It's more symbolic because he doesn't have the $171 billion but it's still hard to swallow seeing his wife able to keep a few million. For her it's surely an insulting amount and life will change dramatically but think about the victims who lost everything. Last week at his sentence hearing, Madoff's attorney sought to limit his jail term to 10 years. That's what attorney's are paid to do but how ridiculous was that considering the lives ruined as a result of his actions? Even with all of this, it's not going to come close to repaying the losses.
Acting U.S. Attorney Lev Dassin, who released a copy of the order Friday night, plans to seek a 150-year prison term at Madoff's sentencing Monday. Sorkin has argued in court papers for a 12-year term.
According to Friday's order, the government also settled claims against Madoff's wife. Under the arrangement, the government obtained Ruth Madoff's interest in all property, including more than $80 million-worth that she had claimed was hers, prosecutors said. The order left her $2.5 million in assets.
The agreements strip the Madoffs of all their interest in properties belonging to them, including homes in Manhattan, Montauk, N.Y., and Palm Beach, Fla., worth a total of nearly $22 million. The Madoff's must also forfeit all insured or salable personal property contained in the homes.
Other seized assets include accounts at Cohmad Securities Corp., valued at almost $50 million, and at Wachovia Bank, valued at just over $13 million, and tens of millions of dollars in loans extended by Madoff to family, employees and friends.
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