I have never heard of the Ponzi scheme. I read some more articles about Madoff and his Ponzi scheme and it said it was largest Ponzi scheme in history. A Ponzi scheme is where it pays to certain investors but not from their earnings but from out of there pockets. What is shocking to me is how long Madoff and his company did this scandal. Just think about how many people had to be in on this to make it work. How long did they go to prison for? Anyways, no matter what Madoff says about him feeling trapped into the greed of others, he did it himself. He wanted the billions of dollars for himself. It sounds like to me that he is making up excuses for himself.
@kristi2374 I agree with the line about there are others in the industry that are as crooked as Madoff. In my opinion, Madoff is creating this false sense of reality to make himself appears as a victim, to what I believe to protect whatever respectability his still has. In the article Madoff mentioned if he wanted the money for himself he could have took the five billion and ran, for he had to ability to do so. There, I believe he was struck by greed. I was taught, "...greed is one's enemy, once it starts, it will only want more..." The reason, I believe he did not take the money and run, was because he wanted more. Unfortunately, that lead to him being caught, which is the how many corrupt officers. Caught because of their own greed. "Just a little more... just a little more...". So the denial he is showing may, in turn, is a way to try to protect whatever respectability has... left.
Bernie Madoff obviously has no conscience, he deliberately preyed on others. Unbeknownst to investors, Madoff “made off” with their investments. Even after receiving a life sentence and having already served two years in federal prison; Madoff still does not admit his guilt. Madoff pulled off one of the largest frauds in history. Even after he was indicted on 86 various fraud counts and burning through 400 million dollars of investor money; Madoff tries to appear as the victim. As a taxpayer and as a law-abiding citizen, I feel Madoff received the sentence he deserves. Hopefully all of his assets derived from his illegal actions will be awarded to his investors as restitution for their losses or a percentage thereof. It is typical for a greedy, narcissistic individual to put the blame on others, just like Madoff did to the financial services industry.
Bernie Madoff says if he was going to steal people’s money, he would have taken the money and ran. While that statement may be true, anyone can make up their own story while incarcerated. The convict can now fabricate any story for whoever wants to listen, in a way to make them look justified. The psychologist that spoke with Madoff said himself “Madoff developed an artificial sense of reality”. As far as being ‘trapped into the greed of others’, that’s just an excuse – just like how corruption is just what happens on Wall Street. You can’t justify yourself being corrupt, by saying the entire industry you work in is corrupt; fascinating or not. The guilt for him is just now catching up into his two year sentence. Not sure why though, he practically lives in a country club. Mr. Madoff should be examined in a sense to use his knowledge that law enforcement lacks, about the holes in the framework of these get-rich-quick schemes.
I think this article does more harm to Madoff then good. This just shows that in today’s society, we have lost our moral obligations and instead of admitting our guilt we turn around and blame others. I agree with his quote pertaining to others being guilty of this crime as well, but am appalled by his using the excuse that everyone else does it, like it is the norm. I feel this demonstrates how in America we are lax in prosecuting not only white collar crimes but we allow people to get away with such crimes simply because the majority of people are doing it. Madoff should be made the example to everyone else who thinks this crime goes unpunished and maybe think twice before committing such acts. His statement regarding that his intention was not to steal people’s money, astonishes me. Personally I think he was arrogant and thought that no one would ever discover his scheme and that was the reason his money was kept in banks where people could clearly see his billions of dollars. It was as if he was snuffing at authorities as well as his victims, thinking he would never receive punishment for his crime.
I believe this scandal is very important for people to know about because it can happen to any person without being noticed. People should be aware of where they put their money and what their money is going towards. The least of my respect goes to those the make money without earning it the right way. Those caught in such acts such receive a deeper penalty then the usual. Madoff should be ashamed of his words, swallow his pride, and admit to his acts since he's already been sentenced. In addition to that, he should stop blaming his own victims and society. Would you ever believe somebody after knowning that they stole billions of dollars?
