It was a mixed gut reaction when I read the out come of the Bernie "Ponzi" Madoff mess. It seemed like a complete failure of the legal system. I can smell a book deal.
Plead guilty then throw a round a few mea culpas....only to be led off in cuffs to a state penitentiary to practice your Italian and rest your tennis elbow.
No jury trial. The world will never really know exactly what he had done with the money. Bye bye Bernie. You will soon be dialing for friends to come visit, but may need to find a few friends at your new home. Just remember when you play house in the big house it's better to be the dad, then again we would love to see you bent over for this one. Better get used to it.
From the testimony it seems as though the only thing he feels is regret that he got caught. The story about working the system alone also made big headlines, it's just impossible to believe that $65B gets "lost" at the hands of just one man by defrauding individuals, charities, trusts, pensions and hedge funds (that last one, bothering me not so much.)
I wonder what those in the inner circle of Wall Street think of this former chairman of the Nasdaq stock market? Mr. Madoff has been a Wall Street figure for more than 40 years. Curious who received all the jewelry, watches, and spare cash mailed from the penthouse the last few months.. maybe to a p.o box at the big house??
Madoff's 11 charges include four counts of fraud. In addition, he pleaded guilty to three counts of money laundering, making false statements, perjury, making a false filing to the US financial watchdog, and theft from an employee benefit plan.
On a happy note bonds rallied yesterday and U.S. stocks posted the biggest three-day gain since November as General Electric Co. said losing the top credit rating at Standard & Poor’s won’t hurt business and Bank of America Corp. said it’s profitable. Oil jumped 11 percent, and Treasury 30-year bonds rallied.