It's an interesting case. All you hear about is the people who got hurt and lost everything. What about the people and institutions who made 43% per year for so long. Will they have to give that back? I wonder what percentage of his investors actually made a profit? Talk about a pile of crap to sort........ My prediction is that those who made money get to keep it and those who lost money will convince the govt to do a bailout :wink:
I heard some of the victims yesterday saying the SEC should pay them their money because the SEC investigated him 16 times and never found anything, so they invested with him because the SEC said he was good. They have a point. They are entitled to 500K per account, since Madoff was covered under SIPC insurance. I sure hope Fidelity is OK! (I think they are...)
i cant help but wonder how much the govt is going to end up spending investigating this. http://news.yahoo.com/s/ap/20090313/ap_on_re_us/madoff_scandal
CNBC interviewed a former white collar prisoner, and he said the code of yard was that you don't assault old people. Even crooks have their standards. Plus, Madoff won't go to supermax or anything. He should be ok, mostly.
I don't think so. Rich and influential people (and mafia bosses) find protectors in prison, both among guards and inmates. One of Edwin Edwards long-time associates was prosecuted by the Feds and imprisoned in a federal minimum security facility in Texas around 1982 or so. They really wanted Edwards, but they were pressuring this guy to give testimony on Edwards by jailing him. When he arrived at the prison he was put in a cell with a very large, menacing-looking black man, intended to frighten him into spilling dirt on Edwin to get out. Two days later, a fellow in a suit had a visit with the cellmate and after that he became the bodyguard and protector of the political prisoner for his entire 2-year sentence. Wanna bet that they both got respectable bonuses when they were out of prison? Another of Edward's long-time associates told me this story, take it for what it is worth, but prison ain't the same for the rich and powerful. It's why Madoff has to be left with no money or friends at all.
Do you agree that bad bowlers should compare themselves to Special Olympians? Would you let Rush slide if he made the same remark?
