AP source: Ponzi schemer Bernie Madoff has died in a federal prison, believed to be from natural causes
AP source: Ponzi schemer Bernie Madoff has died in a federal prison, believed to be from natural causes.
Bernie Madoff Dead
- Thread starter jmb
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I see Frank Garza is already selling black armbands in remembrance.
If I also recall, he was in a pretty nice prison too that allowed him more freedom than most.
He screwed a lot of people and places over. His family wasn’t in poverty afterwards. He deserved worse than what he got.
Why?
Not defending him, he was a crook who got away with it for far too long. But why do you think he deserves such pain and suffering?
Because there are 80 year old men and women having to work right now because he stole all of their money. People who were retired and worked 50 years so this man could steal their money and live the high life. I always like when people like that die in a miserable painful death. That's just me
Totally agree. He lived a great high end life, had everything he wanted X5. People trusted him to provide to the same to themselves. The people who trusted him lost so much and are no longer able to live the lives they thought they would. Anything that had Bernies name on it, should have been confiscated and sold to pay back the victims, even jointly owned stuff. After all, everything the family had, came from the ponzi scheme.
That's fair. I guess I don't see being eaten by sharks or otherwise tortured to death as reasonable punishment for theft. Even if it is grand grand grand GRAND larceny.
FWIW, I googled this a bit, and DOJ says ~80% of the invested money has been recovered (like $18B). The real "theft" was the $65B in gains people thought they had but which were not actually there. So you invested $500k, thought you had $2M in the bank, but then suddenly you had $0, and eventually you get $400k back. Plus you paid taxes on the "gains" over the years, and the gvmt isn't giving that back.
I don't wish painful death on anyone. I do wish, however, that he had to spend his days from conviction to death working manual labor to pay back the people he screwed over. Just pay him $20 an hour on a road construction crew swinging a sledge hammer and have that go to his victims. I'd be happy for my tax dollars to go to those wages.
Unless I am mistaken, you would only pay taxes on the gains when you sold. So if you sold under his fund and made a profit, you technically walked away with more money than when you started. It's just that the money came from other investors.
I truly feel for the kid and the others were not in the know. Can have ripple effects.