Madoff in jail

[HermitScott]

You facist republicans are all the same! You have no empathy for Madoff. Why don't you see it from his point of view...he wanted some money.

[southernwind]

The problem with our criminal justice system is the concept of no "cruel and unusual punishment". What we need is cruel and usual punishment.

We should go back to public hangin at high noon.

seems all the cowboys were scared of the noose and it was quite effective on saddam

[craigimass]

Saddam was not scared of the noose. In fact, all present stated that he died much more noble than his tormentors.....

Even if they drew and quartered Madoff, that would not help make others stop doing the ponzi schemes. The lure of easy money is just too great. It's like asking men to stop that dang thing from always popping up when they are teens........

[craigimass]

Originally Posted by cardiacpaul

Well where was the gov 't in all this?
NOWHERE! WHY? BECAUSE THERE WERE NO TRADES.
just excel spreadsheets emailed. No prospectus,no no nothing. THIS WASN'T a public fund remember that friend of a friend thing?
The peoples money was STOLEN from them because they were greedy and looked the other way, thats the way all "confidence" scams work.

I find it really hard to buy the victim BS. If they'd done the due diligence, they wouldn't have lost a dime.

First of all the government WAS in it.
A number of complaints were filed by people who knew it was a scheme. They just were not followed up.

Secondly, I'm all for being Devils Advocate, but I saw stories of many people who DID practice due diligence - even accountants, other stockbrokers and economists - and they were taken. Madoff, as you know, sent out false statements. So it was not just spreadsheets, it was false statements.

From that perspective, I guess I have not done due diligence on Vanguard since it is only paper and online "spreadsheets" which shows where all my money is. From that perspective, only gold in the mattress is safe.

I am amazed that people would argue that our society has sunken that far that we cannot believe anyone about anything. It is a sad commentary on the American experience.

For all I know, my house papers are false too. Anyone can make up a couple signatures, a stamp, etc.

I have never been ripped off in that particular way (ponzi), and yes - some schemes are very clear, but since this guy was on the inside (boards of the stock markets, etc.) it is obvious that he had a vast advantage over anyone "normal", even those doing due diligence.

I guess the same point of view would say that if someone mines the street, we all deserve to get blown up because we don't know - like he does - how to avoid the mines or defuse them. Everyone should know that, right?

[craigimass]

And just when was this that everyone was making 2-5% in the stock market?

10% is not that big of a return as to have set off any flags over the last ten years. In fact, up until about one year ago, my Vanguard account had averaged 14% per year over 5 years.

10% would not set off alarms during this time of great (although mostly false) wealth creation. Heck, people in my family have been making 12-15% solid returns in residential and commercial mortgages for decades. I had a first mortgage for 14% on a prime lot in Hilton Head....till they paid it off two years ago.

So, no, I don't see the point......

In fact, the real beauty of the Madoff scheme is that he claimed little enough of a return so as to be 100% believable. Thousands of experts would have told you that you can safely make 10% in stocks in the long run...and now, all of a sudden, it seems obvious not to!

Sounds like the weather folks on TV. Now it's raining, so I know it is raining.