Monday, June 29, 2009

bernie's big mistake

... was not in ripping off little old ladies, children, cripples, pensions and charities. the king of the ponzi scheme supreme is not going away for decades past his dying for a white-collar crime so time-honored yet pedestrian.

no, his singular, unforgivable sin was the gravest sin of all: he ripped off his rich friends.

ny times: but in meting out the maximum sentence, judge chin pointed out that no friends, family or other supporters had submitted any letters on mr. madoff’s behalf, attesting to the strength of his character or good deeds he had done.

even mr. madoff’s wife, ruth, whose own awareness of his business dealings has been a major unanswered question, issued a statement on monday distancing herself from him.

... she was not in court for the sentencing hearing.

bloomberg: the courtroom erupted in applause and shouts after chin imposed the sentence.

bloomberg: prosecutors said yesterday in their response to madoff's bail appeal that he should remain behind bars while he awaits sentencing. they said that madoff is a flight risk because he is likely to spend the rest of his life in prison, has been "shunned by the community," owns a home abroad, and has spent decades lying to clients.

newser: documents released today showed that ruth agreed to give up boats and vehicles as well as properties in manhattan, montauk,and palm beach, fla. the deal may allow her to move on after months of being shunned at manhattan establishments and crucified in the tabloids.

reuters: ruth madoff has not been charged with any crimes but she has been widely vilified by defrauded investors, shunned by people she once knew and pursued by the new york press. under the agreement she could still be liable to civil claims.

1 comment:

  1. Re "his rich friends": There are two components here.
    One is that they were his friends. It's a betrayal of friendship in a society that puts a high value on loyalty.
    Two is that they were rich. While it's no doubt true that this society puts a high value on wealth, even worships the wealthy, it's also true that it would be hard for a single individual to steal billions from the poor.