**right... sorry that he was caught, more like**
Well, Madoff's request to be released from jail so that he can return home under house arrest until the trial in June was denied by a three panel judge just recently. So much for returning to his mansion/penthouse...
So, if you don't know about Madoff... well, then that's a pity...
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well just kidding.
here's a bit of back-story for those of you (read: normal people) who haven't been following Madoff's story.
At the moment, Madoff pleaded guilty to 11 felony counts (ouch) last week including securities fraud mail fraud, wire fraud, money laundering, and perjury. He faces a 150 year sentence (ouch).
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actually, it's a long story and it's getting kind of late, so let me just direct you to here:
but the sheer volume of mail this guy is receiving is amazing. And a lot of the letters, I feel, really embody our economic problems that we're currently facing as well as this widespread anger directed towards wealthy business executives.
"When you consider sentencing Madoff, please consider that many of us will live within our own jails because of Madoff," wrote Robert Shapiro. "We are emotionally forever damaged, and forever economically devastated."
4 comments:
goood riddance.
2 years ago, looked like a actual honest investor, who knew he had a dirty ponzi scheme worth 65 billion dollars? WOw, just amazed that he kept it a secret this long. Though it makes me wonder how many little dirty dealings are currently active in the stock market right now.
This just goes to show that the rich and powerful can't always buy their way out of their problems. They can't just expect their problems to disappear and Madoff certainly should not be given special treatment that he requested. Madoff definitely knew what he was doing at the time and deserves the 150 year sentence. At least there is some justice to all those who were hurt by his illegal actions.
Im glad they denied his proposition to be on house arrest. Why should he be in the comfort of his own home when he is the reason for many families loss in the economy. It amazes me that he could do this for so long and feel no remorse. Thankfully we have a legal system and punishment for those who try to get away with this many felonies. To people like this was it really worth spending life in prison?
Wow finally some rich guy not let off bail. I think it is ridiculous that these types of people think its ok to just use their wealth to get them out of their problems. Theyve obviously never faced reality and for once i think Madoff needs to face the worst reality... in a jail cell. There is so much corruption in the economy and not releasing him on bail may just be another step in stopping it all.
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