Bernie Madoff: The Human Pinata of Wall Street

Jun 29, 2011
J. Webster
Comments Off on Bernie Madoff: The Human Pinata of Wall Street

Poor, poor, Bernie Madoff says he doesn’t want to die in prison. Sure, that’s understandable, nobody wants to die in prison or go to prison. But maybe he should have thought of that before he started his ponzi scheme and destroyed the lives of thousands of people. It’s too late Bernie, sorry. You made your bed so now you have to lie in it, as they say.

The NY Times has the story.

Having served two years of his 150-year sentence, Bernard L. Madoff remains upset that Judge Denny Chin did not give him a shorter term, which might have allowed him the chance someday to regain his freedom, even as a very old man.

“Maybe the judge felt, ‘Well, he’s 70 years old, so even if I give him 20 years, he’s going to be 90 years old,’ ” Mr. Madoff said by phone from the federal prison in Butner, N.C.

“But quite frankly, there’s a big difference with dying in prison, you know, and dying outside with your family.”

Judge Chin has said in recent interviews that he considered a sentence that might have allowed Mr. Madoff to be freed when he is in his 90s. But he concluded that Mr. Madoff simply did not deserve it, and in court called his conduct “extraordinarily evil.”

But Bernie Madoff goes one step further, saying he wasn’t the one who caused the financial collapse, and the judge in the case had little understanding of the financial markets:

“In my mind, Chin was anything but fair, with zero understanding of the industry,” Mr. Madoff added.

He said the judge had made him “the human piñata of Wall Street,” while financial firms and government officials “walk away free.”

“Remember,” he said, “they caused the recession, not me.”

I think the judge knew enough about the financial markets to not get duped by Bernie Madoff. He gave him a stiff sentence, so he knows something. I wonder what some of the Madoff investors have to say about Madoff having to die in prison? I’m guessing they don’t have much sympathy for the man.

Bernie then tries to say the nobody from the government or financial firms are in prison, and they had a role in the financial collapse. There’s a difference though, most of those people didn’t knowingly dupe or deceive investors. Sure, some people might say companies like Goldman Sachs knowingly tricked investors, but Bernie Madoff’s certainly not the one who gets to dole out the punishments. I wonder if he’s going to start naming names though. JPM Morgan is said to be a knowing participant in many ways in the Madoff ponzi scheme.

Still, if you keep hitting Madoff, like a pinata, will money fall out or is it all gone. I’m guessing that’s what Madoff investors really want to know. Show me some money.

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