Madoff wants Wife to keep $62 million plus the penthouse
puremagic
Posts: 1,907
Does that include the $15 million she took out of the bank before the story broke? Come on, clearly this shows she had knowledge of her husband's criminal activity and benefited from that activity.
Hell when drug dealers are busted, the prosecutors go after their cars, their homes, their jewelry, the momma's home and anyone and anything they think may have been acquired because of their illegal activity. The Madoff should be treated the same. This whole kid's glove treatment of people who commit 'white collar' crime is why it continues to flourish.
The fact that Bernie Madoff is trying to make a deal to take care of his family by holding back on where the money went is a joke. These investors are not going to get their money back, so go after the assets and money that is available. A ponzi scheme is nothing more than running a rack, as such ALL the assets of the ENTIRE Madoff family can and should be confiscated. The Madoff's should be required to move out of their penthouse.
Hell when drug dealers are busted, the prosecutors go after their cars, their homes, their jewelry, the momma's home and anyone and anything they think may have been acquired because of their illegal activity. The Madoff should be treated the same. This whole kid's glove treatment of people who commit 'white collar' crime is why it continues to flourish.
The fact that Bernie Madoff is trying to make a deal to take care of his family by holding back on where the money went is a joke. These investors are not going to get their money back, so go after the assets and money that is available. A ponzi scheme is nothing more than running a rack, as such ALL the assets of the ENTIRE Madoff family can and should be confiscated. The Madoff's should be required to move out of their penthouse.
SIN EATERS--We take the moral excrement we find in this equation and we bury it down deep inside of us so that the rest of our case can stay pure. That is the job. We are morally indefensible and absolutely necessary.
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Not to mention their 7 million dollar penthouse in upper Manhattan and all their other homes Hopefully the Relate Back doctrine will help all the victims.Just Heard that Kevin Bacon and Kira Sedgwick were also victims the said they lost every thing except what they had in their checking accounts and the land they owned. Steven Spielberg and Jon Malkovich were also victims, But at least they make millions of dollars so Im sure they will be just fine. the funny thing is his last name. Made off :shock:
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And I'm all for Capitalism... but, with constraints. Why Constraints? Because people are greedy and people lie. A good example of a true Free Market... one with absolutely no regulations... L.A. Street Gang drug trade. Their market rules do not regard murder as a business rule. The best way to expand your share of the drug trade, without cutting into your profits is to kill your competition... literally.
Hail, Hail!!!
He thinks by going to jail his family escapes any fallout from this scandal. Plus, they remain financially secure because Madoff knows that by time the government tries to figure out where the money went, it will be too late to do anything about those assets. If the feds go after those assets immediately, Madoff will talk, if not, his family can walk the same route as the people they swindled.
I'm just sick of hearing about how the Government should stay out of the way and let business handle it, because the Government is inept... then, hearing those same people cry when the Government did nothing to stop it. Sarah Palin... I'm talking to you. We have to come to the understanding that business cannot police business... just like we should not let the L.A. Street Gangs define their drug trade guidelines. CEOs and Gang Members are cut from the same cloth... one doesn't get to the top of the heap by being honest and trustworthy.
Hail, Hail!!!
Im sure there are lot's of people that have made it to the top by being honest trustworthy.
http://mobile.newsweek.com/detail.jsp?k ... &p=0&all=1
NEWSWEEK
<>Why Bankers Are Unhappy With Their Bailouts
America's banking executives are having a tough time. First, they mess things up so badly that they require a humongous federal bailout. No sooner do they get the federal funds than they start complaining about how difficult it is to manage a bank when taxpayers are looking over their shoulders. The logical thing for an executive in such a situation to do would be to make the most strenuous efforts possible to return the bailout funds. Would it surprise you to learn that the bankers complaining most about the shackles that come along with bailout money don't seem to have much of a sense of urgency about doing so?
