Wednesday, March 11, 2009
Is 150 years in jail punishment enough for madoff?
Bernie Madoff is probably going to be one of the biggest ponzi scammer of the twenty first century. If one really stop and review what he actually did is some pretty masterful stuff. It's quiet extraordinary if you really stop and think about it. He was able to convince wealthy and some advantage folk to give him their money so he could carry out the best ponzi scheme ever. Of course what's being reporting is that all these people did not know this was some elaborate ponzi scheme which I happen to believe. Let's break down what he did: He would take your money with promises of great return on your money. He didn't actually invest the money he kept it. He used your money to fund his luxury life style. He then send you statements about your money on how well it's doing. Your money never losses, You always gained a profit. as high as 50 %. Now, it's being said that these people should have known at some point with these high return that something was up. I don't known anything about investing money that's why I pay people to invest my money for me so, I think this is a little unfair accusation. who would not be happy with this type of return, how am I suppose to know that the return is too high. Your making money, you feel great about this Madoff enterprise that making you rich or richer.You could even withdraw money from your earnings. Madoff could do this because he had so many people giving him money on a continuous basis there was always money rolling in. All he had to do was past the money around. when someone wanted a withdrawal., Just past the money around to make it appeared as if everyone is winning. ( take from one person and give to the next)
It was such a good scheme that even legitimate firms invested in his so call enterprise. It was the perfect win win situation. Who would have thought or even suspected that there might be something fishy going on.
The man even funded reputable organization. He donated money to various charities and community organization who depended on the funding. It was very hard to believe that this enterprise was carrying out some sophisticate ponzi scheme. he could have continue doing this for years. Oh,, he did do it for years, over 40 years. WOW. Now what the heck went wrong how did this little genius enterprise came tumbling down?
The economical crisis, People started losing their jobs and people retirement account started losing tremendous amounts of money. Everyone started getting panicky and actually wanted to touch and smell the money that was left. They wanted to tuck their money away like the old days, back under the bed. The biggest dilemma Madoff faced was that everyone wanted their money back all at the same time. Then, that's how it all came crumbling down. Everything exposed.
Now people who was retired lost all their money . Most of these senor citizen have to now go back to work. There was report that some was working at K mart walmart and so on. The legitimate firm who invested with Madoff one of the CEO committed suicide after he bankrupt his company. Most of the charities he funded had to closed.
Madoff is now facing 150 years in jail, he has to wear a bullet proof vest when he has to appear in court. His wife is trying to keep the pen house and some of the millions. The audacity of her, I think she should be brought up on charges just for even considering keeping any of the money.
So I end with this do you think 150 years in jail, punishment enough for Madoff?