By now most know Bernie Madoff got 150 years in jail. He made off with estimates of up to $65 billion in invester losses. He got to live a lavish lifestyle like a king for almost 30 years. He defrauded over 1300 investors with his elaborate ponzi scheme. In the end, he got caught. For all of his money madness, did Bernie make out well?
Several questions come to my mind when I think of Madoff. When are the others involved in his scheme going to get their day in court? It is highly improbable and most likely impossible that he ran and organized this elaborate scheme alone. It’s far too elaborate and well orchestrated for that to be the case. His wife, sons, brother, accountant, assistant and confidante are all possible co-conspirators in this madness. Yet, it appears so far that the victims are letting Madoff take the blame completely alone. There was also the brokerage firms recruiting investors for Madoff. What did they get in return? The victims should scream until all involved are investigated, indicted and brought to justice. No, it will not bring back their money. It should give them a better sense of justice.
Speaking of justice, I also wonder if Madoff’s sentence wuld have been lighter if the victims had been minorities or persons of limited income. Minorities and those of limited income were defrauded by some sub-prime mortgage lenders and by foreclosure schemes and scams. Many of the fraudulent sub-prime mortgage lenders and foreclosure schemes were perpetrated on African Americans, Hispanic and other minorities and persons of lower income. These scams occurred across the country. I do not hear the same sense of outrage in the media.
Some sub-prime mortgage lenders fraudulently procured mortgage loans by falsifying documents and by other unscrupulous means. Then after victims defaulted, often times, other crooked businesses came to purportedly prevent foreclosure. Instead they accepted funds from victims and pocketed the money. Foreclosure ultimately occurred. Just like the Madoff victims, their money went straight to line the pockets of crooks. There should be the same outcry for these victims as with the Madoff victims. Lady Justice is not as blind as we would like her to be.
Lastly, did Madoff make out well? I wonder if he would do it again if he knew what the future and outcome would be. I suspect that nothing would be different for him. He got to live out the majority of his life in grand style. So for him, Madoff made out well.