It seems like Madoff is trying to play the role of the "good" guy by stating the fact that he made a mistake and he was wrong for it but then he turns it around and blames it on other people's greed that made him do it. He says that the financial services industry is corrupted so that it looks like he's not the only one that is scamming people, he just happen to get caught in the act. He also says that the financial services industry is stacked against the "typical" investor, which means he's not the "typical" investor since he was so successful in being able to have double digit returns. Either way, his statements does not make him look like the "good" guy, just a guy who is trying to put the blame on others that supposedly made him scam people for their money.
It seems to be most people who end up getting caught for a ponzi scheme try to make it seem like someone else's fault. They will blame the others in the industry or the investors, just not themselves. They never do anything wrong. I agree that things need to change on wall street, but I don't see that happening anytime soon. So it is up to the investors to investigate as best they can before investing or not invest at all.
Bernie Madoff had on thing right; his LARGE investors probably did know that he was front running. You can’t make believe other wise. When you invest, you want to make a quick buck right away, believe me I know, but that’s not how it works. But to try to blame everyone else for your mistakes, Mr. Madoff, is just Ludacris. BERNIE, GET OVER IT, YOU WERE CAUGHT! Another thing is that I don’t get why people are saying that they are “disgusted” or “sick” of what he did. Really people? You never thought this was possible? This guy is a Wall Street gangster, he is no different then the Henry Hill’s or Jon Gotti’s of the mafia world. Just because he has a degree, people saw him in a different light. Am I saying what he did was right? No, it’s awful. What I’m saying is that people need to learn how to deal with there money by themselves. You have someone else do it and your just looking to be ripped off. There’s fee’s for this, fee’s for that and all kinds of other fee’s for stuff that you never heard of that your “investor” probably made up. On a side note, I enjoy Mr. Madoff and his quotes. It’s quite humorous.
Never have I heard of the "Ponzi Scheme", which is an investment fraud that "...involves the payment of purported returns to existing investors from funds contributed by new investors", according to U.S. Securities and Exchange Commission. Of course it is right for Madoff to be paying off his sentence for such a crime. But then the question comes up, why didn't Madoff run off with the money as he said? Well for screwing up all these investors with their money, that is why his "idea" of committing such fraud collapsed. The reasons why Ponzi schemes collapse is because for one, it is difficult at times to recruit new investors and secondly, some of these investors ask to cash out... and how do so without their money! Yes, this may look like it's all Madoff's fault, but what about the investors themselves? I just wouldn't trust anyone else with my money! Simple as that. It's been two years and yet, the SEC has yet to find out where most of this money went. Are they truly doing their job!? -Lisbeth
What Madoff did was truly part of the culture of fear where he feared and played on the fear of people will be poor. He convinced and persuaded individuals to invest in this elaborate scheme based on their own greed and fear of poverty. Madoff was successful at this scheme because he prayed on investers fear and greed. We all are guilty cause we live in a society that we want more for less and that we have a lottery winning mentality. I feel Madoff is quilty and has no true remorse of his crime. He is remorseful of being caught and losing his lifestyle his greed afforded him.
It is amazing how after being given a life sentence for costing investors over $50 BILLION, Bernie Madoff is still playing the victim card. He clearly feels no remorse or guilt for his crime and like many white collar/corporate criminals, he places blame on anyone but himself. In an article with FOX Business, Madoff even states that, "It's unfortunate to say the least, that the financial services industry is so corrupt and stacked against the typical investor." He is placing blame on the entire financial industry instead of himself. I agree with Elizabeth that Madoff got the sentence he deserved and hopefully will remain an example to corporate criminals of what could happen if you engage in fraud..and get caught.
