Living Large in the Big House

With the help of prison consultants, white-collar crooks like Bernard Madoff aren't treated like your average criminal.

By Nick Summers | Newsweek Web Exclusive
Jun 29, 2009

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  • Posted By: inkedAG @ 06/30/2009 11:29:08 AM

    Wow, this makes me hate wealthy people more than I already do! Bernie should be in Riker's, period! And if he gets assaulted, all the better.

    • Posted By: kroach51 @ 06/30/2009 3:10:43 PM

      Your comment, "I hate wealthy people" makes me sad for you. There are many wealthy people who got that way only by being good people and doing a lot of hard work. Many wealthy people do a lot for charity with their time and their money. They just don't always feel the need to satisfy people like you and advertise it. (FYI . . . I have no money so I'm not talking about me). I say I feel sad for you because you must be a miserable person to carry around so much hate for people you've never met just because they have more than you. Good luck to you.

      • Posted By: inkedAG @ 07/06/2009 4:40:33 PM

        No need to feel sad for me. Feel sad for the people who got swindled. For the non-profit organizations that had to close because they had money tied into his scheme. Feel sad for the 9.5% of people in this country who are unemployed while it's the greedy people on Wall Street who got us into this mess.

  • Posted By: stoneymason @ 07/06/2009 1:49:19 PM

    Madoff and Stanford. will spend the rest of their lives in prison.
    At least this is a start . Yet what about the ??? Bankers.??? who have caused people to lose their savings ,pensions , jobs , houses and in some cases their lives .Yet they continue to live in luxury.


    Pictet & Cie.- claim they are the ???Rolls Royce???of swiss banks.

    Swiss Banks or more correctly Swizz banks.

    Swizz. ---- ??? a great disappointment.??? or a ??? fraud.???

    Fraud. ---??? an intentional deception or dishonesty.?????? ???a crime.???

    Crime. ---??? an act committed or omitted in violation of a law.???

    Serious Crimes .

    Conspiring to pervert the Course of Justice.
    Perverting the Course of Justice.
    Contempt of Court.

  • Posted By: newtotn @ 06/30/2009 4:38:58 PM

    I'm a victim of Madoff. I ended up having to file bankruptcy. I have always been told to put my money in my retirement. Well, I did - for 25 years. And now its all gone because of a feeder fund to his fund. He has no idea the depth of damage he has done nor does he care. I pray they put him in maximum security. I'm supposed to feel sorry for him because he may get raped in maximum? Please. There are times when Saudi Arabian justice is spot on - an eye for an eye.

    • Posted By: marinee5 @ 06/30/2009 5:12:32 PM

      So has millions of American taxpayers under the OBAMA SCAM. LOST there homes and there life savings and there jobs aswell as there children and future grandchildren. Again I ee no difference.

      • Posted By: hlgns763 @ 07/01/2009 9:34:14 AM

        were you crying foul when the FIRST TWO stimulus packages were signed by bush? did you enjoy that 600$ check in the mai and say, "wow, bush has got it going on. a real luminary."

        now you cry because obama is passing legislation that was beginning to be drafted months before he was in office?

        dont be a sheep. bush was a crook, obama is a crook, madoff is a crook, the entire politica/financiall system is designed to breed corruption and abuse of power. are ya dumb?

        • Posted By: noway! @ 07/02/2009 12:04:20 AM

          Agreed - the politicians are like a big-fat fraternity -- once you are in, you can't screw over the folks that got you there???!!!- AND OH NO, YOU ARE NOT GOING TO START CUTTING POLITICIANS/CONGRESSES SALARIES AND BENEFITS - EVEN THOUGH EVERY OTHER COMPANY HAS TO CUT !!!-- Oh no, economic depression/ people suffering/ no money anywhere -- THEY ARE GOING TO STILL GET PAID -- THEY'RE GOING TO TAX US ALL MORE SO THEY DON'T HAVE TO CUT -- ONE WAY OR ANOTHER THEY WILL TAX (EVEN LOWER INCOME) SO THEY CAN GET THEIRS!!!! I love how gullble voters are. HOW IS THAT HOPE AND CHANGE WORKING OUT FOR EVERYONE?
          Too bad my kid will be working 90% for the government and 10% for herself by the time she is my age... yep, the way we are going with income tax (states ad feds, sale tax, property tax, corporate tax - tax, tax, tax... it only goes up -- our children are in big trouble for alot of reasons -- unless someone with a brain can stop this.

      • Posted By: bighead1191 @ 06/30/2009 5:30:31 PM

        Bad troll, bad. Get back to your hovel.

    • Posted By: olderwiser @ 07/01/2009 8:52:15 AM

      The original idea of punishment in our law was to remove the element of revenge from the criminal proceedings, taking away the right of the victim to punish the offender and giving that right to the state, meaning all of the people in the state of jurisdiction. It was probably motivated from the biblical prohibition stated as, "vengeance is mine, sayeth the lord". This kept order because it eliminated the never ending series of revenge killings that would result from only one crime as families lined up against each other and eventually forgot the original incident as they came to kill in revenge for the most recent killing. Hence, the victims of Madoff's crime would not be entitled to say what is to be his punishment. There are only wishes for something bad to happen. Besides, a rape in prison is not equal to the mere taking of paper money. It would be more appropriate to one convicted of rape. So, if you want society to take some revenge for you, then they need to somehow cause him pain from losing his money. Eye for an eye. Dollar for a dollar?

