Madoff Seeks Leniency at Fraud Sentencing

[Cutten]

Quote from monty21:

50+ billion dollars and he want's a lower sentence? Come on... let's hope the US justice system doesn't mess up this one.

He didn't steal $50 billion. He *pretended* he had made $50 billion. The amount stolen was probably in the billions but a lot less than 50. Basically he just stole the initial investment, not the gains - since there were no gains.

 

[poyayan]

Well, Madoff, time to make your 1st and last trade in this game of life.

If it is over 20 years, it is pretty clear that you should exercise your stop loss and exit this game.

Or, you can be a buy and hold guy and never see the V-shaped recovery. Your call.

 

[runningman]

What I don't understand is all the people who were working for him-- what did they actually do all day? There were a floor full of traders who had to have been placing trades all day. How does this fit in?

 

[flytiger]

Quote from runningman:

What I don't understand is all the people who were working for him-- what did they actually do all day? There were a floor full of traders who had to have been placing trades all day. How does this fit in?

Remember, he had a BD and an "asset managment " thing. The BD was always active. Marcopolous said they never did trades, however, the 13 F in the latest deepcapture piece, is from the Asset Management side. So he did have positions. Did he start those positions post Markopoulous? Why is the SEC calling it straight Ponzi when the 13F is evident?

Lots more to this story. Lots!!!

 

[new$]

Quote from flytiger:

Remember, he had a BD and an "asset managment " thing. The BD was always active. Marcopolous said they never did trades, however, the 13 F in the latest deepcapture piece, is from the Asset Management side. So he did have positions. Did he start those positions post Markopoulous? Why is the SEC calling it straight Ponzi when the 13F is evident?

Lots more to this story. Lots!!!

Isn't that what wall st is about?

 

[canmo]

Madoff story - in bottom line - just story of 'redistributing' of capital, although it caused a lot of pain.. Let's think for a moment about what we know:
- he accepted a lot of money (billions)
- he probably took some fees, but not significant part of the money, thus billions of investment gone somewhere(considering no much trading if any). Where? Just redistributed as 'gains' for earlier 'investors'. Ponzi scheme at its best.. Kind of Robin Hood, taking from one giving to other. The difference though he took people money with no violence... People gave him money sought 'solid' investment with 10% yearly - how frugal . No risk and 10% yearly - what a genious, he's definitely different, it's not what you think, it's just talented individual, almost Buffet, no, don't ask about holdings - look at those invested with him just 5 years ago - he doesn't lie, how comes, his investments just never go down, never, and don't ask me anymore - just look at him ... BTW, why these people didn't buy Berkshire - it's totally transparent, better then 10%, less money to get in.. Aaah, yes, there is a risk in Berkshire, Buffet gives no warranty, I see.. Here they got peace of mind, and they fully paid it off..
Like great Einstein said once: 'Two things are infinite: the universe and human stupidity; and I'm not sure about the universe.'
Don't talk about retirement/charity/etc.. - Madoff isn't only person taking it from people, may be a scale is different. Ponzi, btw, was interrogated by policemen, who invested their money - as almost everyone in Boston that time - in his company - that was good catch ..
The problem is that these retirees/charity fund managers didn't learn from their mom/dad about free lunch..

All above, however , doesn't mean Madoff should get a leniency - at least in my opinion he must spent a rest of his life in jail - because he broke the law ....

 

[TheStudent]

Hmm ... if I ruled the world, Madoff would be imprisoned for life and all the assets of his known relations confiscated, regardless of guilt.

All fees ever earned in connection with placing the Madoff fund would also become due to the state to encourage future marketers to check the underlying criminality of their wares.

That would be punishment that fits the crime.

 

[Pekelo]

There was at least one client who made 5 billion:

http://www.propublica.org/feature/madoff-client-jeffry-picower-netted-5-billion

 

[Tom1am]

Quote from TraderZones:

He should get the same leniency as he gave to the many people who depended on him

He should be given to the victims to have their way with him. Then let his fucking family do his time

 

[TraderZones]

Quote from Cutten:

Stealing people's life savings, if they are substantial, is worse than many violent crimes. It is effectively taking away the yield of 5, 10, 20, 30 years of someone's labour. Basically making someone your slave for years or even decades.

ABSOLUTELY. There are a lot of very elderly people now who will in extreme poverty because of this crook who trusted him.

Instead of a quickie violent crime, many grandmothers and grandfathers will suffer for years, with absolutely no way to get back into the work force and start again. For them, it is almost without hope.

If I had a choice between someone breaking my mother's arm (violent) or impoverishing her the last 10-20 years of her life, I would pick the arm. It will heal. The poverty will not.