Madoff gets 150 years in prison!

[Neil]

Sorry that I won't join the lynching mob here, but the sentence is extremely unjust.

Take his money away, sure, but getting a life sentence for something that does not involve murder or cruel rape is just fucked up.

But let's face it, you're the last person who should have a say in formulating public policy.

At any rate, fraud on that scale deserves a significant prison sentence, and at his age, any such sentence is effectively a life sentence anyways.

At any rate, he's provided for his family and then fallen on his sword.  His wife will be taken care of for the rest of her life (2.5 million is plenty of money to die on).  I'm sure his children are also well-provided for.  Well done him.

[Valmy]

I agree with Marti in this case... the sentence does seem excessive.  OTOH, the intent of the judge I am sure is just to make it difficult for Madoff to ever walk out of prison alive.  Clearly the 150 is supposed to act as some kind of a deterrent.  The problem with this approach is that people who are sociopathic in the way Madoff is think they'll never be caught, so I hardly think anyone is going to be deterred.  In fact, I think deterrent sentencing is probably ineffective in virtually any circumstance.

Well I disagree.

But in any case at his age even a lighter sentence would have had the same effect anyway.

The primary issue to me is that his family does not end up profiting from his crimes and that as much money as possible is recovered.

[Caliga]

The primary issue to me is that his family does not end up profiting from his crimes and that as much money as possible is recovered.

Well, I completely agree on this point and I'm sure everyone else does too.

[Martinus]

Don't US courts take the age of the accused into account when passing a sentence, too? I mean, here, a guy his age would get maybe 2-3 years in prison on account of his age.

[Martinus]

That being said, Polish legal system is so slow to act, the guy would have probably waited for 5 years in jail before the sentence was passed. Which I suppose is worse, considering that he could die in jail while still being technically innocent.

[Valmy]

Don't US courts take the age of the accused into account when passing a sentence, too? I mean, here, a guy his age would get maybe 2-3 years in prison on account of his age.

Yes they do.  It is not very common for a seventy year old to get a sentence like that.

[Caliga]

From today's NYT article on the sentencing:

in meting out the maximum sentence, Judge Chin pointed out that no friends, family or other supporters had submitted any letters on Mr. Madoff's behalf, attesting to the strength of his character or good deeds he had done.

http://www.nytimes.com/2009/06/30/business/30madoff.html?ref=global

[Crazy_Ivan80]

His wife was left with 2.5 million, which the claim is it was her money. But she was part of the scam, wasn't she? I wonder if she'll also be brought up on charges at some point. If not, or in addition to, I'm thinking she'll be sued.

I wonder how that worked...
give one wife to madoff, get two back?
or isn't it that kind of 'being part' you mean :p

[alfred russel]

I agree with Marti in this case... the sentence does seem excessive.  OTOH, the intent of the judge I am sure is just to make it difficult for Madoff to ever walk out of prison alive.  Clearly the 150 is supposed to act as some kind of a deterrent.  The problem with this approach is that people who are sociopathic in the way Madoff is think they'll never be caught, so I hardly think anyone is going to be deterred.  In fact, I think deterrent sentencing is probably ineffective in virtually any circumstance.

This case is maybe not the best example, because of what you say.

But a lot of white collar criminal cases of a financial nature involve shades of gray, and can result in very long prison sentences. Coupled with the fact that white collar financial crime has very high conviction rates, I've seen some agonizing over strategies that may look bad in the worst case scenario. "Top bunk" is a common saying when making a tough decision.

[Caliga]

Ruth Madoff published a cookbook.  I am sure her cookbook's sales netted her $2.5M.

[The Brain]

I may be a grade A moron but the people who invested heavily in Madoff's shit without checking that he was legit maybe weren't very bright. From what I've read about Madoff (basically thread titles on Languish) it seems the guy was just collecting the Stupid Tax.

[alfred russel]

I may be a grade A moron but the people who invested heavily in Madoff's shit without checking that he was legit maybe weren't very bright. From what I've read about Madoff (basically thread titles on Languish) it seems the guy was just collecting the Stupid Tax.

Agreed.

[Darth Wagtaros]

I agree with Marti in this case... the sentence does seem excessive.  OTOH, the intent of the judge I am sure is just to make it difficult for Madoff to ever walk out of prison alive.  Clearly the 150 is supposed to act as some kind of a deterrent.  The problem with this approach is that people who are sociopathic in the way Madoff is think they'll never be caught, so I hardly think anyone is going to be deterred.  In fact, I think deterrent sentencing is probably ineffective in virtually any circumstance.

Well people still committed crimes in Rome or India when the penalties ran to impalement or crucifixion, so deterrence is rarely effective.  But then, as now, it is good for society to see visible proof that criminals without the necessary political connections will pay for their crimes.

[Caliga]

So the lesson learned is: always be a Kennedy.

[Martinus]

From today's NYT article on the sentencing:

in meting out the maximum sentence, Judge Chin pointed out that no friends, family or other supporters had submitted any letters on Mr. Madoff's behalf, attesting to the strength of his character or good deeds he had done.

http://www.nytimes.com/2009/06/30/business/30madoff.html?ref=global

What's up with judges having names like body parts? Learned Hand. Judge Chin. Etc.