Madoff Pleads Guilty; Judge Orders Him Jailed Immediately

[billski]

Attaboy Judge Chin!
:beer:

 

[deadheadskier]

Hopefully more to come; no way he acted alone.

 

[Warp Daddy]

+1

 

[GrilledSteezeSandwich]

I thought Madoff killed himself..

 

[SkiDork]

I thought Madoff killed himself..

prolly will...

 

[GrilledSteezeSandwich]

prolly will...

I don't really know much about him except that he's Jewish..so maybe that was someone else...anyway I'm surprised he didn't go to Europe and become a fugitive..he doesn't really have much to lose.

 

[SkiDork]

I don't really know much about him except that he's Jewish..so maybe that was someone else...anyway I'm surprised he didn't go to Europe and become a fugitive..he doesn't really have much to lose.

no way he would have been able to leave the country once he was caught. Before that, maybe.

 

[hammer]

prolly will...

So does he get a cell with a hanging bar, a chair, and some rope?

 

[andyzee]

A guy like this is total scum and should rot in jail.

That said, gotta give him credit for having the largest set of balls on the planet, 65 Billion, damn!

 

[billski]

He's been heavily under guard already. As deadhead said, there must be other collaborators and I'm sure the prosecutors want more names. Whether he will squeal is another issue.

 

[Warp Daddy]

The feds are actively pursuing other leads and no doubt will be successful at uncovering several others in this mess . It is impossible to believe that ONE rat could carry out this scope of activity for as long as it went on without OTHERS deeply intermeshed in the scheme and its management .

The incident is a real teaching moment : i f you don't understand an investment strategy and its makeup AND /OR it SEEMS to GOOD to BE TRUE ------- Do NOT Risk YOUR FUTURE -- you work too damn hard to help these EXPERTS churn your $$ for fees ----- GET Financially educated -- its YOUR $$$

I surely hope no one here got BURNED by this scumbag

 

[SkiDork]

He's been heavily under guard already. As deadhead said, there must be other collaborators and I'm sure the prosecutors want more names. Whether he will squeal is another issue.

oh he'll squeal...

 

[billski]

oh he'll squeal...

the WSJ ain't so sure: "The deal isn't part of a plea bargain, though. That means Mr. Madoff may not have to cooperate as the investigation continue"

The last thing we need is to have more Ponzi proteges walking around out there.

 

[SkiDork]

the WSJ ain't so sure: "The deal isn't part of a plea bargain, though. That means Mr. Madoff may not have to cooperate as the investigation continue"

The last thing we need is to have more Ponzi proteges walking around out there.

my post was tongue-in-cheek - Jack Bauer

 

[tekweezle]

Bernie is trying take the fall so his family will be spared and they get to keep all the ill gotten wealth they stole. it would be a splendid display of misdirection if he got away with it. He probably should have chosen a better fall guy than himself though. Everything is a setup. The confession, his children "turning him in", it was all a sympathy ploy. When he finally gets convicted, it will probably be revealed that he has some sort of terminal illness and can;t serve his sentence and try to apply for leniency. This is a sad plot line to some episode of Law and Order.

I bet the feds had been going easy on him by letting him have house arrest to see if he would slip up and to see if they could get some ideas of where the money went. To some degree, he did by trying to mail those valuables that he got caught. Plus we now know about his wife withdrawing huge sums of money for which they are trying to separate from any sort of claims against their company. there seems to be some premeditation involved here.

I hope the government goes after him and his family, take them for all their money and leave them destitute. there is no way he did this himself-aside from close family members, he had to have a whole staff of insiders working under him too just to generate and mail all the phony statements. look at who all those bonus checks he tried to distribute prematurely were going to.

 

[Warp Daddy]

Bernie is trying take the fall so his family will be spared and they get to keep all the ill gotten wealth they stole. it would be a splendid display of misdirection if he got away with it. He probably should have chosen a better fall guy than himself though. Everything is a setup. The confession, his children "turning him in", it was all a sympathy ploy.



DING DING DING -------------------WE HAVE A WINNER HERE !!!!

 

[billski]

Bernie is trying take the fall so his family will be spared and they get to keep all the ill gotten wealth they stole. it would be a splendid display of misdirection if he got away with it. He probably should have chosen a better fall guy than himself though. Everything is a setup. The confession, his children "turning him in", it was all a sympathy ploy. When he finally gets convicted, it will probably be revealed that he has some sort of terminal illness and can;t serve his sentence and try to apply for leniency. This is a sad plot line to some episode of Law and Order.

I bet the feds had been going easy on him by letting him have house arrest to see if he would slip up and to see if they could get some ideas of where the money went. To some degree, he did by trying to mail those valuables that he got caught. Plus we now know about his wife withdrawing huge sums of money for which they are trying to separate from any sort of claims against their company. there seems to be some premeditation involved here.

I hope the government goes after him and his family, take them for all their money and leave them destitute. there is no way he did this himself-aside from close family members, he had to have a whole staff of insiders working under him too just to generate and mail all the phony statements. look at who all those bonus checks he tried to distribute prematurely were going to.

It doesn't seem the Feds trust anything he's telling them, deservedly so: "
[Madoff's statement today] is at odds with prosecutors, who allege that the scheme began as early as the early 1980s. Investigators have found evidence of fraud even earlier than that.
The disagreement raises questions about how truthful Mr. Madoff ultimately was about his conduct."

And about his family, I feel bad for them, unless complicity comes out: "His brother and his sons worked at the firm. His wife also did some work for the firm."

If he shortly announces he has some terminal illness, Hollywood will be salivating (sadly).

 

[tekweezle]

i came up with that conclusion when the story first broke!

he should have paid a slightly younger guy who looks sharper than him to take the fall and set it up like it was a "rogue trader" responsible for this mess-maybe taking care of his family for life or something along those lines.

The problem is Madoff is too high profile and I am sure he wasn;t expecting all the backlash he;s gotten, especially amongst his own community. afterall, he supposed to be some kindly old whitehaired guy that you want to invite over for dinner. the reality is that he comes off as aloof and hardly the typical big ego criminal mastermind/bald faced liars like those enron guys. nobody believes he did this all himself and managed to cover it up without help.

 

[billski]

I'll bet everyone who he considered a "friend" has exited stage left. Only friends are those you pay to be your friend. He probably ripped off his Rabbi too. Hey, where's he getting the money to pay for his lawyer, anyways?

 

[tekweezle]

the farked up thing about his whole situation is that the lawyers always get paid first!

it probably started as a small, 1 time thing to cover up some losses and got too big as more people joined in. this could have kept going on if not for the credit crisis, stock markets tanking and people asking for redemptions. he had a waiting list of people eager to join so they could get a guaranteed return. the returns weren't even big by scam standards, just consistent like a bank cd.