In October, Northern Trust, the Chicago-based bank announced it would take $1.5 billion in TARP funds. But now it's expressing annoyance that members of Congress are teed off about its sponsorship of a golf tournament. The bank, which is in good health, says it didn't seek the funds but agreed to participate because the government wanted all the major banks to take part. So is Northern Trust making maximum effort to pare expenses, conserve cash, or raise new capital so that it can return the TARP funds and avoid all this scrutiny? Not so much. Last Friday, CEO Frederick Waddell said the profitable bank wanted to repay funds "as quickly as prudently possible." Last month it declared its regular quarterly stock dividend of 28 cents per share, which costs about $62.5 million per quarter, or $250 million a year-enough to pay down one-sixth of the suddenly onerous obligation.
In this extensive video interview with Chrystia Freeland of the Financial Times, Bank of America CEO Ken Lewis said that taking an extra round of bailout funds to help digest the acquisition of Merrill Lynch had been a "tactical mistake." If he had it to do over again, Lewis said, he would have taken $10 billion less. This is rich on many levels. The market, in its wisdom, has decided that Bank of America is worth about $18.5 billion. Let's do a simple thought experiment. If Bank of America had received $10 billion less in cheap, taxpayer-provided capital to soak up losses at Merrill Lynch, would Bank of America's stock be a) higher, or b) lower? And the mistake of taking too much TARP capital would seem to be an easily reversible one-Bank of America could pay it back or at least return some fraction of the $45 billion it has received. But Bank of America hasn't done that, either. In the interview, Lewis said the bank would pay back the taxpayers "as soon as we think things are stabilized."
Back in February, Morgan Stanley CEO John Mack made similar noises about repaying the $10 billion in TARP funds it had received. "Our intent is to pay it off as soon as it is feasible," he said. Goldman Sachs CFO David Viniar echoed Mack. But neither Morgan nor Goldman appears to have made a significant move to free up cash to make a down payment. Both continue to pay out quarterly dividends.
The challenge is that banks have to pay back TARP funds either by generating cash or by issuing new preferred or common stock. And in this environment, issuing new stock is an expensive proposition. Last year, when Goldman sold preferred shares to Warren Buffett, it agreed to pay a huge 10 percent interest rate. And last fall, when Morgan Stanley raised about $9 billion from a Japanese bank, the preferred shares likewise carried a 10 percent dividend.
Of course, it's not impossible to pay back the TARP funds. Iberia Bank, which received $90 million in TARP funds last December, decided it didn't want to have the government looking over its shoulder any more than it already was. In late February, CEO Daryl G. Byrd announced that Iberia would pay back the funds with interest by the end of March. "Our board of directors has determined that continued participation in this program is no longer in the best interest of our company and its shareholders," Byrd said.
In other words, instead of simply complaining about the financial and cultural restrictions imposed on banks by the TARP, Iberia actually did something about it. It's true that not all financial institutions asked for-or particularly needed-the bailout funds. But most did. Running a bank is a difficult job these days. But bank CEOs are well-compensated for their troubles. And part of the job is making tough choices about the appropriate use of capital and resources.
By Daniel GrossWednesday, March 4, 2009
[There's a strict schedule at the Metropolitan Correctional Center: Lights on at 6 a.m., breakfast at 6:30 a.m., lunch at 11 a.m., dinner at 5 p.m., lights out at 11 p.m. During the day, inmates can watch TV, play ping pong, work on their cases in a legal library or volunteer for janitorial duty.]
Madoff Files Appeal to Get Out of Jail
AP
posted: 28 MINUTES AGO
NEW YORK (March 13) - Bernard Madoff's lawyers are appealing a judge's decision to revoke his $10 million bail and send him to jail to await sentencing.
Madoff pleaded guilty Thursday to 11 felony counts including securities fraud and was immediately jailed.
His lawyers filed papers with a federal appeals court Friday. The court papers were not immediately available.
Sentencing is June 16. Madoff is facing up to 150 years, plus fines and mandatory restitution.