As easy as it can be at times to play the devil’s advocate, I can’t quite seems to see how a man can give his life and liberty away at the hands of another person(s) greed and thirst. After reading a few articles, I tried to give him the benefit of the doubt and go with this entrapment claim. Perhaps the family that works alongside Maydoff knows more than they are charged for? Is it possible that knowledge of histories largest Ponzi scheme of at least 20 years in duration can remain hidden in the workplace from blood-related colleagues? I find that very impossible. I at least believe that Maydoff’s wife, Ruth, is either involved in the scheme or reaped the fruits of this poisonous tree. A new report states that Ruth “claims nearly $70 million in assets separate from her husband's fortune, including a $7 million New York apartment, $45 million in bonds and $17 million in cash. She's also listed as the owner of a $9 million Palm Beach, Fla. mansion.” These criminal acts are a nightmare come true to investors wanting to invest in the market who were deceived by Maydoff, a trusted criminal. Bernie May trapped himself when he tried to play everybody and his game-plan fell apart before his eyes. Every person from the poorest guy on the block to the richest person in the world has one thing in common, a choice that can affect their future. If he doesn’t have the guts to accept responsibility for his own actions, maybe he doesn’t understand what damage has accrued through the victims that trusted him with their lives. According to the notes I took on a Coorperation, a person who can careless about other people’s well-being, and shows reckless regard for the safety of others shows symptoms of a mental disorder.
Does that make me crazy? Does that make me crazy? Does that make me crazy? Probably...” C-LO I also believe that this trial should be dissected to gain greater insight on the criminal mind of the ponzi schemer.
Stories about Madoff's Ponzi schemes are still being talked about and his name tainted amongst people in the business community. However, this article, among many others, fully justifies WHY his name remains on the lips of anyone referencing white collar criminals. There are numerous comments in the article regarding Madoff’s state of mind and how he’s created a false sense of reality, but if you look deeper you’ll see that he may not be as crazy as we think, and looking nuts is what propels him at this point in his life. Hypothetically speaking, if you were in prison for life would you not be completely bored (for lack of a better word) with your environment? The media and psychiatrists are basically encouraging him to behave this way, because if he does, he gets the publicity he once had; reliving his glory days, so to speak. They constantly probe at him wanting answers and opinions and he is feeding off it. After reading this there is no doubt in my mind that he’s craving attention because of the place he’s in. Pointing fingers, making accusations that are outlandish and creating some fantasy world is all the man has to hold on to. I think the media and shrinks should stop encouraging this and leave him alone to his punishment.
Madoff is not the only one to blame here, think about it, it takes more than just one person to run a scheme THIS BIG for so long and get away with it this long. HIs not the only person to blame, he is at fault for the financial instability suffering that he has caused these businesses and families but i don't think that was a concern of his. how can these businesses or big corporate accountants NOT see what was going on, obviously because they knew all along and thought that for the time being they can invest any little that income that was coming in from outside pocket. why does he act like a victim still in this scheme? because his looking for sympathy and is the only one taking the fall for it. he can either be doing it for show since his bothered by the media and doctors for more info n answers to what or how he got away with this crime and how long it prolonged or because he continues to cover for whoever he is not mentioning and keeping others out of media. like his son, who committed suicide probably because of all the media attention and negativity that him along with the rest of Madoff's family was getting and being bombarded with what would lead to fatal loss like suicide. Madoff committed the crime, he wants to go down alone, so let him do the time alone and stop drilling him for more info, if he hasn't spoken now, chances are slim he will and if he does, let him come forth at his own time instead of repeatedly running re-runs for unanswered results.
Honestly, I am not sure which is worse the fact that he committed the crimes or the fact that he is now claiming that he was trapped. Obviously, most people who commit a crime, especially one as financially critical as this particular one, is going to deny-deny-deny and if possible blame the victims. However, there is a huge difference between denying and claiming to be trapped, he can just say, “I have no comment,” and keep some dignity. He is a grown man, a knowledgeable businessman, with the intelligence to steal a lot of money before being caught. Obviously, people know he did it, and like others have previously posted, he didn’t do it alone (there is no way). But, by claiming that he was trapped he is creating a bigger scandal than what it already is. His fraud, ambition, and greed affected the lives of many people, and although at least some of those people should have questioned this scheme for quick money making (which, “if it sounds too good to be true, it probably is”)…those people still, lost a lot of money, and Madoff deserves his prison time. If possible, I agree that his assets should be taken and split among the victims.
