A New York judge has sentenced Bernie Madoff to 150 years – a verdict that will bring joy to many but relief to very few.
He is likely to take the innermost secrets of his Ponzi scheme, in which he defrauded $65bn out of his investors, to the grave.
So how many more will follow Madoff?Clearly, as things stand the great 20/20 cricketing entrepreneur Sir Allan Stanford appears to be bidding hard.
But when all is said and done, very, very, very few others who will go anywhere near a prison cell for their role in bringing the world’s financial systems to its knees.
There is no likelihood of any conventional banker, credit card operative, or anyone else in the mainstream going to jail.
None of those from within those vast emporia both sides of the Atlantic, whose lack of understanding – or worse – created a crash from which many still think it will take at least a decade to return.
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Mr. Madoff is only sorry because he was caught!
http://kennedycartoons.com
How many acres
( I should say hectares suppose)
of ‘newsprint comment’ by, respected economists, journalists and not so respected politicians have been devoted to the issue of financial meltdown.
What can I add?
Well I reckon….too much power and no control . The scale of the fraud was not detected primarily because people tend to trust corporate lenders and as all gamblers know…..an investor will think they are the astute investor.
Moving on…I see the clear disagreemant between the Governor of the Bank of England and Prime Minister ,regarding future spending and taxation policies, as
particularly scarey.
Long after Gorden Brown has gone…..the tax payer will be picking up the tab for Government failure before the costs of fraud are even realised.
Taxpayer ?? .. that’s you that is…!
Think Zimbabwe……
Unfortunately I do not foresee many others being held to account.
Sadly, greed has prevailed (yet again). I wish to add that I do not think it is just the financial institutions who are responsible, I also include the politicians.
The Madoff scandal illustrates one major aspect of such illegal activities…very few people, possibly just one kingpin, know what’s actually happening. This is why it’s so difficult to pin the blame and prosecute others. Yet, in the wake of this disaster, others have already been uncovered. It’s almost like a lake drying up, revealing more and more hidden disasters with the passing time. So far there have been a few indictments and even a suicide. And I feel as the economic situation worsens, which it will, more scandals will be uncovered.
Will he get a third off for good behaviour?
Dennis Ambler -nice one!
Maybe it’s naive, but isn’t it possible that he just started off with a cheeky scam that ballooned out of control? I can just-about imagine him desperately hoping for another, but legit, source of revenue with which he could repay his Ponzi investors in full and with interest – he could then have closed the scam and everyone would then have been happy.
Was he thinking in these terms? Was he evil or just the victim of his own stupid scheme? It seems like a Wacky Races story that went hideously wrong.
150 years ?
Why can’t the sentence just be ‘for Life’ ?
Passing a sentence of 150 years is ludicrous as it’ll never be completed. It makes a mockery of what was a very serious crime…
On last night’s news you refered to our Head of State as ‘Her Maj’ (sic). I think you should keep your ill-disguised republican sentiments to your self. Channel 4 consistently shows bias against the monarchy. I find it difficult to believe why anyone would want to make GB a republic. Just look at the USA or France. Would you really want a grubby politician like Tony Blair as president?
.
Because having an unelected, over-privileged head of state is so much better?
Well P Rogers,
Where do I start.
‘You find it difficult to believe…’etc….I don’t…….there are many people out there who would wish to see Britain as a modern accountable democracy.
We have unelected Peers in Government, eg one Mr Mandelson, regularly referred to by the press as effectively the ‘ deputy Prime Minister ‘ .
In my view grubby politics appears to be merged with favour and patronage.
Whether a citizen in Britain, France or the US….the electorate can elect there Government.
The perpetuation of monarchy, and the class system that supports it may be supported by you, but not by all.
Broadcasting in this country is in broad terms free and our democracy is able to comment freely unlike more repressive countries ….
I wouldn’ be surprised if Her Maj is a great fan of Jon Snow.
I reckon she values straight forward expression…Philip comes to mind.
Remember her frustration with Mr Berlesconi at the G20 when she announced to the Heads of State…
‘ ‘why does he have to be so noisy ‘
Yeah…I suspect Her Maj rates Jon…..!
He is passionate, eager to get the truth and is not noisy or aggressive when interviewing…persistant yes..
Yeah I’m sure that Her Maj rates Jon….!
P Rogers, I disagree with your comments and I am in agreement with Lorna and Peter Lloyd.
I also invite you to tell me how the Queen (her Maj) has assisted in preventing Tony Blair from being a “grubby politician”. My answer is that she has not prevented anything. Look around and see the mess he has left us in and the Queen has done nothing.
She is in good company with Mr Blair by only being concerned about safeguarding her own interests. In a democratic society, we are free to voice our opinions, even if they are republican.
