GG Posted December 16, 2008 Share Posted December 16, 2008 When someone scams $50 billion it should be considered a violent felony. Why is a guy who sticks up a bank put into hard core prison and this guy shouldn't be? Think of it as a matter of choice. Chances are Madoff didn't hold a gun to the head of any of his investors to steal from them. They all hadd opportunity to investigate his history and investment strategy. Despite a lot of evidence to the contrary, many still fell victim to his charm & reputation. Since investors must bear some of the risk of the buyer beware rule of life, the laws are structured accordingly. Put another way, the laws treat criminals who threaten bodily harm or where property is taken in direct opposition from the holder much more seriously than simple fraud, no matter the $$ amounts involved. Link to comment Share on other sites More sharing options...
SD Jarhead Posted December 17, 2008 Share Posted December 17, 2008 You mean like these folks.... http://www.nypost.com/seven/12162008/news/...hing_144414.htm How about the charities he defrauded, theya re some of the biggest victims. SAR Academy, a Jewish day school in The Bronx, is believed to have lost up to $4 million in endowment money placed with the firm. The Chais Family Foundation, which gave more than $12 million annually to Jewish causes in Israel and Europe, has already shuttered its doors because of its losses. Two Manhattan-based civil-liberties groups - the JEHT Foundation and The Rockit Fund - said they were set to close in January because of the fraud. C'mon you're better than this jealousy-fueled rant. This was a crime of epic proportions and everyone hurting from it deserves some sympathy. You're right that the scam if far reaching any many good people and organizations have been taken advantage of. I really don't hate rich people, but I guess I'm a bit beyond frustrated at the bailouts and golden parachute many of these crooks ran off with. I do not want the "Palm Beach Crowd" to be the recipient of my grandchildren's tax dollars so they can continue to live out their extravagant lives. I don't know that they are bad people, and admit to a bit of demogagery (sp?), so yes, you are right ..this was a bit of a rant. As far as white collar criminals being coddled in summer camps, I say screw 'em. That dude should be thrown into Pelican Bay or Attica (I know-they're state prisons) in with the general pop. Link to comment Share on other sites More sharing options...
KD in CA Posted December 17, 2008 Share Posted December 17, 2008 When someone scams $50 billion it should be considered a violent felony. Why is a guy who sticks up a bank put into hard core prison and this guy shouldn't be? Because he didn't stick a gun in their face and risk their lives. There isn't a dollar threshold that equates to violence. Link to comment Share on other sites More sharing options...
SD Jarhead Posted December 18, 2008 Share Posted December 18, 2008 Because he didn't stick a gun in their face and risk their lives. There isn't a dollar threshold that equates to violence. So he didn't ruin one life, he ruined thousands of lives...nice. I usually agree with most of what you post, but if this guy did what he is accused of, and the reports are that he basically admitted he is a scam artist, then he should be placed in a regular prison like any other common prisoner. In the meantime, he should be in a holding center instead of a seven million dollar apartment! No it's not jealousy of the wealthy that makes me feel this way, its the disparate treatment in our justice system. Link to comment Share on other sites More sharing options...
bills_fan Posted December 23, 2008 Share Posted December 23, 2008 And so it begins.... http://www.bloomberg.com/apps/news?pid=206...&refer=home Link to comment Share on other sites More sharing options...
GG Posted December 23, 2008 Share Posted December 23, 2008 And so it begins.... http://www.bloomberg.com/apps/news?pid=206...&refer=home The more news that comes out of this case, the more sickening it turns. Six year look back for fraudulent conveyance? What a friggin mess. Link to comment Share on other sites More sharing options...
Nanker Posted December 23, 2008 Share Posted December 23, 2008 Squandering $50 billion!!!!!! WTF? If convicted he'll be sent to a prison that houses the non-violent felons. How the hell does anyone squander 50 billion Michael Bolton: We get caught laundering money, we're not going to white-collar resort prison. No, no, no. We're going to federal POUND ME IN THE ASS prison. Samir: I don't want to go to ANY prison! Link to comment Share on other sites More sharing options...
KD in CA Posted December 23, 2008 Share Posted December 23, 2008 Michael Bolton: We get caught laundering money, we're not going to white-collar resort prison. No, no, no. We're going to federal POUND ME IN THE ASS prison. Samir: I don't want to go to ANY prison! Bob: Samir Naga....Naga....Not gonna work here anymore. Link to comment Share on other sites More sharing options...
John Adams Posted December 23, 2008 Share Posted December 23, 2008 Michael Bolton: We get caught laundering money, we're not going to white-collar resort prison. No, no, no. We're going to federal POUND ME IN THE ASS prison. Samir: I don't want to go to ANY prison! No conjugal visits? Link to comment Share on other sites More sharing options...
DC Tom Posted December 23, 2008 Share Posted December 23, 2008 How the hell does anyone squander 50 billion Well, for starters, get appointed a Cabinet Secretary... Link to comment Share on other sites More sharing options...