Bernie Madoff is someone that did not live by the golden rule “Do unto others as you would have them do unto you”. He could be categorized as a trusted criminal a person that seemed respectable and had recognition. This represents individuals that commit white collar crime. Moral risk applies to Madoff. He was willing to practice risky business behavior to entice investors. Madoff had the social status related to occupation and seemed legitimate to individuals willing to do business with him. He was able to run this ponzi because he knows how the system worked. Madoff is best described as egoism, ethical where an individual only does acts that will best serve him and his own self-interest. It is so hard to believe that Madoff is still playing the victim. He shows no remorse for his actions or willingness to accept responsible just like other individuals that commit corporate crime/white collar crimes. Even in prison he demands a spotlight. Why do the media waste their time with this guy? His ego is big and prevents him from seeing the truth.
Madoff's attempts at moralizing his crimes is at the least highly entertaining. The fact that he literally took individuals monies, bold face lied to them about the returns, and reaped the profits for himself was insanely inadequate and shows exactly how he really is. Seeing a story on madoff a few months back, I witnessed a reporter go to prison and interview madoff. The man is doing the same thing in the prison with goods and monies there. He has gained the "respect" of the prisoners there and convinced them of his "innocence". In some sense I feel that there were other HEAVEY hitters in this scheme that were helping but madoff was the biggest of all therefor the head of the snake. Wall Street in my eyes is a joke and I feel that evil is in its roots.
Bernie Madoff, not only destroyed the lives of his investors with his underhanded Ponzi scheme, but he destroyed his own family. His son Mark couldn’t find work; Companies did not want any ties to the Madoff name. The mere mention of the Madoff name seemed to leave a sour taste in people’s mouths. Yes, he made a mistake and should be required to make restitution to the people he harmed. The greed factor is in all of us and it is our choices we make which lead us down the path of right or wrong. Bernie didn’t have mankind’s best interest in his heart when set in motion his scheme, fulfilling the greed of others, which set the motion of the ever expanding quest for power and riches, or so they think. A hard way to learn a lesson, there is a higher player to always consider, and is this why you are on earth.
I have never heard of the Ponzi scheme. I read some more articles about Madoff and his Ponzi scheme and it said it was largest Ponzi scheme in history. A Ponzi scheme is where it pays to certain investors but not from their earnings but from out of there pockets. What is shocking to me is how long Madoff and his company did this scandal. Just think about how many people had to be in on this to make it work. How long did they go to prison for? Anyways, no matter what Madoff says about him feeling trapped into the greed of others, he did it himself. He wanted the billions of dollars for himself. It sounds like to me that he is making up excuses for himself.
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ReplyDelete@kristi2374
ReplyDeleteI agree with the line about there are others in the industry that are as crooked as Madoff. In my opinion, Madoff is creating this false sense of reality to make himself appears as a victim, to what I believe to protect whatever respectability his still has. In the article Madoff mentioned if he wanted the money for himself he could have took the five billion and ran, for he had to ability to do so. There, I believe he was struck by greed. I was taught, "...greed is one's enemy, once it starts, it will only want more..." The reason, I believe he did not take the money and run, was because he wanted more. Unfortunately, that lead to him being caught, which is the how many corrupt officers. Caught because of their own greed. "Just a little more... just a little more...". So the denial he is showing may, in turn, is a way to try to protect whatever respectability has... left.
Bernie Madoff obviously has no conscience, he deliberately preyed on others. Unbeknownst to investors, Madoff “made off” with their investments. Even after receiving a life sentence and having already served two years in federal prison; Madoff still does not admit his guilt. Madoff pulled off one of the largest frauds in history. Even after he was indicted on 86 various fraud counts and burning through 400 million dollars of investor money; Madoff tries to appear as the victim. As a taxpayer and as a law-abiding citizen, I feel Madoff received the sentence he deserves. Hopefully all of his assets derived from his illegal actions will be awarded to his investors as restitution for their losses or a percentage thereof. It is typical for a greedy, narcissistic individual to put the blame on others, just like Madoff did to the financial services industry.