      • Posted By: hlgns763 @ 07/01/2009 9:39:48 AM

        how is "dollar for a dollar" going to accomplish anything? is assets have been frozen, his firms dead in the water, there is no money.

        i say, cut of his fingers that he used to sign checks with.

        • Posted By: olderwiser @ 07/01/2009 10:21:23 AM

          Cruel and unusual punishment is prohibited by the U.S. Constitution. We are governed by law, and not by the emotion of the moment. You might get away with cutting the tail off of a scorpion, but that's about it. Try it on animals and if you get caught, it's the hoosegow for you. Sorry, but once the crime is done, your methods are out of play.

          • Posted By: hlgns763 @ 07/01/2009 2:41:12 PM

            duh. i was being sarcastic.

            but, in my opinion, theres a difference between cruelty, and dealing fair justice.

            of course i dont want to cut off his fingers. a better way to deal justice to this man would be to treat him like every other common criminal that steals. no special treatment, no special cell, no special fluffy prison. hes a crook, albeit a crook that until recently had alot of power and influence in this country. hes still a crook. how on earth is it even ok to have the prison consultant/lawyers legally exist? he goes where he goes, there should be no choice involved whatsoever.

            on the matter of "cruel and unsual punishment", if it were up to me, rapists would be thrown into a cell with a mate with a long and strong history of raping other inmates. if it were up to me, every pedophile, molester, or murderer would have those crimes perpetrated unto them. the crimes commited were cruel and unusual, hence, so should the punishment. harsh crime=harsh punishment. maybe a child molester would think twice about abusing/sexually assaulting 10 year old girls if the punishment was getting his "manhood" removed for not being able to use it properly in a civil, normal way.

            madoff single handedly affected our economy, hurt thousands of people, lost millions and millions of dollars entrusted to him and destroyed peoples lives because of it. if it were up to me, he should be thrown in a deep, dark, dank hole and fed stale bread and slop until he dies alone and penniless in his own feces. thats what people like him deserve. and im a peacfull person, dont get me wrong, i dont beleive in violence or war or torture, i stand up for human rights. some people, the people that arent human or are barely human, have not a moral bone in they're bodies, and treat other humans like dirt deserve no less onto themselves. its prison for a reason. we baby our prison populations in comparison to how they should be treated. make it so they dont EVER want to commit a crime, make it so they never want to go back to that life again. but hey, thats my opinion. freedom is a responsability, and if you cant handle that responsability without treading on others, who says you deserve any freedoms while in prison? however small they may be... you violated an innocent persons freedoms and life, why do you deserve any kind of special treatment?

            thats my opinion and mine alone. he deserves a fair trial, access to lawyers and yada yada..... but the man shouldnt be able to buy his way into a cushy prison cell. for once in his life, hes going to be nothing but "prisoner #:736452". rightfully so.

    • Posted By: Shmrck5S @ 06/30/2009 5:35:27 PM

      Is that when it involves you personally?

      • Posted By: newtotn @ 06/30/2009 7:03:10 PM

        Clearly the analogy of Saudi Arabian justice and getting raped in prison is lost on some folks.

    • Posted By: RKolk @ 06/30/2009 5:03:52 PM

      I don't know how to say in words how sorry I am, I am so deeply sorry, this should not have happened to you. The government has GOT to step up to the plate, this MUST stop happening. Perhaps investments should be insured by the government in cases of mismanagement or fraud, perhaps then it would be considered critically important to regulate this industry run amok.

      • Posted By: bighead1191 @ 06/30/2009 5:29:41 PM

        "Perhaps investments should be insured by the government"

        No offense, but stupidest idea ever. Investments carry risks, that is how the game is played. Don't like the risk, don't invest. Worry about where your money is? Look at the returns. There is such a thing as too high to be real.

        • Posted By: RKolk @ 06/30/2009 6:30:05 PM

          Of course the stock market is risky, and it's personal choice whether and how to play that game. But with the growing number of cases such as this (and cases such as Enron, as another example) where there is unquestionable institutional crime, deception, and fraud involved -- not the genuine highs and lows of the stock market!!! -- then perhaps there should be more serious, more committed regulation, and that would have to be governmental. Especially in the area of retirement accounts, my greatest concern, where an entire country of inexperienced, trusting civilians has been VERY powerfully pushed and pitched in the past couple decades by VERY powerful corporations making a VERY lot of money from it. This is far too much topic to debate here in a Madoff comments section, but what do you think we should do? Just hope and pray you're not working with criminals, that you're not the next guy to have your entire life savings ripped off? Here is the impossible part is -- these criminals do not look or act like criminals, you cannot educate yourself about them, you can research them forever and never learn their truth, they have the right numbers and the right credentials in full view of the world, everywhere you look. It is hopeless for ordinary people.

