Sounds like the judge would have given 500 years if that was an option and rightly so. There still so much more to this story including the possibility of a few "lucky" investors who somehow managed to rake in healthy increases of nearly 1000% in a year when others were receiving the normal 10-12%. Crazy odds...maybe a little too crazy. And the crowd roared.
Cheers erupted as a federal judge sentenced swindler Bernard Madoff to 150 years in prison Monday, calling his claims less than compelling.White House spokesman Robert Gibbs is talking about the message this sends to the market but hell, how about sending a message from the White House? Obama wants others to get their hands dirty cleaning up this mess but he's too willing to take a pass. How pathetic is it that a judge takes more of a stand against Wall Street than a president who ran on the theme of "change"? Is Obama really that timid and afraid to confront such clear abuse?
U.S. District Judge Denny Chin said Madoff's breach of trust was massive, and that he lied to investors and to the SEC to buy homes, yachts and pay country club fees. He called the maximum sentence symbolic to those who might imitate the fraud and to the victims seeking relief.
"Here the message must be sent that Mr. Madoff's crimes were extraordinarily evil and that this kind of manipulation of the system is not just a bloodless crime that takes place on paper, but one instead that takes a staggering toll," Chin said.
"Not a single letter was submitted in support of Madoff," Chin said. "Not friends, not family. That is telling."
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