Bernie Goes to Jail
Bernie Madoff, who admitted to swindling investors out of billions of dollars, today July 14th, begins life as prisoner No. 61727-054 at a federal penitentiary in Butner, North Carolina. It is the largest Ponzi scheme, on Wall Street, in U.S. history.
was sentenced earlier this month to 150 years
in prison for multiple fraud and securities
violations. So far Madoff
has not been cooperating with authorities as to the whereabouts of the money.
If Madoff starts really cooperating with the feds and tells them where the money is, it’s not absurd to think he could get out of jail alive. So far, only about $1.2 billion of the swindled sum has been recovered by trustee Irving Picard, who has also managed payments of about $500,000 to some 543 Madoff investors, paid from insurance.
Bernie Won’t Appeal
Bernie Madoff will not appeal the 150-year prison sentence that was handed down to him late last month, apparently resigned to the fact that he will spend the rest of his life behind bars for the grand total of $65 billion.
Madoff’s attorney, Ira Sorkin, said Madoff had reached the decision, but would not comment on his reasons for doing so. Madoff told the court that when he started the scam, he thought he’d be able to “work my way out.” He said he lives in a tormented state and expressed regret of leaving a “legacy of shame” to his family and grandchildren.”
The Media Cover-Up
For those of you who are completely brain dead, let me spell out what’s going on here. The last time $50 billion was lost they bombed the World Trade Center [ sic Enron ].
Here’s a guy that was a former non-executive chairman of the NASDAQ stock exchange. Madoff founded the very exclusive Wall Street firm Bernard L. Madoff Investment Securities LLC in 1960, and was its chairman until his arrest on December 11, 2008. He would have never even been convicted except for the fact he confessed it himself.
Now for the brain dead, what does it take to hold $100? Oh, $100 you can put in your pocket and spend it over the course of a day, week, month. Right? Ok, what about $1,000? Ok, unless you are used to having that sort of funds on you, most people would deposit that in a savings account right? Ok, what about $10,000? Now, more than likely, most people would definately stash that in a bank somewhere. Ok, $65 billion? That’s not a bank account sir / maam. That’s several banks working together to maintain, and move the funds around. Yes, I said several banks.
So while the media is trying to portray poor mister Madoff as this awesome evil genius that single-handedly thought up this nefarious scheme and brought it to fruition with the greatest of ease, you are now armed with the knowledge that:
1. they are lying
2. they aren’t investigating it
3. they were told not to investigate it
4. they are so shoddy that they don’t even know to investigate it
Either way, the media has dropped the ball on this story completely. Don’t you want to know the end of the story? Heck! Don’t you want to know the beginning of the story? You don’t lose $65 billion. It can’t happen.
Oh and get this… Have you ever tried to deposit hmmm $2,000 into a bank or say $10,000 or $100,000? What happens?
1. The bank freaks out
2. They tell you they have to check you out
3. THEY REPORT IT TO THE GOVERNMENT
What’s my point? Obviously, the government knows where, when, how, and for how long. This guy isn’t some super genius. This guy isn’t an island. This guy isn’t a mastermind. While Bernie Madoff, maybe be bright, articulate and heart warming, he is no evil genius that created, executed and maintained the largest ponzi scheme in the history of the country. And, the media is covering it up. It’s a well known fact the the New York Financial News is in bed with the very same people they report on. They are a captured media, the same as if we lived in a dictatorship.
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