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Madoff says he’s very very sorry — 10 Comments

  1. Payouts? I’m reminded of a cartoon character counting out the “split” of the proceeds of a heist:

    Here’s one for you and one for me.
    Here’s two for you and one, two for me.
    Here’s three for you and one two three for me….

    Etc.

    (Or was it the Marx brothers or some other comedy group?)

  2. The really sad part of this is that I see discussion of possible “claw backs” i.e. innocent investors who received phony investment income from Madoff would be sued to force them to disgorge these “illegal” gains even though they paid taxes on them and the money may have been spent long ago.

  3. Something doesn’t sit well with me and the news coverage of this guy. The mantra i kept hearing today was “The most hated man in America”….As they follow his SUV to court. Just comes off as more capitalism bashing that reigns supreme in news today.

    And this guy screwed 5000 people and hes public enemy number one? Most any democrat senator has this guy beat by miles and miles in that category.

  4. SteveH: I was thinking something similar. He fits in way too well with the current administration mantra of how despicable the rich are. And this is true even though most of his victims were relatively rich, and some of them very rich.

    I do absolutely detest the man, however, as much as I am fascinated by his psychology. I think this is because he is such an exploiter and such a liar, but even more especially because his is a relatively simple story compared to the supposed villains of the larger story, be they political or financial. Who can we blame? We’re not sure—possibly because there are so many of them. So Bernie gives a nice sharp focus to our rage.

    If Madoff didn’t exist (and he most definitely does), this administration would be tempted to invent him.

  5. He did donate $372K to politicians,89% Dem.over 18 yrs.and spent590K on lobbyists.This does raise the question of whether it was only SEC incompetence or whether a few phone calls from some of our politicians had some effect.

  6. I recently found a website, The Market Ticker.

    I’ve been reading it for the last week and it’s an amazing site. It really is. There’s a lot going on over there. Some of it requires registration.

    (I only wish I had found it a year ago. I would have escaped from the market with most of my gains intact.)

    Anyway, here was a quote from a few days ago:

    Let’s start with Madoff.

    150 years in jail; an effective life sentence:

    NEW YORK – In a courtroom surprise, it was revealed Tuesday that Bernard Madoff will plead guilty Thursday to securities fraud, perjury and other crimes, knowing that he could face up to 150 years in prison for one of the largest frauds in history.

    The revelation came as prosecutors unveiled an 11-count charging document against the 70-year-old former Nasdaq chairman, and as his lawyer, Ira Sorkin, told a judge that Madoff planned to plead guilty this week without a plea deal.

    Let’s dissect this – this is a good deal, right, even if they only really give him 20 or so. He’ll still die in prison, one way or another.

    Not so fast. Good as far as it goes, without a doubt, but where are the other co-conspirators?

    Provided that this does not “close the case” I’m cheering. My fear is that this will “satisfy” the public thirst for blood and the other hundred co-conspirators (and if you think there are fewer than that you’re simply delusional) will walk off free. That, if it happens, is flatly unacceptable.

  7. He is not a villain, it seems. It was not his intent to harm anybody, he was just inable to honestly assess consequences of his deeds. He deceived himself just as effectively as everybody else, and this ability to deceive everybody was the only joy of his very lone life. There are people who steal without purpose – kleptomans; they can not be called thiefs, and there are con-men and pathological liars who do it simply because they can, and it makes them happy. Mania of some sort.

  8. It is quite possible that he even has not enrich himself a bit by his fraud, and even his closest family were completely unaware of it; he enjoyed a lot by having a secret life of his own, of which no living soul has a glimpse. This was his only aim and only reward. A psychopath? Of course. Only a psychopath can be so meticuluosly careful to cover one’s tracks with no avail except pride in being so superhumanly prudent.

  9. In thinking about where the money went remember also the fees paid to the hedge funds, such as Fairfield, that raised money for him. I don’t know Fairfields fees, but if they wee the standard 2%/20% and they had $7bn invested returning 10% p.a. the they would have received $280mm a year.

  10. I was conned by a man who said he loved me and he stole a lot of money from me too. He enjoyed making fun of me all along. I know that he enjoys hurting me now as he still has some financial control. I will not talk to him but he is still able to hurt me. Madoff will enjoy hurting people from prison. He is not capable of remorse.

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