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I just realized that Madoff did a good thing…

22 Comments

Madoff pleaded guilty.

The trial is over. He’s off to jail. He actually saved us taxpayers some money in legal fees, court costs, not to mention lost productivity as we all tune in to the trial (which would have been a circus.)

Granted, it doesn’t begin to make up for his crime. That’s why he’s in jail.

(Hey, Bernie! If you’d been a REALLY clever criminal you’d have stolen money in such a way that they named the scheme after you. But no, you’re just another Ponzi-wannabe…)

22 thoughts on “I just realized that Madoff did a good thing…”

  3. It’d be funny if that was part of the plea bargain. “I’ll plead guilty if you use the force of the US Government to get this con renamed the Madoff Scheme.”

  4. It’d be funny if that was part of the plea bargain. “I’ll plead guilty if you use the force of the US Government to get this con renamed the Madoff Scheme.”

  5. I could suggest a menu item for the prison chef if you really wanted to punish him…

    Seriously though – if people who committed crimes would take personal responsibility for their actions, the docket load would be reduced by 80% and a similar percentage of attorneys would be out of work. Of course, not taking responsibility is why they committed the crimes in the first place, so it’s a stretch to ask for…

  6. I could suggest a menu item for the prison chef if you really wanted to punish him…

    Seriously though – if people who committed crimes would take personal responsibility for their actions, the docket load would be reduced by 80% and a similar percentage of attorneys would be out of work. Of course, not taking responsibility is why they committed the crimes in the first place, so it’s a stretch to ask for…

  7. I’m skeptical on Madoff’s motives for the plea, though. Press coverage up here in the Great White North makes strong implications that he’s falling on his sword to protect confederates, which may include his family, from both prosecution and any civil suits to recover what ill-gotten booty still remains.

    — Steve wouldn’t count on this being true, but can’t rule it out either.

    1. The problem with civil suits is that they’ll never recover anything without going to his clients. That’s how a Ponzi Scheme works. Nobody “lost” money. They all “spent” money that they thought was coming from their investments, but which was in fact coming from their own pockets.

      As to Madoff’s own assets, no matter whose name they’re in they were acquired fraudulently (per Madoff’s confession) and are being confiscated as we speak.

      2. One difference from a ponzi scheme though. The original Ponzi scheme the person doing it actually had a business venture that was profitable… on a small scale. The problem is when he ramped it up it collapsed out from under him because the market couldn’t support that many international mail coupons being dropped into it and the source markets didn’t have that many available. Instead of admitting it and taking the hit he ramped it up Madoff style.

        Madoff’s scheme… was a ripoff pure and simple from the start.

  8. I’m skeptical on Madoff’s motives for the plea, though. Press coverage up here in the Great White North makes strong implications that he’s falling on his sword to protect confederates, which may include his family, from both prosecution and any civil suits to recover what ill-gotten booty still remains.

    — Steve wouldn’t count on this being true, but can’t rule it out either.

    1. The problem with civil suits is that they’ll never recover anything without going to his clients. That’s how a Ponzi Scheme works. Nobody “lost” money. They all “spent” money that they thought was coming from their investments, but which was in fact coming from their own pockets.

      As to Madoff’s own assets, no matter whose name they’re in they were acquired fraudulently (per Madoff’s confession) and are being confiscated as we speak.

      2. One difference from a ponzi scheme though. The original Ponzi scheme the person doing it actually had a business venture that was profitable… on a small scale. The problem is when he ramped it up it collapsed out from under him because the market couldn’t support that many international mail coupons being dropped into it and the source markets didn’t have that many available. Instead of admitting it and taking the hit he ramped it up Madoff style.

        Madoff’s scheme… was a ripoff pure and simple from the start.

  11. I doubt if saving us money was upper-most in his mind, saving his hide however…

    Thing to remember, some of the people who’s money he made off with, had friends in low places. In point of fact, there’s at least one investor who is strongly linked with the Russian Mafia.

    Prison is probably the safest place for him.

    1. Nah.

      They can get him wherever he is. Even if they don’t get him, they can get his family. That would be worse for him, knowing his actions brought harm to his loved ones.

  12. I doubt if saving us money was upper-most in his mind, saving his hide however…

    Thing to remember, some of the people who’s money he made off with, had friends in low places. In point of fact, there’s at least one investor who is strongly linked with the Russian Mafia.

    Prison is probably the safest place for him.

    1. Nah.

      They can get him wherever he is. Even if they don’t get him, they can get his family. That would be worse for him, knowing his actions brought harm to his loved ones.

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