However, I just don't believe that some of his investors had no idea what was going on. +12% a year!!! Come on....Any expert will tell you that is fishy.
Keep telling yourself that. If by top, you mean top manager of a tire store... that is not the top. The top is the top... nothing beyond that. The top of the tire store is the CEO of GoodYear.
How many Senators and Congressmen do you feel are Honest and Trustworty... that is to say, you believe that what they say is true? How many Top Executives at AIG deserve their millions in bonues? If they were Honest and Trustworthy... why did that giant corporation fall? All of the banking?
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You cannot get to the top of the corporations by being honet and trustworthy. You HAVE to be ruthless and lack scruples to make it. If you aren't... those who ARE dishonest and not trustworthy will tear you apart on the lower rungs of the ladder... your competition will destroy your company.
Hail, Hail!!!
Please do us a favor and flee this country so we can forfeit your citizenship and the right to be called an American citizen. Israel is a great place to grow old and die, but its no Manhattan or Paris is it, Mrs.Greedy ass. Oh yes, just think how your greed will put your family and their children in harms way, every time they have to travel to the Middle East to visit your greedy ass. Psst, keep in mind many, many of the people and organizations who lost money were jewish.
Prosecutors going after Madoff's wife's assets
updated 4:06 p.m. ET March 16, 2009
NEW YORK - Prosecutors probing Bernard Madoff’s massive fraud are determined to leave his wife with almost nothing after telling a Manhattan court that they consider more than $100 million in assets, most of it listed in her name, the fruits of her husband’s crimes.
Do they feel the SAME way towards the investors who thought they were getting these incredible, unrealistic returns from the Madoff scheme? I mean, shouldn't THEY have also known better?
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To me? They are ALL victims... the person who works at a Wal-Mart and whose spouse works at the Taco Bell who were told thy could get a $500,000 mortgage loan at this low rate, live there a couple of years (instead of paying out each month to a landlord) and re-finance at a lower rate or sell it an take a hefty profit before the rate increases kick in... as well as the charity that Bernie Madoff lied to about his investment plan (i.e. ponzi scheme).
I cannot differientiate one from the other. I see both sets as victims who were lied to or manipulated into believing that there were 'experts' or 'specialists' or 'professionals' following the law or looking out for their best interests (who were really lying sacks of shit, making money with their lies).
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I'm just trying to understand the logic employed that can crucify the actions of one, while sympathizing with the other.
Does anyone feel that way? I know some people here do... I have debated with them in the past. Tell me, how am i wrong with my thinking?
Hail, Hail!!!
Why would a person believe they could afford a $300,000 home on their salary. Simple, because the banks wrote up those loans so that the buyer saw the bottom line, which fell into their budget and their projected income because people were secure with their jobs. You don't see a Joe's Easy Checking and Mortgage type store needing a bailout, of course not, because people were not going to flyby night loan companies, they went to reputable banks. People went into these deals with their finances in full view for banks to scrutinize. Yet, they were professionally manipulated by real estate brokers, mortgage brokers and mortgage loan officers because they trusted these institutions as reputable, They had no insight into the policies that spurred these balloon mortgages. I don't feel the people should be demonize for being shown to believe they could have the American dream.
As to the Madoff victims, I believe that they were victims of their own doing. They sought the use of an exclusive firm that was based on the anonymity of referrals. I feel they had the obligation to monitor the activities of their accounts as does any investor. Instead, without question or concern, they relied on one word, profit. These people and organizations didn't even look at, or question a statement until the scandal broke. Even though I don't have much sympathy for these victims, I do feel that the State and feds should take all the assets from the Madoff's because they're criminals and there were some victims who were unknowingly swept up in this mess without their knowledge. I'm also of the opinion that the Madoff family should be charged with complicity to murder in the death of Foxton and that the Foxton family should sue the entire Madoff estate.
can verify this living the corporate dream... :( :(