Pleads guilt on eleven counts . . . A scandal for your thoughts . . . And how about them accomplices, that lack of oversight, those feelings of entitlement?
Today's Rune: The Self.
Thursday, March 12, 2009
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List of 11 charges against Bernard Madoff
By The Associated Press – 13 hours ago
The 11 felony charges to which Bernard Madoff pleaded guilty Thursday in federal court in New York. Sentencing has been set for June 16.
_ Count 1: Securities fraud. Maximum penalty: 20 years in prison; fine of the greatest of $5 million or twice the gross gain or loss from the offense; restitution.
_ Count 2: Investment adviser fraud. Maximum penalty: Five years in prison, fine and restitution.
_ Count 3: Mail fraud. Maximum penalty: 20 years in prison, fine and restitution.
_ Count 4: Wire fraud. Maximum penalty: 20 years in prison, fine and restitution.
_ Count 5: International money laundering, related to transfer of funds between New York-based brokerage operation and London trading desk. Maximum penalty: 20 years in prison, fine and restitution.
_ Count 6: International money laundering. Maximum penalty: 20 years in prison, fine and restitution.
_ Count 7: Money laundering. Maximum penalty: 10 years in prison, fine and restitution.
_ Count 8: False statements. Maximum penalty: Five years in prison, fine and restitution.
_ Count 9: Perjury. Maximum penalty: Five years in prison, fine and restitution.
_ Count 10: Making a false filing with the Securities and Exchange Commission. Maximum Penalty: 20 years in prison, fine and restitution.
_ Count 11: Theft from an employee benefit plan, for failing to invest pension fund assets on behalf of about 35 labor union pension plans. Maximum penalty: Five years in prison, fine and restitution.
As it turns out Madoff was not an isolated manipulator of the money entrusted to him eh?
I am finding it hard to be concerned about this when there are so many others in the same boat but never had the chance to live with the security of a number followed by a lot of zeroes.
Some people call him Maurice.. Rot in jail you sonamabitch..
Weekend at Bernie's--Sing Sing
Last night, I was talking to one of our regulars, who, I discovered, worked at a local bank. She told me about how her bank turned business away-- they continued to insist on things like proof of income, and a ten percent down payment, as other banks looked the other way as people padded their incomes and then got 5% and then 0% down loans. Of course, now her bank is solvent still, while the others are in the crapper.
We were talking last night at work about the 90 year old guy who lost his life's savings in Madoff's scheme and now has to work as a greeter at Walmart. I can't even convey the anger I feel toward that.
DID ANYONE SEE JOHN STEWART ON THE DAILY SHOW? HE DID A GOOD JOB, WAS POLITE WITH JIM CRAMER, ONE OF THE FINANCIAL EXPERTS WHO ADVISES THE PUBLIC. STEWART MADE HIS POINTS CLEAR. IF THESE FOLKS ON THESE FINANCIAL SHOWS ARE SUCH EXPERTS, WHY DIDN'T THEY SEE WHAT WAS COMING? THANK GOD FOR TAPES WHERE THE EXPERTS CANNOT WIGGLE OUT OF WHAT THEY REALLY HAVE SAID. KIP
A WHISLTLE BLOWER CALLED ATTENTION TO MADOFF TEN YEARS AGO BUT THE SEC IGNORED HIM. WHY? IS THAT INSTITUTION CORRUPT, INCOMPETENT OR BOTH? MAYBE NOW THAT THE SWISS BANKS HAVE DECIDED TO OPEN UP THEIR BOOKS ON SOME WHO HIDE THEIR MONIES WE WILL FIND OUT WHO IS WHO.
NOW IF THEY COULD DO THE SAME IN THE CAYMENS......
where did the $ go? I heard that with a guilty plea 'Ol Bernie can clam up, the ex-wife & kids don't have to talk.
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