Home > Jay Bookman > Archives > 2008 > December > 18 > Entry
Why is Bernie Madoff still a free man?
The Atlanta Journal-Constitution
I’m sure the lawyers out there can defend the decision in legal terms, but as a layman I’m appalled that Bernie Madoff, the admitted mastermind of a $50 billion Ponzi scheme that bankrupted charities and left old ladies destitute, is still walking around Manhattan as a free man, living in his fine luxury apartment and otherwise enjoying his ill-gotten gains.
Originally, federal prosecutors agreed to let Madoff stay free only if he got four people to co-sign his bond. But after Madoff failed to meet that condition — not surprisingly, he couldn’t find four rich friends to vouch for him — authorities relaxed the conditions to let him go home.
They should have told him “too bad for you” and ushered him to a prison cell.




DEL.ICIO.US


Comments
By ByteMe
December 18, 2008 12:17 PM | Link to this
Maybe they’re hoping one of those little old ladies brings about some “knitting needle justice”.
By Ted Striker
December 18, 2008 12:23 PM | Link to this
I absolutely agree Jay. If ever there was a flight risk, this guy certainly qualifies. He could have a suitcase full of money in stashed every state and 100 different countries.
By tcoach
December 18, 2008 12:24 PM | Link to this
Guess he is not a flight risk.
Let him walk for now, he will get his justice soon enough.
Why use taxpayer dollars to feed and house him.
He should have plenty of money to buy his own food, and he does own homes individually worth more than 3 and 8 million.
Why should we pay for him until he officially looses his right to freedom. Then and only then should we be paying for this guy.
By Morningstar
December 18, 2008 12:35 PM | Link to this
AJC/DNC Management @12:14PM - previous thread….
Management, don’t understimate us. I can’t imagine anyone, even you, providing a name to this crowd (smile).
By Morningstar
December 18, 2008 12:52 PM | Link to this
So, he couldn’t find four (4) RICHIE RICH friends to vouch for him. I guess there is honor among thieves. It takes one to know one.
Although many would refuse to believe there are any ‘destitute old ladies’ out there, and evidentally would think he should continue to live in the lap of luxury. After all, he made all those IMPORTANT, EXECUTIVE decisions. Puleeaze.
Whee! It’s the pressure!
By AJC/DNC Management
December 18, 2008 12:52 PM | Link to this
Hey, at least we aren’t trying to lock up all of Wall Street anymore.
By cubalibre
December 18, 2008 12:55 PM | Link to this
Good question. Probably has more to do with the fact that he still has connections, even if they won’t publicly ackowledge their relationships with him. You can bet there are some folks in high places who’re sweating bullets over what Bernie might reveal about everyone who helped him get away with this mess for as long as he did (because I’d think it’s pretty hard for one person to rip off that much $$ all by his lonesome)…
By Curious Observer
December 18, 2008 12:57 PM | Link to this
He should get a medal for taking all those greedy b**rds to the cleaners. They all knew in their hearts it was too good to be true, but in their greed they couldn’t resist going after more, more, more. Anything to get more. I look forward to seeing some of these “victims” have to go to work for a living. Little old ladies my a$$. Madoff didn’t deal with the penny-ante type. They were all super-rich to begin with.
By Wyld Byll
December 18, 2008 1:04 PM | Link to this
Jay is correct on this one. I agree with him wholeheartedly.
By AJC/DNC Management
December 18, 2008 1:05 PM | Link to this
He probably called around Chicago for those four signatures but they wanted cash up front before they would deal.
By Morningstar
December 18, 2008 1:06 PM | Link to this
By Curious Observer December 18, 2008 12:57 PM | Little old ladies my a$$. Madoff didn’t deal with the penny-ante type. They were all super-rich to begin with.
Did I miss something? Unless we’re hearing lies projected by the 24/7 news programs (another disaster in my honest opinion), then charity organizations were also ripped off.
By ByteMe
December 18, 2008 1:07 PM | Link to this
Wow. The post has been up since noon and no one has called Jay a “pinkkkkkkko librul” yet!
Congrats!!
By Shawny
December 18, 2008 1:11 PM | Link to this
Why is Bernie Madoff still a free man?
Why is Nichols still alive?
By Chad Harris
December 18, 2008 1:13 PM | Link to this
It’s very simple to understand why Bernie is free.
Only Bernie knows where all the money bodies are squirrled away and how much is left. This is a global search that the grunts from FBI and forensic accounting aren’t up to. It’s like HP trying to make an digital Fax instead of an analogue fax that can’t work on VOIP and needs FOIP or a special filter that works erratically.
