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Monday is multi-billion dollar fraudster Bernard Madoff's sentencing, and his lawyer won approval for his client to get dressed up. Lawyer Ira Sorkin explained that Madoff will be getting "just clothes" before sentencing. But Newsday points out, "One of the last extravagant clothing expenses Madoff reportedly made before he was arrested last December was a $2,000 pair of custom-made Italian pants that went unclaimed at a Palm Beach, Fla., store."
Earlier this week, Sorkin suggested that a 12-year (not the 150 years Madoff could face— sentence would be appropriate for his client, adding that Madoff would speak "to the shame he has felt and to the pain he has caused." However, Bloomberg News reports that Madoff's modest sentencing hopes might be dashed because he hasn't named any accomplices. A former federal prosecutor and current white collar defense lawyer George Jackson said, "If he did cooperate, he would open himself up to the possibility of a sentence that would give him a ray of hope of having freedom at some point," while staying silent, "The judge could say, ‘I have not heard who you operated with, and it’s clear to me that you operated with someone,'" because of the huge scope of the $65 billion Ponzi scheme.
One lawyer representing 16 victims of Madoff's fraud told the Times the 71-year-old "should never see the light of day, and in fact be sentenced to hard labor. The sentence must be a deterrence to others." But a 70-something couple from New Mexico, who told Dealbook they'll be outside the Federal courthouse on Monday, said, "We don’t care about what happens to Madoff. We just want to get our money back."
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"We don’t care about what happens to Madoff. We just want to get our money back."
Nice attitude. Times must be tough if you can still afford to travel from New Mexico to New York for the sentencing.
Yeah, statements like these make me think that there were no victims here. In fact, I would say that many of Bernie's investors were somehow complicit in his crimes.
That statement just shows the selfishness and greed of the people involved. In fact, maybe Bernie could be considered a hero - he burned the people who most deserved to be burned themselves.
Way to go bernie!
Do you have any notion of how much damage Madoff has caused? Among other things, he has ruined the lives of retirees, forcing some to sell their houses. You shouldn't generalize all his victims.
Of course I was being facetious. You are right, most victims in this scandal had no idea that there money was going to Madoff because their money was managed by someone else. That said, i have a feeling there were a select few who thought that THEY were the ones benefitting from something, even though they not have been entirely sure from what. THEY thought they were getting the inside track with Bernie, everyone else be damned.
It's those people I think who got what they deserved.
What money are they referring to? The money they initially gave to Madoff to invest, or the bloated figures based on his scam? Would they like that with or without interest?
I would also like to get back the money I lost in investments.
Who do I see about that?
The people who invested with him are not as innocent as well. They were tempted by the notion of greed. They had to know something was strange with bloated numbers, but didn't care since the money was keep on coming in.
Want to have money? Work hard and make an honest living. You don't need $100,000+ to make your life happy. If you do that's sad.
While I totally agree with most of what you said, there are victims of the feeder funds that were only worth a paultry sum compared to the greedy people that Madoff hand-picked. Not to mention non-profits and average people that had 401k's invested with him without knowing it. I feel sorry for them.
Nice. The victims will get one last look at the expensive suit that their retirement saving bought for him.
Hard labor? his lawyer will make sure he is put in a federal prison medical facility where he is exempt from duties and other benefits.
How about tar and feathers?
"a $2,000 pair of custom-made Italian pants" What might I ask would make a pair of pants cost $2,000? Were they made out of unborn Canadian Goose down? I sure hope that included the tailoring charges.
They were made with the hair from jews he scalped.
Probably so. I always liked Moe hair suits myself.
In a Herringbone in cream sauce pattern...
Herringbone, IS a pattern, but your suggestion of maybe a light cream sauce color should be taken seriously. I was from going to Katz's this weekend and order a nice egg cream, as only they can make it.
I tell you Nanny it's not like it vas down in the old part of town. On my trousers, I should spilt some who should noticed?
In five years I bet you puzzywink American fraudsters will be naming streets in downtown Manhattan in his honor.
I really hope not. I really hope this guy's last name becomes synonymous with fraud. Insetad of ponzi scheme they should call it a madoff scheme.
Which will be shortened to "maddy Scheme" and then, maybe a hundred years from now, become a "Matty Scheme".