Mortgage Servicing Fraud
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4 Justice Now

Madoff gets 150 yrs for extraordinarily evil Ponzi.

But more importantly will his family and friends be forced to disgorge  themselves of all the profits, and will the real story ever be told?

A US federal judge sentenced Bernard L Madoff to 150 years in prison on Monday for operating a huge Ponzi scheme that devastated thousands of people.

In pronouncing the sentence — the maximum he could have handed down — Judge Denny Chin turned aside Madoff’s own assertions of remorse and rejected the suggestion from Madoff’s lawyers that there was a sense of “mob vengeance” surrounding calls for a long prison term.

“Objectively speaking, the fraud here was staggering,” the judge said. Calling his crimes “extraordinarily evil”, the judge pointed out that the fraud “spanned more than 20 years”.

The sentencing came at the end of a 90-minute hearing in which victims of the $65-billion fraud told a packed courtroom that the judge should show no mercy and Madoff himself stood up from the defense table to acknowledge the damage he had inflicted and express regret.

“I’m responsible for a great deal of suffering and pain, I understand that,” the 71-year-old financier told the court. “I live in a tormented state now, knowing all of the pain and suffering that I’ve created. I’ve left a legacy of shame, as some of my victims have pointed out, to my family and my grandchildren.” Addressing his victims seated in the courtroom, he said: “I will turn and face you. I’m sorry. I know that doesn’t help you.”

Prosecutors said Madoff deserved the maximum sentence — representing a life sentence and more for the disgraced financier — for perpetrating one of the biggest investment frauds in Wall Street history. Madoff’s own lawyers said he should receive only 12 years.

While this level of corporate, criminal greed is truly outrageous, and very disgusting to say the least, we all know that, for the most part it is a theft, which, is very minor when compared to the much larger fraud who's creators and executors have been rewarded with tax dollars, while they continue to victimize ever further. As well as, the fact that the timing of the Madoff prosecution was likely just a ploy to garner attention away from the much larger Banking/Wall Street fraud that has victimized us all, as well as future generations.
 
Until this larger event, and the environment that enabled it, is thoroughly addressed in an appropriate manner, none of this will ever matter at all.


But that's just my opinion.

R,

4J 

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O -
Cheerleader 2


It's about time...
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James
Right on, 4 Justice Now

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arkygirl
As outrageous as Madoff was we should reserve some (a lot) of our ill-will for the enablers and the profiteers of this scam. Let's face it, the gummint was the only permanent beneficiary of this scam and they knew it was a scam.

When will the SEC heads roll?  Making an example of Madoff is not enough; gummint drones need an example, too. Do your jobs or be held responsible, period! What has happened to the idea of being responsible in your own job and your own life? What are we paying these people to do; breathe air and nothing else? Heck, I breathe air all day long and don't charge taxpayers for it. I want to pay salaries for whistleblowers, by gum!

Maybe these SEC drones should have their wages garnished to help pay back those who were defrauded; now THAT would make a fine example for the rest of the do-nothings! Why put them in prison where all of us would be forced to maintain them for years when they could be forced to work to pay back all the money lost since 2000 when they were made aware of the scheme? No chance of quitting, either; the judgment would follow them to every job they ever took (provided anyone outside gummint circles would even consider hiring their incompetent butts).

Will the gummint return the tax dollars paid by investors on these fake profits for years considering that they knew for years that the profits were fake and failed to shut it down? Perhaps it was allowed to continue for the tax dollars it earned? Isn't that just another example of unjust enrichment?

Unjust enrichment is a legal term denoting a particular type of causative event in which one party is unjustly enriched at the expense of another, and an obligation to make restitution arises, regardless of liability for wrongdoing.

And why was this story not covered more extensively in the US?

SEC 'chickens' humbled by Madoff whistleblower
By Stephen Foley in New York
                       

Thursday, 5 February 2009

The man who waged a decade-long crusade to unmask Bernard Madoff as a swindler was so frustrated at regulators' refusal to listen that he offered to go in disguise and undercover to help gather evidence.                

Harry Markopolos, a Boston accountant who said it took him "five minutes" in 2000 to realise Mr Madoff's purported investment returns were impossible, appeared in public for the first time yesterday to eviscerate the Securities and Exchange Commission for its failure to uncover a $50bn (£34.6bn) Ponzi scheme – history's largest fraud.

Appearing before lawmakers on Capitol Hill, Mr Markopolos said most of the senior staff at the SEC should be sacked and the whole organisation rolled into a new super-regulator that employed more knowledgeable financial professionals and fewer lawyers.

"The SEC staff now is 3,500 chickens, and we need to get some foxes in there," he said. The organisation continues "to roar like a mouse and bite like a flea".

For the first time, the 52-year-old Mr Markopolos told the story of how he and a small team of helpers investigated Mr Madoff by gathering evidence from market participants, rivals and more than a dozen hedge funds – many of them in Europe – that were funnelling money to the alleged fraudster.

The quartet included two former colleagues from his old firm, Rampart Investment Management, and a trade magazine journalist whose 2001 piece raising scepticism about Mr Madoff had been brushed off by the financier. The team fell back on intelligence-gathering techniques that Mr Markopolos said he used as a special operations major in the army reserves.

"Each of us feared for our lives," Mr Markopolos said. "If he'd have known my name and known he had a team tracking him, I didn't think I was long for this world."

Although his identity was known to staff at the Boston branch of the SEC, Mr Markopolos made many of his early attempts to alert New York-based regulators using anonymous tips. He also tried secretly to alert Mr Madoff's investors, once dropping an envelope of documents at a Boston library where Eliot Spitzer – the former New York attorney general who campaigned against Wall Street sleaze, and who was also a Madoff investor – was due to speak. He had handled the envelope with gloves to avoid fingerprints, he told Congress yesterday. "We had to remain secret, we feared for our health and safety. The government should have no fear."