TheLynchTrain Posted December 23, 2008 Share Posted December 23, 2008 Think of it as a matter of choice. Chances are Madoff didn't hold a gun to the head of any of his investors to steal from them. They all hadd opportunity to investigate his history and investment strategy. Despite a lot of evidence to the contrary, many still fell victim to his charm & reputation. Since investors must bear some of the risk of the buyer beware rule of life, the laws are structured accordingly. Put another way, the laws treat criminals who threaten bodily harm or where property is taken in direct opposition from the holder much more seriously than simple fraud, no matter the $$ amounts involved. Exactly. People need to remember there is no shortcut to wealth. Why would you ever believe someone can promise you a 10 to 12 percent return on your investment, regardless of his past credentials. Anyone that promises something like that clearly figured that he was doing something illegal or had some sort of insider knowledge. The investors were pretty stupid IMO, and they included a group of very savvy billionaires. Again, i is really stupid to think somebody can get you a return like that, and frankly I don't feel sorry for them. The past few days the WSJ has been drumming up stories about millionaires who now have to cut back on dry cleaning and turn their thermostat down. Puh-lease. Join the rest of America. I'm sorry, but you've got to invest smarter, regardless if all your other "in" buddies are doing it....you're not going to jump off a bridge if they are too, right? Link to comment Share on other sites More sharing options...
RLflutie7 Posted December 23, 2008 Share Posted December 23, 2008 I don't believe all the conspiracy theory stuff about Lay, but this Madoff dude needs the $.50 solution- a round to the temple. Or, why not go back to the days when we tarred and feathered people and left them in the stocks? The disgusting thing to me is that this guy is out on the street while someone who steals $50 often ends up sitting in the joint until their trial. Our justice system is really screwed up WRT white collar crime. I also have very little sympathy for the wealthy who lost on this guy. Why should the Gov't bail them out when we've got regular people becoming homeless every day because of the greed of Wall St. money managers? When is Uncle Sugar going to help them? So maybe they have to live like us 'common folk'...too bad. I guess it sucks to be them. What a world we live in... How did we disagree so much on the union deal, when you just wrote what I've been saying. That Wall Street has caused so much pain and regular people are becoming homeless every day because of Wall Street. Link to comment Share on other sites More sharing options...
bills_fan Posted December 23, 2008 Share Posted December 23, 2008 How did we disagree so much on the union deal, when you just wrote what I've been saying. That Wall Street has caused so much pain and regular people are becoming homeless every day because of Wall Street. This guy may have been a "regular person" but also a Wall Streeter... http://news.yahoo.com/s/ap/20081223/ap_on_...nvestor_suicide How about this guy.... http://www.minyanville.com/articles/family...f/index/a/20169 Know what you are talking about before commenting. Link to comment Share on other sites More sharing options...
RLflutie7 Posted December 23, 2008 Share Posted December 23, 2008 This guy may have been a "regular person" but also a Wall Streeter... http://news.yahoo.com/s/ap/20081223/ap_on_...nvestor_suicide How about this guy.... http://www.minyanville.com/articles/family...f/index/a/20169 Know what you are talking about before commenting. I been watching the suicide story all day long. That's who I was talking about. I read the story about the grandfather. That's who I was talking about. Honest people. Also, Chrysler owner, Cerberus Capital has sent a letter telling investors they can't withdrawal their money for a year. I guess they can only get 20% of their request. And they have a right to do this (unlike Enron). They have also admitted to mistakes, but also stuck to their position that there are good buying opportunities. Link to comment Share on other sites More sharing options...
GG Posted December 23, 2008 Share Posted December 23, 2008 I been watching the suicide story all day long. That's who I was talking about. I read the story about the grandfather. That's who I was talking about. Honest people. Yes, honest people who also happen to be part of Wall Street. Link to comment Share on other sites More sharing options...
KD in CA Posted December 23, 2008 Share Posted December 23, 2008 Yes, honest people who also happen to be part of Wall Street. Careful. You might cause his feeble brain to explode. Link to comment Share on other sites More sharing options...
RLflutie7 Posted December 23, 2008 Share Posted December 23, 2008 Careful. You might cause his feeble brain to explode. Your failure to see the big picture is getting a little ridiculous. Not all Wall Street people are bad. It just seems that the honest people stand by quitely and allow this to happen. My aunt lost half of her investments. My sister lost half. etc. etc. Link to comment Share on other sites More sharing options...
Jim in Anchorage Posted December 23, 2008 Share Posted December 23, 2008 Your failure to see the big picture is getting a little ridiculous. Not all Wall Street people are bad. It just seems that the honest people stand by quitely and allow this to happen. My aunt lost half of her investments. My sister lost half. etc. etc. Do you check to see if your co-worker is paying his taxes? That is how absurd that remark is. Link to comment Share on other sites More sharing options...
RLflutie7 Posted December 24, 2008 Share Posted December 24, 2008 Do you check to see if your co-worker is paying his taxes? That is how absurd that remark is. Wall Street people are saying it was the lack of regulation. Before they were saying they don't need regulation. That is how absurd that remark is. Link to comment Share on other sites More sharing options...
bills_fan Posted December 24, 2008 Share Posted December 24, 2008 Wall Street people are saying it was the lack of regulation. Before they were saying they don't need regulation. That is how absurd that remark is. Who said "lack of regulation" on Wall Street? Point me to it. I'll certainly said lack of intelligent regulation (oevrburdensome in certain areas, woefully lacking in others), but certainly not lack of overall regulation. Link to comment Share on other sites More sharing options...
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