Peter LLoyd – there’s a general, wrong-headed, assumption that the current crisis reflects on the limitations of our monarcho-aristocratic system. I’m a republican, but there really is no connection – if anything,our current system militiated against Maj from stepping in and saying something at the height of the expenses scandal.
We don’t really have a constitutional monarchy in this country, just a convenient Aunt Sally for our ‘pretend-we’re-professionals’ political class.
Maj doesn’t care what John or anyone thinks – she gave up years ago, supplanted by a new, shoddier elite, our elected reps.
HI P Rogers….certainly no shortage of healthy debate…I was slightly thrown by Phil Dicks’ comments…..essentially I agree..to explain..
The component parts of Government and State, not forgetting Church ( that’s Anglican that is ) and last of all the Subjects ( thats you and me that is) are somehow held in balance and judgement by the Constitution.
So ‘ The Constitution’ ..unwritten and clearly open to wide interpretation and precedent……nonsense….!
Diverse British society deserves to move more distnctly into the 21st century.
All of us are aware of th global economy and its impact ‘ at home ‘., the impact of European Union legislation and the Human Rights Act and the aspirations of particular western democracies to extend there influence despite the opposition of the populous.
The purchase and performance of a washing machine enjoys more protection under consumer law than the rights of the individual within this country, that is so enahanced by an unwritten constitution…
No document..No constitution.. No rights
Choose yourself…read on
This Sceptred Isle, The United Kingdom, the British Isles……all terms that are elitest and reduce the inividual….and project dominance.
Look west? to the Land of the Free, a written constitution, and a beacon of freedom that celebrates its citizens and their equality……yes we can change our structures and make our governance clear and rewarding on merit not on heritage and patronage.
The Boat Race, The Derby, Ascot,
Cowes, Polo, SW19, all these events are theatrical, powerful performances within which the players in society play out there roles. But more importantly the’re exclusive and exclude..
I guess, I share Phil’s views….perhaps my views are not so distant from yours P Rogers? …
I take it you’re not Lord Rogers!
PL -’the Boat Race, Derby, Ascot,SW19′; I’ve said positive-ish things about flummery on another thread, but these really are beyond the pale, aren’t they??? Wimbledon’s the finest pro tennis Slam, but almost completely ruined by the Beeb’s forelock/strawberries&cream nonsense. We will never ‘get it’ in this country.
Hi Phil,
I value your comments..
Daughters of the aristocracy were presented at Court until the 1950’s
perhaps later? as eligible and the summer season of events would provide the social backdrop for such ‘gels’ would come out and attend various functions and events..check out Peter York..do the google thing..
So the Boat Race
Henley (see press 2009 )
Cannes Film Festival
Monaco Grand Prix
The Derby
Ascot
Queens
SW19
Cowes
Badminton
Court to Balmoral
Public Schools open and close with the opening and closing of Parliament .
Some of the calendar events have
changed over the years..
air races for example..
I’m merely reflecting the social calendar that was enjoyed by the land owning, wealthy and influential aristocracy that to this day mirrors medieval class divide…note ..not division…
I can and do watch tennis and appreciate the heritage..I take it , like me you missed Nadal this year…
Most of these events , not all, require the population to attend , either as admiring onlookers with no money or players with money and influence…the events express the divide…
I will be dead and it will still continue..
The UK is diverse way ahead of the US in terms of religious tolerance..but the UK is way behind in social equality and again the UK is way behind the French in Equality and Fraternity..
The US built on French values of ‘equality’ and my view is that
the UK has remained Colonial and is unable to present a more modern face. The global population flocks to enjoy, and be enriched by their play and passion within the UK….but the UK will not change its class values…like a pageant it actually entrenches them.
We enjoy great art, music and freedom of speach but then crushed by ..
‘I’m sorry Sir ..you’re not wearing a jacket (Henley) and you cannot afford a big ‘eff off’ boat to race at Cowes ..
Hope this explains phil..Phil
PS is it phil dick or Phil Dick ??
Peter LLoyd – it’s Phil Dicks.
‘I will be dead and it will still continue…’
As the founder of the Neo-Fatalist Definitely Suicidal Party, I found your comment depressingly true – there’s only one thing worse than having a morbid opinion, and that’s finding that your morbid opinion may actually be right!
As for Nadal, yes, missed him max, but consider this – he was the one(the sex-god, rebel, etc) who jumped into the royal box last year, cos the King of Spain was there – how ‘debutante’ was that??? Federer wouldn’t have, so what exactly is class?
Your wider point – bang on! But I think it may be sort-of fading; these(Ascot, the big hats, etc.) are tabloid jokes – they always were, but now more so – they’re simply there to titillate. Hopefully, class is the last post-modern irony-thing.
Jon:
To answer the question regarding Mr. Madoff; He is probably going to be in the custody of U.S. Prison Bureaux probably till the day of his death….
~Dennis Junior~
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