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What kind of sentence do you think Bernard Madoff will get on Monday?

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    Iðunnposted 7 years ago

    AND... what kind do you think he deserves?

    1. Drew Breezzy profile image82
      Drew Breezzyposted 7 years ago in reply to this

      I think it will probably be something like a slap on the wrist.

      But he deserves a very serious punishment !

  2. ledefensetech profile image82
    ledefensetechposted 7 years ago

    The punishment he gets is not what we should be taking away from all of this.  What we should be taking away from all of this are two things.  One, do due diligence.  Two, if it sounds too good to be true, it probably is.  You always have to ask "How do they make their money".  If you can't answer it, or the answer makes no sense then you shouldn't do it.

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    Iðunnposted 7 years ago

    While true, I admit to having a vast interest in his punishment.
    I'd love to see the 150 years the prosecutors want.

    He said flat out he never invested a dime of it, just threw it in a bank acccount, sent out enough to cover the first few investors and then sucked down the rest.

    He's an American hero, ffs.  This is what all Americans aspire to, it seems.  Money for nothing and your chix for free, eh.

    They just fined him $171 billion dollars but of course the appeals will set in.  Monday he will be sentenced regarding possible jail time.

    I want the 150 jail time but I suspect the probation.  We'll see.

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    Iðunnposted 7 years ago

    On the whole audit thing, are you paying attention to what Bernanke said?  He said that if Ron Paul's H.R. 1207 bill passed Congress and allowed an audit of the Fed, he would make sure the American economy suffers.  Not in those exact words, but close enough.

    Including the link so you can listen to.  Let me know what you think.

    http://www.infowars.com/bernanke-congre … -collapse/

    Bernanke fearmongers that Fed audit would be ‘takeover’ by Congress, trigger economic collapse

    The comments underneath are fascinating.  I read a bunch of them last night.

    1. ledefensetech profile image82
      ledefensetechposted 7 years ago in reply to this

      That son of a bitch.  I hope it does pass.  In my opinion the only decent politician is Ron Paul.  He's been warning us about this deficit spending since 2001.  I can't wait till it passes and people really see what those bastards have been up to.  We'll have an old fashioned tar, feathering and run them out of the country on a rail.

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        Iðunnposted 7 years ago in reply to this

        I don't think it will pass but yeah, I hope it does too and I admit to a liking for Ron Paul on many of his beliefs, not all, but many.

        He at least understands the economy and while I think he has honest intent, I think in some areas he is just wrong.  He was for bailouts for homeowners who were upside down, for one.  I am anti bailout all directions.  We shouldn't reward stupidity.  Read the damn contract next time.

        1. ledefensetech profile image82
          ledefensetechposted 7 years ago in reply to this

          Yeah, I hear you about the bailouts.  I'm kinda surprised he'd support them, it's quite unlike his usual fiscally conservative stand unless he feels that the Fed holding down interest rates misled people into buying homes.  Which admittedly the Fed did do.  But you're right, we shouldn't reward stupidity or ignorance.  If we do, we only encourage more of that kind of behavior.

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            Iðunnposted 7 years ago in reply to this

            He used that as an excuse, that the lenders were predatory, but anyone in their right mind knows that if you make 10k a year as a Walmart greeter you can't afford a 500k McMansion.  Is america illiterate?  The mortgage amounts of the ARMS are explained, the jump is in print.  I don't want to reward people who would knowingly purchase a house they can't afford.  If everyone had exercised common sense, the speculators wouldn't have gotten a hold in the market and doubled the price of houses in the first place.

            1. ledefensetech profile image82
              ledefensetechposted 7 years ago in reply to this

              We Austrian economists like to call that sort of thing moral hazard.  It's what happens when you use other people's money instead of your own.  Even businesspeople can succumb to it.  You just don't treat other people's money the same as your own.  Well that and the craziness about housing prices never going down.  The went down during the Great Depression and now look, we're in another depression and housing prices are falling.  People are so gullible sometimes.  That's why due diligence is so important and why I don't feel sorry for Madoff's victims.

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                Iðunnposted 7 years ago in reply to this

                In agreement both counts, housing and about Madoff's victims.

                I have a link I can dig up if you need it, but I can sum it up.  Madoff told his victims that they were not allowed to ask any questions about what he did with their money.  It was a take it or leave it proposition in which they agreed that he could have it based on they get x return on it, no questions asked.  Pretty shady.  I have zero sympathy.

                They are allowing for victim's statements on Monday, also, before the sentencing.

                1. ledefensetech profile image82
                  ledefensetechposted 7 years ago in reply to this

                  Ponzi schemes are an absolute nightmare to unravel.  The main reason being that the people who got on board first invested and got their payout, but they didn't know it was a scam.  The poor schmucks at the tail end were the ones who lost their ass.  How do you even begin to judge what's fair and what isn't?  Especially when you consider that his first investors have used the money they cashed out to fund other investments.  It's going to be a bloodbath.

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                    Iðunnposted 7 years ago in reply to this

                    several months ago there was some question on whether those first few who got paid out would be legally obligated to return it.  on that, I think no. 

                    I don't know whatever happened with that, so possibly it got dropped.  or maybe they are waiting for the outcome of the madoff trial.

                    the charge they were going to use to get this money back was collusion and conspiracy.

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    Blackngoldbananaposted 7 years ago

    I would love to see him (and his wife) have to get real jobs with minimum wage incomes, make them live in subsidized housing and give them a 1974 Ford (with no A/C and an AM only radio) to drive.  But I guess that would be considered "cruel and unusual punishment."

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      Iðunnposted 7 years ago in reply to this

      in on this.  wouldn't it be great?

      btw, great detail withe 74 ford with no ac and am.  roflmao

  6. 68
    logic,commonsenseposted 7 years ago

    I would say cleaning sewers and cleaning up after elephants with a up close and personal feeding experience with crocodiles would be a good start.

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      Iðunnposted 7 years ago in reply to this

      I could accept that as a good start.

 
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