Madoff gets 150 years for massive investment fraud. Part of the reason for the "harsh" sentence? U.S. District Judge Denny Chin stated: "I simply do not get the sense that Mr. Madoff has done all that he could or told all that he knows." My thought (primed by some things I've read on the news sites and blogs) is that Bernie was helpful to people who wanted to hide and transfer money. Namely, mob money, people in illegal weapons sales, wealthy bastards hiding their funds from taxing authorities, etc. And maybe other players? In any event, he's not talking. I hope that the forensic accountants and investigators can unravel his trail.
And my friend John sends me this post by Jon Taplin, a Professor at the Annenberg School for Communication at the University of Southern California, at his blog: Madoff and the Mafia. Taplin writes that his suspicions that Bernie Madoff's business was laundering money for the mafia appeared to be confirmed by Harry Markopolos, the man who tried to warn the SEC about Madoff years ago, who speculated that some of Madoff's "silent victims" probably included investors of dirty money. But another interesting thing that Taplin adds is a lovely photo of Richard Grasso, then president of the New York Stock Exchange, metting with a Columbian FARC commander. WTF?
As I read your laying it out, this line from "A Life Less Ordinary" immediately came to mind:
"It's kind of obvious, Robert."
http://www.script-o-rama.com/movie_scripts/l/life-less-ordinary-script-transcript.html
We're not dying from an excess of subtlety in these awful times. Great post.
Posted by: JDM | June 29, 2009 at 08:25 PM
Nothing to see here, please move along.
Ah, the good old days of the S&L, Inside Job.
jo6pac
Posted by: jo6pac | June 29, 2009 at 10:20 PM
JDM: Thanks. The question is whether we ever find out what the SEC/DOJ investigators discover. I'm guessing not really.
jo6pac: I hear you. Some people made some good money by buying stuff cheaply. GMB
Posted by: gmb | June 29, 2009 at 10:42 PM
It smells just as we would expect it to. Like shit.
Posted by: lisahgolden | June 29, 2009 at 10:49 PM
Lisa: He's keeping quiet for a reason. Protecting the wife and kids? Want to die in prison of natural causes and not due to a shanking in the shower? I don't know, but I truly believe he is protecting some very powerful and rich people. Maybe a government or two? Likely, no? GMB
Posted by: gmb | June 29, 2009 at 11:36 PM
The whole system is rotten. Let's lock them all away.
Posted by: Dr. Monkey | June 30, 2009 at 12:39 AM
So then 150 years in the slammer is doing him a favor? I wonder what type of facility he'll be sent to. Will he go to a Federal pen like Fulsom and put into the general population? Or will he be treated like every other wealthy, high-profile convict and sent to a minimum security prison where all he has to do is wake up, do a few chores, and hang out on the Internet reading blogs. Hey! Wait! That's what I do. Whoops.
Posted by: Spartacus | June 30, 2009 at 09:34 AM
Oh I'm sure he'll be in a nice facility, stealing MORE money as he lives off our tax dollars at work. And I agree--the likelihood of our finding out whatever the forensic accountants etc find out: ZERO.
Posted by: dguzman | June 30, 2009 at 12:01 PM
It is not possible for just one man to be responsible (and informed) about the grand scale of fraud and theft here.
This is nothing more than a dog and pony show before sending the whole affair down the memory hole.
Posted by: Joe | June 30, 2009 at 03:52 PM
Dr. Monkey: My suggestion is to gather the Wall Streets thieves, transport them to an island. Give each of them a six-month supply of food and water and one sharp stick. As the boat pulls away, announce that you will be back in a year. Hilarity ensues!
Spartacus: I think that people who are given longer sentences do get to go to those minimum security jails, but I could be wrong. I think--hope--the sentence encourages him to cooperate, because what I've read suggests that he is keeping mum.
dguzman: I dunno about that. Look, there is no honor among thieves. That is, a hand shake won't do. There are trails. Receipts. Money transfers. Et cetera. And deleting something from the computer doesn't get rid of it entirely. I think the investigators could uncover some surprising stuff. Whether we ever hear about it is another matter. Especially if another government--let's say one of our friends--is involved.
Joe: I hope you are wrong. I fear that you are right. GMB
Posted by: gmb | June 30, 2009 at 07:39 PM
i wonder if bernie was warned not to drop the soap
Posted by: distributorcap | July 03, 2009 at 09:05 PM
DCap: I think he has bigger concerns. Like not being shanked in his sleep. GMB
Posted by: gmb | July 03, 2009 at 11:58 PM