went. Granted, some of it never existed except on paper, and he did pay out some over the years in order to keep the Ponzi scheme going . . . and he did live fairly lavishly, but not on the Roman orgies scale that some of those bastards do (I haven't read any stories about Madoff having gold-plated wastebaskets or hiring the Rolling Stones for private concerts), so where did the money go?
I beg to differ, she did work right along side her husband. I forget what they called her position, but she worked in his office. Heard this morning that only about 2% of the 50 billion was actual money invested with Madoff, the rest was made up profits. 2% would be a billion. As Sen. Dirksen used to say, a billion here, a billion there, pretty soon it adds up to real money!!
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