ReplyDeleteBernie Madoff says if he was going to steal people’s money, he would have taken the money and ran. While that statement may be true, anyone can make up their own story while incarcerated. The convict can now fabricate any story for whoever wants to listen, in a way to make them look justified. The psychologist that spoke with Madoff said himself “Madoff developed an artificial sense of reality”. As far as being ‘trapped into the greed of others’, that’s just an excuse – just like how corruption is just what happens on Wall Street. You can’t justify yourself being corrupt, by saying the entire industry you work in is corrupt; fascinating or not. The guilt for him is just now catching up into his two year sentence. Not sure why though, he practically lives in a country club. Mr. Madoff should be examined in a sense to use his knowledge that law enforcement lacks, about the holes in the framework of these get-rich-quick schemes.
ReplyDeleteI think this article does more harm to Madoff then good. This just shows that in today’s society, we have lost our moral obligations and instead of admitting our guilt we turn around and blame others. I agree with his quote pertaining to others being guilty of this crime as well, but am appalled by his using the excuse that everyone else does it, like it is the norm. I feel this demonstrates how in America we are lax in prosecuting not only white collar crimes but we allow people to get away with such crimes simply because the majority of people are doing it. Madoff should be made the example to everyone else who thinks this crime goes unpunished and maybe think twice before committing such acts. His statement regarding that his intention was not to steal people’s money, astonishes me. Personally I think he was arrogant and thought that no one would ever discover his scheme and that was the reason his money was kept in banks where people could clearly see his billions of dollars. It was as if he was snuffing at authorities as well as his victims, thinking he would never receive punishment for his crime.
ReplyDeleteI believe this scandal is very important for people to know about because it can happen to any person without being noticed. People should be aware of where they put their money and what their money is going towards. The least of my respect goes to those the make money without earning it the right way. Those caught in such acts such receive a deeper penalty then the usual. Madoff should be ashamed of his words, swallow his pride, and admit to his acts since he's already been sentenced. In addition to that, he should stop blaming his own victims and society. Would you ever believe somebody after knowning that they stole billions of dollars?
ReplyDeleteIt seems like Madoff is trying to play the role of the "good" guy by stating the fact that he made a mistake and he was wrong for it but then he turns it around and blames it on other people's greed that made him do it. He says that the financial services industry is corrupted so that it looks like he's not the only one that is scamming people, he just happen to get caught in the act. He also says that the financial services industry is stacked against the "typical" investor, which means he's not the "typical" investor since he was so successful in being able to have double digit returns. Either way, his statements does not make him look like the "good" guy, just a guy who is trying to put the blame on others that supposedly made him scam people for their money.
ReplyDeleteIt seems to be most people who end up getting caught for a ponzi scheme try to make it seem like someone else's fault. They will blame the others in the industry or the investors, just not themselves. They never do anything wrong. I agree that things need to change on wall street, but I don't see that happening anytime soon. So it is up to the investors to investigate as best they can before investing or not invest at all.
ReplyDeleteBernie Madoff had on thing right; his LARGE investors probably did know that he was front running. You can’t make believe other wise. When you invest, you want to make a quick buck right away, believe me I know, but that’s not how it works. But to try to blame everyone else for your mistakes, Mr. Madoff, is just Ludacris. BERNIE, GET OVER IT, YOU WERE CAUGHT!
ReplyDeleteAnother thing is that I don’t get why people are saying that they are “disgusted” or “sick” of what he did. Really people? You never thought this was possible? This guy is a Wall Street gangster, he is no different then the Henry Hill’s or Jon Gotti’s of the mafia world. Just because he has a degree, people saw him in a different light. Am I saying what he did was right? No, it’s awful. What I’m saying is that people need to learn how to deal with there money by themselves. You have someone else do it and your just looking to be ripped off. There’s fee’s for this, fee’s for that and all kinds of other fee’s for stuff that you never heard of that your “investor” probably made up.
On a side note, I enjoy Mr. Madoff and his quotes. It’s quite humorous.
Never have I heard of the "Ponzi Scheme", which is an investment fraud that "...involves the payment of purported returns to existing investors from funds contributed by new investors", according to U.S. Securities and Exchange Commission. Of course it is right for Madoff to be paying off his sentence for such a crime. But then the question comes up, why didn't Madoff run off with the money as he said? Well for screwing up all these investors with their money, that is why his "idea" of committing such fraud collapsed. The reasons why Ponzi schemes collapse is because for one, it is difficult at times to recruit new investors and secondly, some of these investors ask to cash out... and how do so without their money! Yes, this may look like it's all Madoff's fault, but what about the investors themselves? I just wouldn't trust anyone else with my money! Simple as that. It's been two years and yet, the SEC has yet to find out where most of this money went. Are they truly doing their job!?
