Monday, June 29, 2009

7,800 Weekends At Bernie's

Because 150 years is a long, long time.
U.S. District Judge Denny Chin said Madoff's breach of trust was massive, and that he lied to investors and to the SEC to buy homes, yachts and pay country club fees. He called the maximum sentence symbolic.

"Not a single letter was submitted in support of Madoff," Chin said. "Not friends, not family. That is telling."

Prosecutors sought a 150-year sentence for the multi-billion dollar fraud scheme, while the federal probation department recommended 50 years.

Madoff's attorney Ira Sorkin had tried to argue that both proposed sentences were excessive.

While Madoff, dressed in a dark suit, white shirt and tie, sat with his head down and his back to his victims as they delivered their testimony, he stood and faced them during his statement and apologized.

"I cannot offer an excuse for my behavior," Madoff said. "How do you excuse deceiving investors and 200 employees? How do you excuse lying to my sons and two brothers? How do you excuse lying to a wife who stood by me for 50 years and still stands by me? There is no excuse for that. I made a terrible mistake."

He went on to say he left a legacy of shame for his family.

Nine victims offered heart-wrenching testimonies earlier in the day, asking for the judge to deliver the maximum sentence. Said Burt Ross, who lost $5 million in the scheme, "Commit Madoff to prison for the rest of his life. May Satan grow a fourth mouth where Madoff can spend the rest of eternity."

Yeah. 65 billion dollars? There's a special place in hell for Bernie...but before he gets there, there's a special place in prison for the guy too.

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