Mr Madoff was arrested on 11 December after confessing that his investment business was "all just one big lie", and that he had long been paying existing investors with money coming in from new clients – a classic fraud known as a Ponzi scheme.

Mr Markopolos became convinced Madoff Investment Securities was Wall Street's largest fraud after, in 2000, conducting a cursory examination of the options trading strategy Mr Madoff had been claiming to use to generate returns of around 10 per cent every single year. It took him five minutes to work out they were mathematically impossible; it would take 40 minutes more research into the options market to see that the volume of options trading Mr Madoff claimed to be doing was impossible, too.

"I gift-wrapped and delivered the largest Ponzi scheme to them," Mr Markopolos said yesterday, but SEC staff were "too slow, too young and too under-educated I gave them a road map and a flashlight, but they didn't go where I told them to go, they didn't look where I told them to look, they didn't call the people I told them to call."

Mr Markopolos said he is working on numerous other cases – including a $1bn "mini-Madoff" that he intends to take to regulators this morning.

The SEC has launched an internal investigation into links between its staff and Mr Madoff and members of his family.

http://www.independent.co.uk/news/business/news/sec-chickens-humbled-by-madoff-whistleblower-1546545.html
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Sara
I am so glad this "scum-bucket" didn't get off scott-free!  That was my biggest fear!

S
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WeekendAtBernies

Way beyond Bernie Madoff: We need a trustworthy probe of the whole financial meltdown

SO BERNIE MADOFF got the max: 150 years in prison. Whatever.

The fact that the thief will very likely die in prison means little to the people whose lives and livelihoods he destroyed. They're still missing their money and any prospect of getting it back.

At least Madoff's victims got a sliver of gratification Monday watching him whine in court about the "torment" he will live with "the rest of my life." (For this reason, we wish him good health.)

But what about the millions of other Americans whose lives have been upended by the fraudsters who caused the global economic crisis?

Yes, we mean fraud, not innocent mistakes or incompetent miscalculations, or even weak government regulations. There's evidence that the subprime-mortgage boom, the ensuing housing bubble and the financial catastrophe that followed were built on deceit. And the perpetrators and their co-conspirators are laughing all the way to the - you should pardon the expression - banks.

(Hmmm . . . would the big shots at Goldman Sachs, who just got the biggest bonuses in company history, and at Citicorp, who are getting 50 percent raises, actually trust their money to their own banks, knowing how they really operate?

William K. Black, the outspoken economics professor who was a regulator during the savings- and-loan crisis, says that executives at financial institutions consciously made bad loans - they even called them "liars' loans" - to increase profits. Then they hauled away their loot in the form of executive compensation, leaving no fingerprints. They make Madoff look like an amateur.

Black is telling anyone who will listen - darn few people in power, unfortunately - that, unless the extent of the fraud is recognized and punished, the economy won't be truly fixed. President Obama's recently unveiled financial regulatory plan, which studiously avoids looking at past wrongdoing, isn't going to do it, he says.

IMAGINE IF, on Monday, U.S. District Judge Denny Chin had told Madoff that he wanted to "look forward" and focus on making sure that monstrous frauds like Madoff's don't happen again - and so would let him off with a stern lecture and no punishment. That's pretty much the Obama administration's message to Wall Street.

One possibility remains for exposing some of what really happened: The creation by Congress of an investigative commission modeled on the 1932 Pecora Commission that investigated the causes of the Wall Street crash in 1929. Its findings led to tough regulations that protected the nation's financial structure for decades.

The new commission's success depends on the courage and savvy of its 10 members - who will be appointed soon, six by Democratic congressional leaders and four by Republicans - as well as the skill of its staff. But a recent report by Reuters listed possible appointees who mostly included the "usual suspects," many of whom looked the other way when the crisis was unfolding.

Instead, it's time for a new Warren Commission - that is, one headed by Elizabeth Warren, the Harvard professor appointed by Congress to oversee the bank bailout. She has been a tenacious watchdog for the public interest.

We need her, or someone like her, to investigate whether the charges by Black (and others) are true, to expose any fraud and to recommend strong action. We don't need a commission that falls for "single-bullet" theories about who's to blame and what to do about it.

 Sen. Al Franken

He's good enough, he's smart enough and, doggone it, 312 more people like him than they do Norm Coleman. *

Buzz up!Buzz this story.

 

Way beyond Bernie Madoff: We need a trustworthy probe of the whole financial meltdown | Philadelphia Daily News | 07/01/2009

Buzz up! Buzz up!
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4 Justice Now
THANK-YOU! HARRY MARKOPOLOS.

While, it's quite encouraging to see that there are still good, honest and brave people like Mr Markopolos out there, the simple fact that this Hero really wasn't taken seriously by what is purposely an elite federal law enforcement agency (the SEC), despite several years of repeated prompting, not to mention the clear overwhelming evidence to back it all up, is to say the very least: extremely disgusting at best.

Also, the mere fact that this fine upstanding individual is barely known to most citizens of this nation, while it's so beyond obvious that he should have been touted by our own so-called "public media" as being a true American Hero, only convinces me that much more of just how wide spread and entrenched the corruption has actually become. 

IT'S TIME TO THANK THE HERO'S AND REMOVE THE F'N ZEROS


IMHO,

4J
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4 Justice Now
WeekendAtBernies:
 
An Excellent Post that's 100% true.
 
Thanks!!!
 
V/r,
 
4J
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