ReplyDelete-Lisbeth
What Madoff did was truly part of the culture of fear where he feared and played on the fear of people will be poor. He convinced and persuaded individuals to invest in this elaborate scheme based on their own greed and fear of poverty. Madoff was successful at this scheme because he prayed on investers fear and greed. We all are guilty cause we live in a society that we want more for less and that we have a lottery winning mentality.
ReplyDeleteI feel Madoff is quilty and has no true remorse of his crime. He is remorseful of being caught and losing his lifestyle his greed afforded him.
It is amazing how after being given a life sentence for costing investors over $50 BILLION, Bernie Madoff is still playing the victim card. He clearly feels no remorse or guilt for his crime and like many white collar/corporate criminals, he places blame on anyone but himself. In an article with FOX Business, Madoff even states that, "It's unfortunate to say the least, that the financial services industry is so corrupt and stacked against the typical investor." He is placing blame on the entire financial industry instead of himself. I agree with Elizabeth that Madoff got the sentence he deserved and hopefully will remain an example to corporate criminals of what could happen if you engage in fraud..and get caught.
ReplyDeleteAs easy as it can be at times to play the devil’s advocate, I can’t quite seems to see how a man can give his life and liberty away at the hands of another person(s) greed and thirst. After reading a few articles, I tried to give him the benefit of the doubt and go with this entrapment claim. Perhaps the family that works alongside Maydoff knows more than they are charged for? Is it possible that knowledge of histories largest Ponzi scheme of at least 20 years in duration can remain hidden in the workplace from blood-related colleagues? I find that very impossible. I at least believe that Maydoff’s wife, Ruth, is either involved in the scheme or reaped the fruits of this poisonous tree. A new report states that Ruth “claims nearly $70 million in assets separate from her husband's fortune, including a $7 million New York apartment, $45 million in bonds and $17 million in cash. She's also listed as the owner of a $9 million Palm Beach, Fla. mansion.” These criminal acts are a nightmare come true to investors wanting to invest in the market who were deceived by Maydoff, a trusted criminal. Bernie May trapped himself when he tried to play everybody and his game-plan fell apart before his eyes. Every person from the poorest guy on the block to the richest person in the world has one thing in common, a choice that can affect their future. If he doesn’t have the guts to accept responsibility for his own actions, maybe he doesn’t understand what damage has accrued through the victims that trusted him with their lives. According to the notes I took on a Coorperation, a person who can careless about other people’s well-being, and shows reckless regard for the safety of others shows symptoms of a mental disorder.
ReplyDeleteDoes that make me crazy?
Does that make me crazy?
Does that make me crazy?
Probably...” C-LO
I also believe that this trial should be dissected to gain greater insight on the criminal mind of the ponzi schemer.
Stories about Madoff's Ponzi schemes are still being talked about and his name tainted amongst people in the business community. However, this article, among many others, fully justifies WHY his name remains on the lips of anyone referencing white collar criminals. There are numerous comments in the article regarding Madoff’s state of mind and how he’s created a false sense of reality, but if you look deeper you’ll see that he may not be as crazy as we think, and looking nuts is what propels him at this point in his life. Hypothetically speaking, if you were in prison for life would you not be completely bored (for lack of a better word) with your environment? The media and psychiatrists are basically encouraging him to behave this way, because if he does, he gets the publicity he once had; reliving his glory days, so to speak. They constantly probe at him wanting answers and opinions and he is feeding off it. After reading this there is no doubt in my mind that he’s craving attention because of the place he’s in. Pointing fingers, making accusations that are outlandish and creating some fantasy world is all the man has to hold on to. I think the media and shrinks should stop encouraging this and leave him alone to his punishment.
