Madoff Victims: What About Us?

(CBS)  Bernard Madoff plead guilty Thursday to 11 federal charges stemming from his alleged multi-billion dollar fraud scheme, but for victims who lost everything, the admission doesn't quite cut it.

"I can tell you that in my family alone, you give the cumulative years of work that have vanished in one phone call, it's about 120 years," victim Adriane Biondo told CBS' The Early Show anchor Maggie Rodriguez. "If you take 10 more families - and I know that there are multitudes more than 10 - that's 1,000 years of hard work. He doesn't have enough time in his life to serve for the damage that he's done."

The 70-year-old Madoff could face a sentence of up to 150 years.

And as angry as victims might be at the disgraced money manager, they think blame for the $50 billion Ponzi scheme extends much further than one man.

"I think we need the prosecutors to find out the other culpable parties because he didn't do it alone," Dr. Henry Backe, whose practice had $33 million invested in Madoff's fund, told Rodriguez. "I think the SEC failed. They went in eight times and couldn't figure anything out. All they had to do was look in his trades. … In my mind, he's an economic terrorist. And the SEC just failed us."

One victim, Phyliss Molchatsky, said she's suing the Securities and Exchange Commission for restitution.

"The SEC did not do their job. They were negligent, they were ineffective. … They lured people into a false sense of security," she said.

Molchatsky also wants the IRS to step in and provide some relief for fraud victims.

"After all, every year we paid out of our pockets tax money based on what the world knows now is fictitious profits."

[ariz_1944]

I am SOOOOO glad to see this SCAB in jail, HOWEVER, I Believe he AND his wife, along with his sons, who I am POSITIVE had to have helped him with this rip-off, should be stripped of ALL their assets, homes, cars jets, art, bank accounts, Swiss Accounts, and they should be dumped on the street, and be made to livs with the homeless!
IF you believe he pulled off this scam by himself, YOU ARE NUTS!! Just the paperwork, pay-outs, tracking of the INCOME, took much more time and effort than ONE PERSON could EVER produce!!
I do NOT believe he will last a year in Federal Prison. There are so many foreign investors in his "FUND", many who still have a lot of wealth, and who would LOVE to seee him dead! They ALSO have the wealth and means of contacting people who "REMOVE PROBLEMS" such a Bernie Madoff. As you are aware of, prison guards and officials do not make a lot of money in their jobs, and $100,000 would be more than enough to cause them to be at the "other end of the corridor", or "on break" if something was to happen to Bernie, and prisoners would welcome $100,000 paid to their wifes, brothers, sisters, mothers and fathers, if they are lifers, and have no expectation of ever getting out of prison. If you are going to die in prison, what more can they do to you if you kill someone in prison? I am NOT advocating violence against this SCAB, but, Mark my words, he will not last a year in general prison population.

[fariborzzak]

Economic Terrorist

[genastyletto]

If anyone believes that Madoff will spend a day behind bars they are naive in the most true sense of the word. Sure, there may be a few pictures taken of Madoff in prison issued ?garb?? hell, maybe even a few pictures of him a cell. 65 Billion dollars doesn?t just disappear. He has paid off key players at the SEC, Congress, Legislature, etc? He will not spend a day behind bars. The ONLY way I would believe he is behind bars is if I had access to a 24-hour camera of him in his cell and have the ability to access it at the drop of a hat. He is going to get a nose job, as we all know a Jew can become unrecognizable after a nose job. Remember Jennifer Grey from ?Dirty Dancing?? He will live out his life a rich man on an island in the Mediterranean or some other tropical paradise.

As for the individuals who invested their millions? I make no apologies for my lack of sympathy. Greed doesn?t evoke sympathy, nor warrant it. If anything they may find God now that money, their former God is no more.

As for Madoff's soul, that has been sold and devoured long ago. God will be the judge of his sentence.
? Gwen V

[1964herb]

Throw all the Madoffs in jail. They all had to be in on it. If any of them, for some odd reason, didn't see the fraud they should go to jail for being plain stupid!

[hungry1968-15]

I doubt that Obama and his democrat buddies will make sure that Madoff is placed in the general prison population as he should be. Bernie will go to some country club facility where he will hob nob with his buds. Thanks, Obama!
Posted by azirine at 10:38 AM : Mar 12, 2009





Leave it to an azzinine neo con lover, to blame Obama for the Madoff mess!!!

[jtdev1]

For the person who thinks we are all a bunch of greedy fools--you should check your facts. Many, many people who were scammed were invested through their pension funds (over which they have no control). These pension funds investments were made with reliable firms who, in turn, invested with Madoff. Walk a mile in our shoes.
Posted by amvswift


So once again, Not your fault...


Whatever...


So you put all your money in one basket with one investment company... Sounds stupid to me.

You hire an investor who takes all your money and places it with Maddoff, again, sounds stupid to me.


I for one would never place all my money in one place with one person, nor would allow my investment firm to do the same, but I guess thats why I still have my money and you don't.

Just look at the bright side: You won't have to pay high taxes anymore....

[amvswift]

For the person who thinks we are all a bunch of greedy fools--you should check your facts. Many, many people who were scammed were invested through their pension funds (over which they have no control). These pension funds investments were made with reliable firms who, in turn, invested with Madoff. Walk a mile in our shoes.

[luke_4u]

Victims ? What victims? There were no victims ! Just a bunch of suckers that gambled their money, trying to get something for nothing, and lost. It was their own greed that put them where they are. They should get no empathy from anyone, as they were their own worst enemy. Oh yeah, Bernie is a bad boy too, but nobody held a gun to those fools heads. They could've hung onto their money, but greed got in the way of good judgement, so they've got nothing coming. Everyone should learn something from this, work for your money, there ain't no free lunch ! Then hang onto it.

[stu aull]

Bernie should write a book and co-produce a movie about how he cheated people out of billions, the proceeds of which should go to the victims. And the SEC should read the darn book.

[gary-hamm]

I thinks it's terrible that all the money was lost, but investing isnt without risk, sometimes you win and sometimes you lose. Unforchantly,People lost everything,But to Whine about it serves no perpose.The man will die in prison. The people that were swindled will have to go on and live.Hopefully people that invest money will pay attention to there money more closely . I have no money to invest,I'm one of the millions in this country that have to make ends meet each week without Millions in the bank to fall back on.I have very little sympathy for those that live off the intrest of there millions,In fact no sympathy at all.Get a job and work for a living,just like Millions do each day.I dont whine about my situation, and wont.because Nobody cares.!