Bernie has stolen enough money to put up $10 million in bail including his upper East side digs.
The feds are feeling the wrath of the people who want to know why SEC was asleep at the switch.
The feds screwed up marvelously. Cox is the most incompetent SEC chairman in history. The NYT says Cox has issued a mea culpa—I think that’s something he heard about in Cathollic schools. It has no legal signiricants and no regulatory efficacy. Cox runs a Bush Katrina SEC and now a couple hundred or more very wealthy people and several hundred organizations that serve ordinary people are wiped out or badly impacted.
Chris Cox says he’s dumb as a rock and he’ll tell people wiped out by Madoff he’s doin’ the mea culpa boogie goshdarnit
http://www.nytimes.com/2008/12/17/business/17madoff.html
By AJC/DNC Management
December 18, 2008 1:15 PM | Link to this
WASHINGTON — Former President Bill Clinton’s foundation has raised at least $46 million from Saudi Arabia and other foreign governments that his wife Hillary Rodham Clinton may end up negotiating with as the next secretary of state.
The Blackwater Training Center donated $10,001 to $25,000.
You know, I don’t really understand, just like the UAW and Wall Street, these people unload their money on democrats and in return the democrats unload on them.
Or should I say dump on them?
What a sicko masochistic relationship the libs carry on amongst themselves, so disgusting, so……………filthy.
ew
By Taxpayer
December 18, 2008 1:19 PM | Link to this
I think the Madoff scandal might just drive a few more Republican party loyalists away before it’s over. The notion that we the people can leave markets unregulated and/or unmonitored is not going over too well right now.
By Maniac is accurate
December 18, 2008 1:21 PM | Link to this
For $20 million, I’d have signed for him.
By Bosch
December 18, 2008 1:43 PM | Link to this
Jay,
I agree that’s what they should have done, but I feel like some have mentioned, he’s getting special treatment because of who or more important, what he knows.
Probably a lot of the who he knows wants him drawn and quartered.
But, yeah, that’s tough being under house arrest on Park Avenue.
By The Corporal
December 18, 2008 2:01 PM | Link to this
Jay
I couldn’t agree with you more.
Back even when I was a young pup, I used to see people stay in jail until their trial for forging a $300 U.S. Treasury check but others who committed computer fraud in the hundreds of thousands of dollars would be out on bail. Didn’t feel right then and doesn’t now. I won’t even get into the disparity in sentences.
The old adage is true:
Rob a bank - you can get killed.
Forge a check - you can go to jail.
Embezzle funds - you will get probation.
Committ massive computer fraud - you get to become a security consultant.
I still say that someone convicted of that much theft should get the death penalty but I will settle for life without parole.
I bet there are several people who died from a heart attack after learning their life savings were gone. That should be a murder charge re: death caused in the commission of a felony.
By The Corporal
December 18, 2008 2:13 PM | Link to this
BTW
To All My Democrat Friends:
Please accept with no obligation, implied or implicit, my best wishes for an environmentally conscious, socially responsible, low-stress, non-addictive, gender-neutral celebration of the winter solstice holiday, practiced within the most enjoyable traditions of the religious persuasion of your choice, or secular practices of your choice, with respect for the religious/secular persuasion and/or traditions of others, or their choice not to practice religious or secular traditions at all. I also wish you a fiscally successful, personally fulfilling and medically uncomplicated recognition of the onset of the generally accepted calendar year 2009, but not without due respect for the calendars of choice of other cultures whose contributions to society have helped make America great. Not to imply that America is necessarily greater than any other country nor the only America in the Western Hemisphere. Also, this wish is made without regard to the race, creed, color, age, physical ability, religious faith or sexual preference of the wishee.
To My Republican Friends:
Merry Christmas and a Happy New Year!
By sunshine and thunder
December 18, 2008 2:13 PM | Link to this
JAY
Maybe Bernard Madoff is free because he voluntarily turned himself in and he’s 70 odd years old.
By getalife
December 18, 2008 2:18 PM | Link to this
Major money grab before China calls in their debt.
By Bosch
December 18, 2008 2:20 PM | Link to this
Corporal,
Nice bit of plagarism at 2:13.
By Fred
December 18, 2008 2:21 PM | Link to this
The real question is how can he be walking around NYC and nobody has acquainted him with the sidewalk yet.
By The Corporal
December 18, 2008 2:29 PM | Link to this
Bosch
Nice try. Most of the stuff on here is a quote, from the news, or whatever. It’s just assumed.
Ever heard of Google? No way I could get by with attributing that to myself.