ReplyDeleteMadoff is not the only one to blame here, think about it, it takes more than just one person to run a scheme THIS BIG for so long and get away with it this long. HIs not the only person to blame, he is at fault for the financial instability suffering that he has caused these businesses and families but i don't think that was a concern of his. how can these businesses or big corporate accountants NOT see what was going on, obviously because they knew all along and thought that for the time being they can invest any little that income that was coming in from outside pocket. why does he act like a victim still in this scheme? because his looking for sympathy and is the only one taking the fall for it. he can either be doing it for show since his bothered by the media and doctors for more info n answers to what or how he got away with this crime and how long it prolonged or because he continues to cover for whoever he is not mentioning and keeping others out of media. like his son, who committed suicide probably because of all the media attention and negativity that him along with the rest of Madoff's family was getting and being bombarded with what would lead to fatal loss like suicide. Madoff committed the crime, he wants to go down alone, so let him do the time alone and stop drilling him for more info, if he hasn't spoken now, chances are slim he will and if he does, let him come forth at his own time instead of repeatedly running re-runs for unanswered results.
ReplyDeleteThis comment has been removed by the author.
ReplyDeleteHonestly, I am not sure which is worse the fact that he committed the crimes or the fact that he is now claiming that he was trapped. Obviously, most people who commit a crime, especially one as financially critical as this particular one, is going to deny-deny-deny and if possible blame the victims. However, there is a huge difference between denying and claiming to be trapped, he can just say, “I have no comment,” and keep some dignity. He is a grown man, a knowledgeable businessman, with the intelligence to steal a lot of money before being caught. Obviously, people know he did it, and like others have previously posted, he didn’t do it alone (there is no way). But, by claiming that he was trapped he is creating a bigger scandal than what it already is. His fraud, ambition, and greed affected the lives of many people, and although at least some of those people should have questioned this scheme for quick money making (which, “if it sounds too good to be true, it probably is”)…those people still, lost a lot of money, and Madoff deserves his prison time. If possible, I agree that his assets should be taken and split among the victims.
ReplyDeleteBernie Madoff is someone that did not live by the golden rule “Do unto others as you would have them do unto you”. He could be categorized as a trusted criminal a person that seemed respectable and had recognition. This represents individuals that commit white collar crime. Moral risk applies to Madoff. He was willing to practice risky business behavior to entice investors. Madoff had the social status related to occupation and seemed legitimate to individuals willing to do business with him. He was able to run this ponzi because he knows how the system worked. Madoff is best described as egoism, ethical where an individual only does acts that will best serve him and his own self-interest. It is so hard to believe that Madoff is still playing the victim. He shows no remorse for his actions or willingness to accept responsible just like other individuals that commit corporate crime/white collar crimes. Even in prison he demands a spotlight. Why do the media waste their time with this guy? His ego is big and prevents him from seeing the truth.
ReplyDeleteMadoff's attempts at moralizing his crimes is at the least highly entertaining. The fact that he literally took individuals monies, bold face lied to them about the returns, and reaped the profits for himself was insanely inadequate and shows exactly how he really is. Seeing a story on madoff a few months back, I witnessed a reporter go to prison and interview madoff. The man is doing the same thing in the prison with goods and monies there. He has gained the "respect" of the prisoners there and convinced them of his "innocence". In some sense I feel that there were other HEAVEY hitters in this scheme that were helping but madoff was the biggest of all therefor the head of the snake. Wall Street in my eyes is a joke and I feel that evil is in its roots.
ReplyDeleteBernie Madoff, not only destroyed the lives of his investors with his underhanded Ponzi scheme, but he destroyed his own family. His son Mark couldn’t find work; Companies did not want any ties to the Madoff name. The mere mention of the Madoff name seemed to leave a sour taste in people’s mouths. Yes, he made a mistake and should be required to make restitution to the people he harmed. The greed factor is in all of us and it is our choices we make which lead us down the path of right or wrong. Bernie didn’t have mankind’s best interest in his heart when set in motion his scheme, fulfilling the greed of others, which set the motion of the ever expanding quest for power and riches, or so they think. A hard way to learn a lesson, there is a higher player to always consider, and is this why you are on earth.
ReplyDelete