Bernie Madoff will be sentenced on June 29. In a recent article, Forbes examines what type of penalties have been given to other white-collar criminals. According to the story, Sholman Weiss is serving the longest such sentence, having been committed to 845 years in federal prison for his role in the the $450 million collapse of National Heritage Life Insurance. That officially puts his release date as Nov. 23, 2754.
Allen Stanford (not to be confused this morning with Mark Sanford), are you paying attention?
(Via WSJ Law Blog)
Showing posts with label Madoff. Show all posts
Showing posts with label Madoff. Show all posts
Thursday, June 25, 2009
Monday, June 15, 2009
USDOJ Files Victim Impact Statements in Madoff Case
Bernie Madoff, who entered a guilty plea to 11 felony counts last March, will be sentenced on June 29. In anticipation of that, the Office of the United States Attorney for the Southern District of New York has filed 113 victim impact statements with Judge Denny Chin. See those documents here.
(Via the Wall Street Journal)
Related: Bitterness. The American Psychiatric Association debated recently whether bitterness should be listed in the next edition of the Diagnostic and Statistical Manual of Mental Disorders as a bona fide mental disorder. Psychology Today, May 2009.
(Via the Wall Street Journal)
Related: Bitterness. The American Psychiatric Association debated recently whether bitterness should be listed in the next edition of the Diagnostic and Statistical Manual of Mental Disorders as a bona fide mental disorder. Psychology Today, May 2009.
Monday, March 23, 2009
The New Yorker, Shouts and Murmurs: "Tails of Manhattan" by Woody Allen
Woody Allen, writing for The New Yorker: Bernie Madoff walks into a restaurant . . .
(Via Huffington Post)
(Via Huffington Post)
Friday, March 13, 2009
Madoff Bail Revoked After Guilty Plea
According to the United States Department of Justice Bureau of Justice Statistics, 2,293,157 prisoners were held in federal or state prisons or in local jails on December 31, 2007. Add one more to this staggering number, Bernie Madoff. After Madoff entered a guilty plea yesterday, he is being detained in custody until sentencing. (Lawyers, see 18 U.S.C. sec. 3143).
The Wall Street Journal's Law Blog has, at this link, an interesting post about what life in prison will be like for Madoff.
In this matter, the justice system seems to have worked thus far. Still, the victims' money is lost. Madoff has ruined his life. Wouldn't it have been better to have an effective regulatory system, run by competent people with a sense of public duty, to police the industry before things snowballed to this point?
The Wall Street Journal's Law Blog has, at this link, an interesting post about what life in prison will be like for Madoff.
In this matter, the justice system seems to have worked thus far. Still, the victims' money is lost. Madoff has ruined his life. Wouldn't it have been better to have an effective regulatory system, run by competent people with a sense of public duty, to police the industry before things snowballed to this point?
Wednesday, March 4, 2009
Food and Drink
Suddenly, it's Wednesday. The week is flying by. Not only was there more jaw-dropping economic news (AIG, for example), there was also news of a near collision of the Earth and an asteroid on Monday.
And if things aren't wild enough on Earth and from the heavens, there then came reports of the hilarious argument from Bernie Madoff that his wife, Ruth, should be allowed to keep $69 million in assets. This is the Ruth Madoff who withdrew $15.5 million from Bernie's brokerage firm right before he was arrested. Ruth took out $5.5 million on November 25, and $10 million on December 10 from Cohmad Securities. Bernie was arrested on December 11. Coincidence? Yeah. Sure.
Ruth Madoff is the co-author of a cook book. A search for her name on Amazon turned up Great Chefs of America Cook Kosher. (This is a post about Food and Drink).
Ruth Madoff. Cook book.
Bernie Madoff. Cooked books. Allegedly.
If all of this isn't hard enough to swallow, Eric Asimov writes about chardonnay in his Wines of the Times column for the New York Times. I have to admit, I am a chardonnay hater. Still, perhaps Mr. Asimov has identified something new. In these times, it is best to try to keep an open mind.
With all that's going on you may well ask, when will there be good news? The answer: tonight. We are opening a good bottle of Malbec.
And if things aren't wild enough on Earth and from the heavens, there then came reports of the hilarious argument from Bernie Madoff that his wife, Ruth, should be allowed to keep $69 million in assets. This is the Ruth Madoff who withdrew $15.5 million from Bernie's brokerage firm right before he was arrested. Ruth took out $5.5 million on November 25, and $10 million on December 10 from Cohmad Securities. Bernie was arrested on December 11. Coincidence? Yeah. Sure.
Ruth Madoff is the co-author of a cook book. A search for her name on Amazon turned up Great Chefs of America Cook Kosher. (This is a post about Food and Drink).
Ruth Madoff. Cook book.
Bernie Madoff. Cooked books. Allegedly.
If all of this isn't hard enough to swallow, Eric Asimov writes about chardonnay in his Wines of the Times column for the New York Times. I have to admit, I am a chardonnay hater. Still, perhaps Mr. Asimov has identified something new. In these times, it is best to try to keep an open mind.
With all that's going on you may well ask, when will there be good news? The answer: tonight. We are opening a good bottle of Malbec.
Monday, January 26, 2009
Bernard Madoff: The Fine Print
Drafting documents clearly and correctly is not the type of exciting legal action featured in books, movies, or on the news. That's why a recent story in the Financial Times caught my attention. The story discussed the warnings contained in some of the prospectuses of feeder funds that turned money over to Bernard Madoff.
The fine print in one hedge fund said, ""There is a risk the broker-dealer could abscond with those assets,"" according to the FT. Another fund told investors ""information supplied by the investment adviser may be inaccurate or even fraudulent."" A third said, in block capital letters and bold type: ""Participation by investors in the fund should be considered a high-risk investment.""
So there are those few folks out there who drafted these documents and are probably feeling good about that bit of work. And as noted in the FT story, investors are now probably wishing they had taken more seriously the words "abscond", "inaccurate", "fraudulent" and "high-risk".
The fine print in one hedge fund said, ""There is a risk the broker-dealer could abscond with those assets,"" according to the FT. Another fund told investors ""information supplied by the investment adviser may be inaccurate or even fraudulent."" A third said, in block capital letters and bold type: ""Participation by investors in the fund should be considered a high-risk investment.""
So there are those few folks out there who drafted these documents and are probably feeling good about that bit of work. And as noted in the FT story, investors are now probably wishing they had taken more seriously the words "abscond", "inaccurate", "fraudulent" and "high-risk".
Sunday, December 28, 2008
The Thin Line Between Crying and Laughing
From today's New York Times: The misery of these tough economic times produces comedy. "Did you hear the one about the stockbroker who’s been sleeping like a baby? Every hour, he wakes up and cries. That was before he read that Somali pirates were issuing a new ransom-backed security to buy Citigroup. Moody’s rated it AAA, Henry M. Paulson Jr. deemed the pirates “fundamentally sound,” and Bernard L. Madoff will safeguard the returns." (more)
Snow on the Santa Rita Mountains.
Snow on the Santa Rita Mountains.
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