But YOUR new Vice President ….. now he tried !!!!!!!!!!
By Bosch
December 18, 2008 2:33 PM | Link to this
Corporal,
No, it’s not a “nice try.” You tried to pass off something you found on the Internet as your own thought.
That’s plagarism at it’s finest.
By Taxpayer
December 18, 2008 2:35 PM | Link to this
“Most of the stuff on here is a quote, from the news, or whatever. It’s just assumed.”
Not.
By AmVet
December 18, 2008 2:37 PM | Link to this
So is Rick Warren replacing Jeremiah Wright as Obama’s “spiritual adviser”?
Why not get the man with the most appropriate name - Mike Hucksterbee.
He’s not doing anything these days but shilling for Faux News…
By The Corporal
December 18, 2008 2:38 PM | Link to this
Bosch
…….72 percent didn’t know Biden had to quit a campaign because of plagiarism.
BTW you misspelled plagiarism”.
By The Corporal
December 18, 2008 2:51 PM | Link to this
To Amvet
Hucksterbee???
Did you just make that up?
You didn’t put it in quotes.
Are you involved in plagiarism as Bosch or Taxpayer would say or may they assume that you did not make that up?
I know you didn’t.
By Bosch
December 18, 2008 2:56 PM | Link to this
Corporal,
Plagarism is plagarims, misspelled or not.
Two wrongs don’t make a right. Learn to think for yourself.
By Bosch
December 18, 2008 2:58 PM | Link to this
Corporal,
You learn to think and not pass off other’s thoughts and words as your own, and I’ll learn to spell.
Deal?
By The Corporal
December 18, 2008 3:05 PM | Link to this
To Bosch
1) You never responded regarding V.P. Biden and his official plagiarism.
Has he learned to think for himself or is your bias showing and are you giving him a pass?
2) Are you accusing AmVet of plagiarism? That Hucksterbee thing was pretty cool.
3) You better be watching all your quotes, etc. because I will be watching.
No accidents or assumptions or I will be accusing you of plagiarism.
Stay tuned
By Road Scholar
December 18, 2008 3:12 PM | Link to this
Did they take his passport? No one has reported this. Bail should equal $50 Billion. I bet sitting in a cold cell instead of his penthouse would have more effect than waterboarding him!
I wonder if they would let Andy go if he couldn’t find 4 friends to co-sign? How about just 4 friends?
Jay, sorry about your dog. I’ve had to bury 4 and cremate one; it was one of the toughest things I ever had to do. We know that fond memmories will help heal the pain.
By AJC/DNC Management
December 18, 2008 3:19 PM | Link to this
Bought and sold just like cattle-
In June 2007, the Obama campaign released the list of Obama’s requested earmarks for fiscal 2008. Obama had asked for some $300 million in federal funds for local projects; tens of millions were slated for a single state senate district represented by Illinois senate president Emil Jones. It was Jones to whom Obama famously had appealed for help in 2003: “You have the power to make a U.S. senator,” Obama told him.
In fact, Jones did—and he used that power to advance Obama’s career.
Imagine that, they were near the stockyards too.
ew
By Midori
December 18, 2008 3:25 PM | Link to this
Bosch,
it’s the bolding that makes it all his very own.
By The Corporal
December 18, 2008 3:28 PM | Link to this
To Midori
……….. :o)
By Taxpayer
December 18, 2008 3:34 PM | Link to this
The judge took Madoff’s passport as well as his wife’s. He also had Madoff put up his properties to cover his bond. He has to wear an ankle bracelet and he has curfew from 7pm til 9am. The curfew is probably for his own protection.
By Uncle Fun
December 18, 2008 3:48 PM | Link to this
Jay, I was reading where president-elect Obama is going to have Rick Warren deliver the invocation at his inauguration. I was wanting to get your thoughts on that one. He seems to be reaching out to conservatives by doing this. Not a bad thing in my view. But, gays and lesbians are outraged by this even though Obama himself has stated that he does not support gay marriage. Care to elaborate?
As far as Bernie goes, I say he needs to be shot. I think libs and conservatives can all agree on that.
By GodHatesTrash
December 18, 2008 3:52 PM | Link to this
Now come on folks - relax. You know that the next original thought from a RightWingnut we see on this blog will be the first.
By Bosch
December 18, 2008 3:53 PM | Link to this
Corporal,
Why should I respond to what you said about Joe Biden? It’s not relevant to the fact that YOU plagarized something.
No, I’m not accusing AmVet of plagarism - he can think for himself, as he frequently does, and we all pick up words we’ve heard or read - that’s not plagarism.
