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Bernie Madoff Gets 150 Years In Prison!

Discussion in 'BlackHat Lounge' started by The Scarlet Pimp, Jun 29, 2009.

  1. The Scarlet Pimp

    The Scarlet Pimp Jr. VIP Jr. VIP Premium Member

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    Locked Up for Life: Madoff Sentenced to 150 Years In Prison
    Date: 29 Jun 2009

    http://gawker.com/5303665/locked-up-for-life-madoff-sentenced-to-150-years-in-prison

    Bernie Madoff has just been sentenced to 150 years in prison for running the
    biggest Ponzi scheme in history. It was the maximum sentence the judge could
    have given him.

    Before sentencing, Madoff addressed the courtroom:

    "I'm responsible for a great deal of suffering and pain, I understand that," Mr.
    Madoff told the court. "I live in a tormented state now, knowing all of the pain
    and suffering that I've created. I've left a legacy of shame, as some of my
    victims have pointed out, to my family and my grandchildren."

    Addressing his victims seated in the courtroom, he said: "I will turn and face
    you. I'm sorry. I know that doesn't help you."

    But after hearing a succession of Madoff's victims plead for a harsh sentence,
    Judge Denny Chin rejected the Madoff team's pleas for leniency, including their
    (preposterous) suggestion of a 12-year sentence.

    Bernie Madoff will now die in jail.
     
  2. Jackalakus

    Jackalakus Junior Member

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    Ouch... There's a difference between common sense and fraud.
     
  3. SquirlyNutz

    SquirlyNutz Power Member

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    So where did the loot go ? The victims are SOL ?
     
  4. bpaw

    bpaw Junior Member

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    The government is trying to recover as many assets as possible to pay back the victims such as the multiple homes which Madoff owned, jewelry, etc. However, there will be no where near the amount of required money to pay back all his investors.
     
  5. TermsB

    TermsB Senior Member

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    Keep in mind that the majority of the money that was said to be lost, really never existed. It would be like you giving me $10, me telling you it was now worth $200, and than it not being worth that, the only loss was really that $10.
     
  6. graphicnut

    graphicnut Supreme Member

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    never heard of him, what he do :p
     
  7. bpaw

    bpaw Junior Member

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  8. amber0855

    amber0855 Junior Member

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    That's what normal people get when they steal money and aren't employed by the government.

    Now some steal shitloads more from taxpayers, but we call them politicians. ;)
     
  9. heiny

    heiny Regular Member

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    Realllyyyyy sucks to be 71 and going jail for 150 years. Man I would try to end it as early as possible after that sentencing
     
  10. amber0855

    amber0855 Junior Member

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    At that age, even 20 years is a death sentence. But seriously, the guy had to see the finances dwindling. I would have offloaded some major cash and found a nice quiet retirement area with no extradition policy.

    I am still clue less why he didn't do this in the first place.
     
  11. zeroa

    zeroa Newbie

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    What he did was not blackhat.

    No respect for him and he got what he deserved. Too bad it's not enough.
     
  12. The Scarlet Pimp

    The Scarlet Pimp Jr. VIP Jr. VIP Premium Member

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    Ruth Madoff Faces Living Off a Scant $2.5 Million

    http://online.wsj.com/article/SB124623418258366507.html

    How tough is it living off $2.5 million? Ruth Madoff is about to find out.

    Bernie Madoff's wife has been left with a lump sum in that amount from her
    settlement with the Justice Department.

    The first thing to note is that the cash doesn't come completely free and clear.
    She may still face claims from the Securities & Exchange Commission, the
    Securities Investor Protection Corporation, and the trustees liquidating her
    husband's business and estate. It is also unclear how much Social Security she
    will have to live on as well.

    When you cast aside the sort of smoke and mirrors used by her husband, a
    conservative investment portfolio may only earn about 3% a year over inflation.
    At that rate, and if Mrs. Madoff wants to make sure she doesn't outlive her
    money, her $2.5 million settlement should give her an annual income of maybe
    $125,000 a year. That would make the money last all the way to age 100.

    That's a pretty good income. It's a lot more than many of her husband's ruined
    victims will have. But it will hardly support her past lifestyle. Mr. and Mrs.
    Madoff, according to court papers, owned homes in Manhattan, Montauk, N.Y., and
    Palm Beach, Fla., along with millions of dollars in furniture, art, furs, and
    the like.

    Sounds like she's going to have to do, on a bigger scale, what a lot of
    Americans are doing right now: Downsize.

