Bernard Madoff Will Plead Guilty to 11 Charges

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Bernard Madoff Will Plead Guilty to 11 Charges in Financial Fraud Case, Faces 150 Years in Prison

Rip-off and get ripped-off what else can one say....

He is such a pathological A-HOLE!! !! !

But the market's up!! !

Well good that he's going to jail, but it's too bad no one is going to get their money back. Amazing that he's 70 years old, too. Probably been a scumbag his whole life (as opposed to "got greedy just one time").

I have some relatives who had their retirement stolen in a similar way by a different con man. He had been convicted of fraud in the 80's, and twenty years later does it again, but 100 times bigger (~$260 million). What's amazing is how others -- like banks, title, mortgage, & investment companies all enabled the guy. The banks knew it was a fraud, knew he was a felon, and gave him 22 loans for $10-$25 million each, which helped him leverage his fraud to such a big level. So there's probably a lot more people to blame than Madoff, though we'll probably never know who they are.

I read somewhere that some of them will get some money back so all is not lost. It would be interesting to read how he managed to do this for so long. I hope he will write a memoir.

From what I read, since the SEC approved of this investment scheme, their SEC insurance company will have to return something to the investors (probably their original investment) which means we will all pay for this through our taxes and higher investment fees. So much for trusting your government to protect you. The investors will also be able to sue him and attach all of his assets which even if they do not add up to all he has stolen, they are significant.

For the sentence, anything over 10 years will probably mean life in prison because of his age and the poor health care given to prisoners. If less than 3 years, he will go to a Club Fed type prison. I doubt it will be less than 3 years though due to the publicity this case has had.

Finally, There is some blame to be put on those who invested in this scheme. Simply put, it was greed that caused these people to overlook the facts. When the stock market is down by a double digit %, any stock investment showing a return of more than 5% should tell the investor that something is wrong and to get out while the getting is good. Not even Peter Lynch was that good. Invest only in what you know and what makes sense given what else is going on and keep your investments simple.

I hope the SEC insurance does help the small investors. As I understand it the law says (about resolving this kind of situation generally; I don't know about SEC insurance) that the large institutions like banks get paid off first, and the small investors last, so if there's any shortfall they're the ones who lose out. And someone like Madoff will be "leveraged" all over the place and probably owes much more than what he has in assets.

I'll believe it when I see it.

There is still the question of where did the $20 Billion go? He did not trade in the market, he did not lose it, he must come clean about where every dollar went.

The SEC insures Brokerage Accounts up to $500,000, Madoff was not a Broker, no one should be bailed out by the tax payer. They did make him register as an Investment Advisor a few years ago, but they are not insured.

No guilty plea deal that does not include a complete accounting.

I want Bernie to be bunked with a horny felon, 250 lb, 6'6'' who likes to cuddle at night.

ruveyn

Oh, guess what? Authorities have found ten billion dollars in various places, like offshore banks, around the world. Looks like they are finding some of the $$$$$$.

I heard that Switzerland is being pushed to end the "banking secret" (dunno how well that translates from french to english, meh), which could potentially allow most countries to see which son of a beep has placed money in their tax haven ~.~

The question CNBC is NOT asking:

I Just got through watching CNBC-"BERNIE’S VICTIMS SOUND OFF". The victims are blaming The SEC. Why is CNBC NOT asking if the these “victims” voted for BUSH (probably TWICE)? The BUSH administration is COMPLETELY responsible after re-making the SEC after its own image for the past eight years.

The news said Madoff is being charged with lying to the SEC so how are they entirely to blame? They want the SEC to be held accountable because they have a better chance of getting their money back if the SEC takes the rap.

ooOoOoOAnaOoOoOoo wrote:

No you’re right, not entirely but almost entirely to blame because….


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Laws are only as good as their enforcers.