As featured on p. 218 of "Bloggers on the Bus," under the name "a MyDD blogger."

Monday, June 29, 2009

Madoff To Jail

He got the maximum possible sentence.

ernard Madoff has been sentenced to the maximum 150 years in prison for his multibillion-dollar fraud scheme.

U.S. District Judge Denny Chin handed down the sentence in New York today.

Defense attorneys had sought 12 years, while prosecutors wanted the maximum. The federal probation department had recommended 50 years.

Chin called the fraud "staggering" and noted that it spanned more than 20 years. He said "the breach of trust was massive."

White-collar crimes that harm the victims as much if not more than outright theft should be handled with the same stern sentencing. I don't see how anyone could call this punitive. Madoff stole billions of dollars.

The court also stripped Madoff and his wife of $170 billion dollars in wealth, although most of that money was figurative. Ruth Madoff will retain $2.5 million in cash, which isn't a bad nest egg, considering how ill-gotten it was.

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