Gods, that’s just sick.
So Bernard Madoff, a very famous Wall Street investor and ex-NASDAQ head has been screwing everyone he knew for the past 30 plus years. He’s run a hedge fund which it turns out has just been nothing more than a pyramid scheme (which to be honest I’ve always kindof felt most hedge funds are just a step away from being a pyramid scheme waiting to happen anyway) and it just all came crashing down in the last day or so (his sons apparently turned him in which is awesome). Unlike most white collar crime where the there are issues with determining intent versus idiocy, etc, apparently the guy has totally admitted that it was all a great big “ponzi scheme” and has come clean. So good for him. I guess. Sorta.
BUT, here’s the effing sick part.
The BBC’s article on the whole thing, towards the bottom, talks about how he had planned to turn himself in — noble right? — after he had used his last $200m-$300m to pay “select employees, family and friends”. This is $300 of other people’s money, remember. Then the article goes on to say that if he was found guilty, Madoff would face ” . . . up to 20 years in prison and a fine of up to $5m.”
While 20 years is no good for a 70 year old, and while it’s a different environment now, I’m not sure that he’d really see any jail time, as evidenced by good ol’ Scooter and his sublime proof that power and money means that old white people don’t go to jail for breaking the law. And $5 million dollar fine? When the bastard was just gonna throw $300 million at family and friends?
I just want to vomit. Seriously.