Don’t Get Madoff, Get Even
March 12th, 2009 by mleyden
Today, a unique symbol of financial uncertainty and chaos, Bernard Madoff, plead guilty to 11 counts of criminal charges stemming from his massive Ponzi scheme that swindled billions of dollars out of investors. Madoff could face up to 150 years in prison for taking money from individuals, banks, and charities, all while lying to his investors about the money he was making them.
In the midst of an ongoing economic crisis, Madoff’s conviction is bittersweet. While going to jail will be a much needed dose of justice for Madoff, who has been living in his Upper East Side Manhattan apartment since his crimes first came to light, it will not change much. It will not return money to his investors, never mind the money he told them he was earning for them. Much like the housing bubble and financial crash, fingers can be pointed over and over again, but it will not change the reality of the situation.
Bernie Madoff will likely spend the rest of his life (he is 70 now) in a much-deserved jail cell. He was one of the many important financial figures in New York City who have spent the last few years stretching, bending, and breaking rules in order to maximize profit, and no matter how badly he is punished, it can never offset his crime.