July 14, 2009
Welcome Home, Bernie: Madoff Enters Prison
Convicted Investor Arrives At N.C. Penitentiary Where He Will Serve 150-Year Sentence
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The Butner Federal Correctional Complex, located about 45 miles northwest of Raleigh, includes two medium-security facilities, a low-security facility and a hospital, according to the Bureau of Prisons Web site. (AP Photo/Gerry Broome)
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Photo Essay Bernard Madoff Disgraced financier charged with perpetrating massive fraud.
The elderly Madoff left a penitentiary in Atlanta only a day after being transferred there Monday from a federal jail in New York City.
Madoff has a projected release date of November 14, 2139, assuming he gets early release credit for good behavior while in prison. He is listed in Bureau of Prisons records as prisoner number 61727-054.
The 71-year-old Madoff pleaded guilty in March to charges that his investment advisory business was a multibillion-dollar scheme that wiped out thousands of investors and ruined charities.
Authorities said Madoff had carried out the fraud for at least two decades before confessing to his sons in December that his investment business was a fraud and that he had lost as much as $50 billion.
The Butner Federal Correctional Complex, located about 45 miles northwest of Raleigh, includes two medium-security facilities, a low-security facility and a hospital, according to the Bureau of Prisons Web site. Within the federal prison system, it is perhaps best known for its hospital facility to treat elderly or ill prisoners.
Among the well-known criminals being held at Butner are:
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- Who are the Madoff Ten?
When will we see the names of his 10 suspected co-conspirators?
The real rats are the ones in our government who gave him a free pass for 20 years - through Democrat and Republican admin alike.
Madoff and Alan Greenspan prove that both parties have sold out to the ultra wealthy power elite. - Reply to this comment
- This man needs to clean toilets and wash floors for the rest of his life, to feel the pain of the people he has created! Maybe eat moldy food and be able to go shopping at the jail store and then be told, somebody stold his money, so he cannot buy anything!
What a lowlife! - Reply to this comment
- Hope he likes red beans and rice.
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- Why is it Madoff goes to jail for his ponzi scheme, but all of those responsible for starting and continuing the Ponzi Scheme known as Social Security, are not in jail.
What they have done makes Madoff look like he stole a piece of candy from a store. - Reply to this comment
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- It would probably be a bit difficult to put the ones who started SS in jail as most of them are dead. SS started in 1935, in case you weren't aware. This 'Ponzi Scheme' has kept millions of widows, elderly, and disabled persons from from being put on the street and literally starving. I do not understand your problem with it.
- The only ones who will lose from Social Security are the last generation, who will pay in more than they ever get back in benefits.
That will be the generation that hasn't started getting their benefits yet today.
Oh. That's us, isn't it.
The past generations got far, far more out of Social Security than they ever put in.
Somebody has to pay for that.
Yup, that's a Ponzi scheme.
Thanks, FDR. BTW, he was a Democrat.
- 50 billion does not just dissappear. I bet some is just gone but I also think that some is hidden in offshore accounts, swiss accounts and other good hidey spots.
Bernies wife and kids will never hurt for money.
Unlike his victims... - Reply to this comment
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- The 50 billion never really existed.
There was never more than 10 to 15 billion.
And most of that went to other account holders who made withdrawals.
Madoff and his cronies kept roughly 2 billion.
Who are his 10 co-conspirators?
If it was divided equally, that's less than 200 million per conspirator.
So now we know how the Clintons got their money....
- The 50 billion never really existed.
- A northern boy coming to NC for some good ole southern hospitality. I'm thinking 150 years will reform him.
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- The painful and increasingly frustrating results of Madoff's crime will be felt daily by all of his victims, with NO partial relief from the horrible loss of destroyed dreams and retirement plans and all the best intentions of those hundreds of deceived investors. So to allow Madoff any privilages other then basic eating,bathing,sleeping,reading,minimal visitation and sufficient medical support when needed would be excessive. He should be in solatary confinement for at least the first two to three years..he is lucky enough to have been granted a medium security prison...even that is more then he deserves. Deterrant to crime via prison incarceration does not work unless its severity can be witnessed in some way by the general public so as to create the fear that provides the 'deterrent'. I suppose making public, some of the torturous reality of a potentially 'cruel' prison format would suffice to convey the experienced 'reality' of a diciplined prison format by the prisoner.
The object of any sentense should be to absolutely insure an inmate does not want to return to prison a second time... or ever put him/herself in a situation to potentially experience a return visit. In my view, some prisoners experience a life much better, on a daily basis, then the life they lived on the street. In most cases,Prison should be ugly, bordering on the 'unfair'...otherwise, where is the lesson? These days, even the death penality is not a deterrant...especially if its not enacted until several years after the initail crime. - Reply to this comment
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- He should be in solatary confinement for at least the first two to three years..he is lucky enough to have been granted a medium security prison...
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He's getting more comfortable accomodations as his reward because he has fingered the real rats in our government who were his co-conspirators.
Wait until we see the list of the other 10 who are under investigation.
Then decide if Bernie deserves a reward.
- He should be in solatary confinement for at least the first two to three years..he is lucky enough to have been granted a medium security prison...
- Rot in living hell Bernie.
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- Why didn't they stop and pickup Bush/Cheney? They'll join him soon enough.
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- By the time they finish smoking out the rats from the Clinton admin and Bush admin who kept giving Madoff a free pass while they "investigated" him for the past ELEVEN years, that prison is going to be pretty crowded.
It will be like a modern-day Spandau prison.
How many of the inmates will be named Clinton?
- By the time they finish smoking out the rats from the Clinton admin and Bush admin who kept giving Madoff a free pass while they "investigated" him for the past ELEVEN years, that prison is going to be pretty crowded.
- I'm sure bernie have some company very soon.
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- I would be willing to let Bernie go free on the witness protection program if he fingers the big rats in our government who gave him a free pass for 20 years, through Democrat and Republican administrations alike.
Madoff is small potatoes. The big rats are the crooks who became the ones they were supposed to be protecting us from.
- I would be willing to let Bernie go free on the witness protection program if he fingers the big rats in our government who gave him a free pass for 20 years, through Democrat and Republican administrations alike.
- i hope you live for the entire term your in there you p.o.s.. even though you won't i hope you die @ 105
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- Welcome to NC Bernie, no lacey covers and no 600 ct sheets and no one to do your laundry, maybe someone will put money on your account and you can buy something from the commissary...but, remember, there are NO pension funds and NO charities there, so invest wisely :) With all that time on your hands, why don't you start writing each person a letter of apology that you stole from... Perhaps when you die, you will be that much closer to Jesus.. it is a thought..
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- Oh well. He'll die there. Oh well.
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- I heard the Warden already put him on Ponzie Watch - they found 1.24 Billion Cigarettes in his cell!
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