150 Years In... For Christ sake.

Explorer · **on:** June 29, 2009, 03:26:28 PM

Not sure if the news came to anyone else' ears. Bernard Madoff, an American former financier who admitted to have done fraudulent agreements with many people all around the world (even famous people including Steven Spielberg), through whom he acquired his millionaire fortune, was condemned today to 150 years of prison. Note that he is 70, so this will be prison forever, and he's also ill, I heard.

Among his agreements are those of a 90 years old man who lost his life fortune to Madoff and started working in a grocery shop earning more or less 9Ä per hour. (Do the conversion, I have no idea <.<)

It is calculated that it will be impossible to reward all of the families he fraudulently helped due to the amount of money included.

I don't know, but in some way, the 150 years hyperbole seem pretty adapted. He might not have more than 12 years to live, but still, the 150 years seem enough, whereas less wouldn't. <.<

raga · **Reply #1 on:** June 29, 2009, 04:23:18 PM

(9Ä is about $12.67, which is actually nearly double the national minimum wage in the U.S.)

Still, what Madoff did is absolutely unforgivable and he fully deserves this sentence. Not only does he have to serve the 150 years but he has to shell out $170 billion.

landbeforetimelover · **Reply #2 on:** June 29, 2009, 04:44:53 PM

150 year sentence = 15 years actual jail time. That's why it was done like that. The system is horrible when it comes to criminal justice. So long as they don't kill anyone in jail they're let out for "good behavior".

Explorer · **Reply #3 on:** June 29, 2009, 04:46:45 PM

Quote from: landbeforetimelover,Jun 29 2009 on 08:44 PM

150 year sentence = 15 years actual jail time. That's why it was done like that. The system is horrible when it comes to criminal justice. So long as they don't kill anyone in jail they're let out for "good behavior".

He doesn't have much of chance. <.< If he goes out, he's killed first minute he takes a step out, for the amount of owes. Besides, the guy doesn't have much time of life. He'll stay in there forever.

Just remembered another of the cases mentioned. It was about a millionaire that apparently suicided due to what he lost to this guy. Not sure.

Petrie. · **Reply #4 on:** June 29, 2009, 06:25:59 PM

150 years was given just to prevent the possibility of getting out on parole. He'll be in jail until he dies.

Nick22 · **Reply #5 on:** June 29, 2009, 11:09:46 PM

he has to psay 177 bilion as well, even if all his assets are liquidated towards that amount, that won't even cover 1-1000th of the money he owes.. if they take evrerything the family ow ns I could see getting a couple billion back, which is still only about 1%.

Cancerian Tiger · **Reply #6 on:** June 30, 2009, 01:03:49 AM

Well, that's one less greedy CEO gettin' their paws on not-so-rich folks' hard earned cash

!

Petrie. · **Reply #7 on:** June 30, 2009, 09:42:57 AM

I don't think he was a CEO...just very good with money and a lot of people put their trust in him for investing.

raga · **Reply #8 on:** July 02, 2009, 07:24:11 PM

I don't think he was CEO either. What he did was he took some money from investors, promising high rates of return with very little risk. He then payed these investors with money from new investors. Of course this can't go on forever, and thats how he got caught.