And, you need not worry about my posts. My posts are my own, and if I use someone else’s material, I will give credit as due so as to not be misunderstood, or it will be in blue type.
Off to shop! Wish me luck. Sigh.
By Uncle Fun
December 18, 2008 4:02 PM | Link to this
AmVet, Why the hatred for Fox News? I mean, we all get a choice to watch and read what we want, right? It’s one news channel in a sea of other news channels. I don’t hear anyone rail on NBC, CBS, ABC, MSNBC, or CNN. Every news channel has it’s bias towards someone or some party. I’d say its safe to say that most news channels lean left. I mean, CNN employed Clinton workers, NBC employs a Clinton chief of staff and a former Carter spokesman. Fair? Not really.
By The Corporal
December 18, 2008 4:10 PM | Link to this
To Bosch
But it is relevant that we will have a plagiarist just one heartbeat away from the Presidency.
Now ….. why should you (of all people) have known that wasn’t my work? Because I didn’t bold anything but the titles …….. :o)
I’ll be watching.
By Hillbilly Deluxe
December 18, 2008 4:10 PM | Link to this
Bernie probably needs 24/7 supervision and protection. Why not let him have in-home supervisors? Let a rotating group of people he swindled house sit him in 24 hour shifts? I’m thinking in a couple weeks the problem will solve itself.
By AJC/DNC Management
December 18, 2008 4:15 PM | Link to this
As the sportscaster Warner Wolf used to say, let’s go to the videotape. In 2008 alone, we have the arrest of Democratic Governor Blagojevich on charges of public corruption, which include trying to sell Barack Obama’s vacant Senate seat. Former Democratic Representative William Jefferson, a nine-term incumbent, lost his seat in Louisiana because of corruption charges, including allegations that he took bribes -of which $90,000 were allegedly found in his freezer during an FBI raid- from a company seeking lucrative contracts in the Nigerian telecommunications market. Tim Mahoney, the Democrat who succeeded Republican Mark Foley after the latter resigned due to a sex scandal, lost his seat when he, Mahoney, became embroiled in a sex scandal of his own. Former Democratic Governor Eliot Spitzer resigned in disgrace after he was caught up in a call girl operation. Democratic Representative Charlie Rangel is now under investigation for reportedly helping to retain a multimillion-dollar tax loophole for an oil drilling company at the same time that the company’s CEO was pledging $1 million to the Charles B. Rangel School for Public Service at City College of New York. Also, former Detroit Mayor Kwame Kilpatrick resigned as part of a plea bargain in which he pled guilty to two felonies for obstruction of justice-Commentary
ew
By Midori
December 18, 2008 4:29 PM | Link to this
But it is relevant that we will have a plagiarist just one heartbeat away from the Presidency.
and?
for 8 years, we had a full blown moron as president.
By citizen
December 18, 2008 4:35 PM | Link to this
Re: Madoff Who were the architects of the Iraq war, who created the ‘credit default swaps’, why didn’t the major contributors of the charities that lost money in the ponzi scheme with Madoff have their personal wealth invested with him? I think most all the major charities knew it was a ponzi scheme.
By GodHatesTrash
December 18, 2008 4:48 PM | Link to this
Sen. Larry Craig (R-Idaho) was arrested in June at a Minnesota airport by a plainclothes police officer investigating lewd conduct complaints in a men’s public restroom, according to an arrest report obtained by Roll Call Monday afternoon.
double ew.
By Swami Dave
December 18, 2008 5:04 PM | Link to this
Taxpayer:
Acknowledging that there is going to be additional fallout, I’m not convinced that the Madoff scandal is going to be sellable as a “Republican” problem. I would instead suggest that it is going to highlight the worthless nature of “regulation” and “oversight” when those performing said tasks are financially tied to those they are monitoring. Recent events (FannieMae, FreddieMac, Madoff, etc) are highlighting the insanity of, in the world of wolves, electing foxes as the hen house guards!
This does begin to beg the question of which is better (a) minimal regulation or (b) more regulation performed by individuals that have identified financial connections to those whom they are supposed to be monitoring? One could argue that option (a) is better since it does not present the illusion of credibility.
