150 Years Is Too Short

Nice work by the judge in US vs Madoff. The slimy Mr Madoff was sentenced to 150 years with cheers from the courtroom. Do you also think he reminds you of Gollum from JRR Tolkien's The Lord of The Rings and The Hobbitt? The swindler and low-life deserves more time in a cell, 150 years is too short. Or perhaps the end of his days doing an honest day's work at McDonalds [McDonald's Corporation (NYSE:MCD)] or mowing a lawn like the things his clueless investors may be doing to rebuild their retirement monies. Madoff deserves more punishment for the crimes, but also for obstructing justice by not cooperating with authorities to round up al the "enablers", those people that knew enough to know something did not add up, but turned a blind eye. Where did all the money go? Here's hoping the prosecutors get all of them; starting with the first 10 targeted. If my surname was "Madoff" I would put in a civil claim too, for making "Madoff" synonymous with "Ponzi" as the name for slimy tricksters schemes. Do we really think that Ms Madoff was clueless? Perhaps Ms Madoff should wash dishes for those retirees wiped out or make soup for the beneficiaries of not-for-profits forced to cut programs.

"Madoff's wife, Ruth Madoff, said in a statement Monday that she was "devastated" by the fraud, as well as "embarrassed and ashamed." She will be left with $2.5 million under a settlement with federal prosecutors". Madoff's prison term cheered BLOOMBERG NEWS June 30, 2009

Thinking on the very basis of our virtual community, JustMeans, these kinds of fraudsters are a total blight on the market system, right up there what Hitler or Amin did for politics. They are a scourge and the fact that they schmoozed and mingled for so many years should make us as nauseous as knowing a paedophile was living next door. It's a pity Madoff did not throw up such a pointed comparison when he was given time (he took 10 minutes) to respond in court On Monday. From WSJ Speakeasy's description, maybe he earns an ant-size point of credit for turning to face the crowd he bilked...

When the judge asked if he had anything to say, Madoff rose, leaned on the defense table and spoke slowly for 10 minutes. In the course of his speech, delivered without emotion, Madoff referred to his scheme as a "problem" and an "error of judgment." Then, at the end, he turned to his victims, from whom he bilked more than $13 billion. "I will turn and face you," he said. "I'm sorry. I know that doesn't help you."

The other side of the story [see NYT timeline], of course, is all those who threw money at the man who marketed access as exclusivity, thereby creating momentum for the cash sucked into his scheme by exploiting the underlying vanity and greed of the average man and woman. NYT opinionist Joe Nocera spreads the blame in "Get Over It". Our pause for thought is: would we too have thrown our money in, assuming we mingled in Hollywood or Florida with spare cash? The basis for our JustMeans community is that we make fair business decisions and lifestyle choices that are a net positive to our people and planet. While business is not always a gentle place, there must be an underpin for ethics and principles. I hope our Just Means community may be the kind that is never sucked into a Madoff spiral, nor is home to some of that behaviour. Here's hoping Bernie sleeps uncomfortably for a while. Forgive? Of course we will. But sins have consequences. Sleep uncomfortably, Mr Madoff, one night at a time.