    If Ruth Madoff spends a third of her $125,000 a year on accommodation, that will
    come to about $3,500 a month -- enough perhaps for a (modest) two bedroom in
    Manhattan, but nothing glamorous. It will rent more in Florida. Especially if
    she moves inland from Palm Beach -- to somewhere like Sunrise.

    The good news? There's an Ikea nearby. And lots of factory outlets. And in
    Florida she will be able to survive without her $36,000 Russian sable coat.

    As for cars: Mrs Madoff has to give up her Mercedes-Benz E class and CLK. But a
    brand new Mercedes SmartCar only costs about $14,000.

    As for investments: Mrs Madoff is 68. She will need income to live on for maybe
    30 years or more. She's going to have to generate income to live on, and enough
    growth to keep up with inflation. That's going to mean a conservative mix of
    stocks and bonds.

    Among bonds, Treasurys look expensive. Even inflation protected Treasurys,
    so-called TIPS, are starting to look fully priced. And Mrs. Madoff would do well
    to avoid very long-term bonds. They are at risk from inflation.

    There are better opportunities in corporate debt, from investment grade to high
    yield. She might also look at tax-exempt municipals -- she can earn at least
    3.5% tax-free without taking on too much inflation risk. She might even consider
    emerging market government bonds.

    If she wants stocks paying good income as well, Mrs. Madoff should be able to
    earn yields of about 4.5% a year right now without taking too much risk.
    Closed-end funds -- special mutual funds that trade like regular shares -- can
    be a great way to get equity income. That's because the funds themselves can
    sell at a big discount, which means you get more income for each dollar
    invested.

    The irony, of course, is that Mrs Madoff really needs a financial adviser she can trust to handle her money.
     
  13. Jagged55

    Jagged55 Power Member

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    It isn't quite that simple....when business transactions are based on the expected earnings, it has a huge ripple effect.

    Here is a big list of the victims...I feel so sorry for some of the people that lost everything.

    http://s.wsj.net/public/resources/documents/st_madoff_victims_20081215.html
     
  14. oxonbeef

    oxonbeef BANNED BANNED

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    Greedy man's the easyest one to catch. everyone who invested with Madoff though they'd make boat load of money without doing a thing, Madoff is a marytr.
     
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  15. NemoTheOne

    NemoTheOne Jr. VIP Jr. VIP Premium Member

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    Tell me if I'm horribly misguided by this assessment and why...
    But I think that they should've given this guy just the amount of years that lead to his 102nd birthday.

    See, 150 years means nothing. Now he simply accepts room and board at the prison for the rest of his life.

    But with just 20 years or whatever it would be leading to being released at 102 he would be plaqued with the added torment of whether or not he would actually live to see outside the prison again.
     
  16. chaldoflirt

    chaldoflirt Regular Member

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    this should be put under a section "Best of BlackHat Gone Wrong"
     
  17. Caplet

    Caplet Registered Member

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    Now, as a US citizen I have to pay for him to be in jail. The taxpayers will pay for all of his food and everything else he needs.

    Or someone will just stab him, then the taxpayers only have to pay to clean up the blood.
     
  18. heiny

    heiny Regular Member

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    Mrs Madoff just need to get on BHW.

    Also a few great investments in real estate would benefit her. Or just write a book about her ex-good life in the fast lane and a few dirty secrets about her hubby
     
  19. mrblackhat

    mrblackhat Regular Member

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    I'd bet my fortune he has a DP account!!
     
  20. TheInternetHustler

    TheInternetHustler Regular Member

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    If I was madoff I wouldn't apologize like that, he has 150 yrs in jail so no reason to kiss up. I would be like "Suck mah balls, I don't give a fuck I am gonna be in jail for the rest of my life cuz spending those mils was fun as shit! You guys are stupid mofos for giving me all that money and believing all the BS reports I made!" Lol, I guess I am just a dick, but why not have fun with it? Either way he's gonna be in jail forever. I know what he did was low, but I kinda respect him for it because he was so damn good at it lol... Capitalism is a damn ponzi scheme anyway, some people will always get fucked and the people who have the money don't always deserve it, so it's not like madoff did anything that out of the ordinary when you look at the big picture. Sure you can feel sorry for all the people he fucked, but those people were lucky to have the money in the first place, they should just be happy they weren't born in sudan or some shit. Plus all the money he spent just went to other people anyway, he probably stimulated the economy lol... The money didn't disappear, it was just transferred to all the people who profited from his spending, who is to say they deserve it less than the original investors? At least that is the way I look at it...
     
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