-Swami Dave
From a Google hosted AP News item:
Madoff and his employees contributed at least $267,000 at the federal level from 2001 to the present, according to campaign finance records. A member of the Senate Banking Committee, Sen. Charles Schumer, D-N.Y., was the top congressional recipient; his campaign received $32,000 during that period. Schumer has turned over all campaign donations from Madoff to charity. The Democratic Senatorial Campaign Committee is the top Madoff recipient overall, receiving $25,000 from Madoff each year since Schumer became its chairman in 2005. Schumer’s office said the senator has met Madoff a few times, but not in several years. Madoff spent at least $400,000 on lobbying in Washington from 2001 to the present. His firm was represented by the lobbying office of former New York Republican Rep. Norman Lent for years until July 31, when Lent’s firm dissolved and Lent retired. Madoff then hired the firm where three of his longtime lobbyists moved. Madoff’s lobbyists additionally gave roughly $270,000 in federal political donations from 2001 to the present, including at least $46,000 to the Democratic Congressional Campaign Committee. The chairman of the House Financial Services Committee, Barney Frank, D-Mass., received at least $2,250 in campaign donations from Madoff lobbyists between 2005 and 2008. In the 2007-08 presidential race, Madoff employees gave at least $4,850 to Democratic Sen. Hillary Rodham Clinton’s campaign and at least $2,800 to President-elect Barack Obama’s campaign.
By Paul
December 18, 2008 5:10 PM | Link to this
Only his wife and brother signed the guarantee. His two sons, who turned him in, did not. The judge’s had him ‘surrender’ two of his homes in lieu of two signatures.
Sadly, exemplifies, once again, separate standards of justice. This isn’t even an example of more money = better lawyers = better chance of acquittal or reduced sentence. The Fed prosecutors did not have to agree to anything.
On a happier note, Ohio’s Department of Job and Family Services Director Helen Jones-Kelley has resigned in the wake of a finding she improperly used state computers to access personal information on Joe “the plumber” Wurzelbacher. Two top-level members of Jones-Kelley’s staff were also shown the door.
She was pulling in $142,000 a year. Good luck replacing that in the current economy.
Swami Dave
Sen Schumer is also the main force preventing hedge fund managers’ earnings from being taxed at regular income tax rates instead of the 15 percent cap gains rate (some of those guys were earning hundreds of millions of dollars a year).
By RB from Gwinnett
December 18, 2008 5:10 PM | Link to this
I thought all you libs would hold Madoff up as a hero for taking down all those evil rich people just like you worship the shoelligan in Iraq for tossin’ his Jerusalem Cruisers at Bush.
I guess if he had given the money to the poor that would have made it ok, eh?
It would also make him just like Obama….
By AJC/DNC Management
December 18, 2008 5:21 PM | Link to this
God’s Trash- I know, aren’t those gay people just so sick and disgusting?
2X ew
By The Corporal
December 18, 2008 6:25 PM | Link to this
To Midori
It’s not nice to call people names.
By Mike
December 18, 2008 7:51 PM | Link to this
Who is the judge who freed him? Why would this be allowed? Will the judge be investigated?
By Mike
December 18, 2008 7:56 PM | Link to this
How can he use stolen property to post bail? Shouldn’t it all be seized?
By david wayne osedach, san diego/ U.S.A.
December 18, 2008 8:06 PM | Link to this
There has got to be something Madoff is promising to give them. Whether it be account numbers, confederates, or promises to tell all. He has got to be giving them something. With only one or two billion he could disappear for good to Costa Rica.
By Chad Harris
December 19, 2008 1:05 AM | Link to this
AJC Management—
I’m no fan of Clinton’s illegal contributions from crooks and enemies of the US that make their money in illegal arms, oil deals, slave trade, etc.’
HRC is terribly unqualified to be SOS and Caroline Kennedy is terribly unqualified to replace HRC. HRC has been incompetent in the Senate.
That said, no one has kissed up to Arab oil and the Kingdom more than the Bush family and no one has comp;omised our security in doing so more than the Bush family. When you climb in your SUV you’re running US security into the ground as well. Get rid of it. Get something that economizes oil. Get an electric car.
By BP
December 19, 2008 2:17 AM | Link to this
Maybe he is still free because they know he is “taking the wrap” many of these investors would have lost everything if he had really invested in the stock market. But if there was fraud involved they can get some, up to $500,000, per account back from the govmnt agency which insures these type of investments. So create a ponzie scheem and look there’s money to be returned.
By BP
December 19, 2008 2:19 AM | Link to this
Maybe he is still free because they know he is “taking the wrap” many of these investors would have lost everything if he had really invested in the stock market. But if there was fraud involved they can get some, up to $500,000, per account back from the govmnt agency which insures these type of investments. So create a ponzie scheem and look there’s money to be returned.
By dave
December 19, 2008 5:56 AM | Link to this
Surprised he has not taken a dive out his penthouse window yet. No way if I’m the judge do you allow him to stay in a high-rise apartment