    • Posted By: kroach51 @ 06/30/2009 6:15:43 PM

      An eye for an eye? He did not rape you.

    • Posted By: newtotn @ 06/30/2009 5:03:37 PM

      Thanks to Dutch and Lenerd. I wanted people to know that it wasn't just the "rich" people who got shafted, but middle class folks like me. I lost my home too and am staying with family till I can recoup. I did not think I would have to start over at my age, but alas its so. I have ZERO sympathy, empathy, or compassion for that man. To be INTENTIONALLY engaging in theft for that LONG implies a lack of conscience to me.

    • Posted By: Duch1234 @ 06/30/2009 4:50:08 PM

      I am truly sorry for your loss. I hope somehow you find a way to make it back from the financial ruin he created for you. No one should have their hard earned money stolen after a lifetime of working and saving.

    • Posted By: Lenerd Smitty @ 06/30/2009 4:49:24 PM

      I'm sorry to hear about your losses and am glad that justice was at least partially served. Hopefully you'll get back some of your money!

  • Posted By: olderwiser @ 06/30/2009 10:55:40 PM

    Stories of our government utilizing convicted criminals to help the nation are legion. One notable one was a Sicilian prominent in our Mafia who was in our federal prison, who helped us tremendously during WWII in our invasion of that Island because of his connections there. Madoff would be very helpful to us if we would use him to financially break some of our smaller enemy countries whose national budgets are within the range of his criminal abilities by simply hornswoggling them out of their national treasures. These monies could be applied to pay back the victims here. A really neat Ponzi caper. A good start for him to try to work a few years off his sentence would be to put him in touch with Osama Ben Laden to set up an investment plan. We should think smarter than simply letting him sit around all day playing tennis and gin rummy and getting fat on that rich federal prison food.

    • Posted By: olderwiser @ 06/30/2009 10:58:56 PM

      All of you who wish for him to be raped are wasting your time. This happens to nondescript people who are sent up for possession of drugs in small quantities. Put him to work busting financial rocks. Make him sweat.

      • Posted By: olderwiser @ 07/01/2009 8:41:24 AM

        In case anyone forgot, the original purpose of punishment for crimes was to make a person do two days of hard work each day for no pay. Many a crook left the premises with a new habit and felt lucky to do the same hard labor for pay upon being released. Work has never qualified as "cruel and unusual punishment". We need to put this man to the work that he knows best for no compensation for many years.

  • Posted By: Gallilea @ 06/30/2009 2:54:41 PM

    His wife and kids are probably exempt - more than likely they had no idea what was going on... It happens!

    • Posted By: RKolk @ 06/30/2009 7:23:15 PM

      It's hard for us to imagine if we haven't been through it, but that seems to happen A LOT where family/friends/neighbors/coworkers had no idea of the terrible crimes someone was committing for years or decades. It seems like there would have to be signs, like surely you would grow suspicious, but supposedly you really, sincerely, cannot see the truth sometimes. Perhaps it is just beyond imagination, it certainly would be for me if I found out a family member had secretly been doing horrible things my entire life, someone I liked, loved, trusted, respected. I would be in total shock, it would be so painful. And then the public can't help but consider the family guilty, like they must have somehow sheltered the person, made them that way, assisted them. Sometimes they have, but many times they have not. I'm certain there are many facets of this Bernie story, as in most stories, that we will never know. Just as most likely he is a scapegoat, and other guilty parties are damn glad of it. In high finance and politics, there are always scapegoats. And we have such a hard time looking beyond that.

    • Posted By: Fargomom @ 06/30/2009 3:28:15 PM

      Are you kidding me, I bet his wife and kids did know. Lets do the right thing and put all the guilty behind bars.How could you not know , expecially if you live with them for all the those years.Get real!!

  • Posted By: TedMorgan3 @ 06/30/2009 7:08:12 PM

    A sentence of 150 years sounds absurd.

  • Posted By: Mr. Wonderful2000 @ 06/30/2009 6:48:14 PM

    You'd think he could have spent that much to keep him out of prison in the first place.

  • Posted By: kroach51 @ 06/30/2009 2:52:38 PM

    While I agree that he should spend the rest of his life in prison, Donte Stallworth killed a man while drunk driving and gets 30 days. So taking money is worse than taking a life? It's because Stallworth paid the victim's family tons of money. So there it is. . . . The state of the world today is all about greed - if you pay enough money you can do whatever you want and pay no consequences.

    • Posted By: cirvin2 @ 06/30/2009 3:03:45 PM

      On response to the Stallworth idea, he didn't leave the party saying that he was going to kill someone. The guy was crossing the road, a very very busy road and Donte hit him. Bernie knew all along that he was screwing people out of everything that they had.

      • Posted By: kroach51 @ 06/30/2009 3:14:56 PM

        Yeah, Stallworth is such a responsible, upstanding guy, you know, driving drunk and all. . .

        • Posted By: missnjpba @ 06/30/2009 4:31:05 PM

          There is a difference between intent and an accident. Madoff had intent. You might want to educate yourself on the difference.

          • Posted By: kroach51 @ 06/30/2009 6:34:08 PM

            Apparently your education hasn't helped you any as apparent in that nasy comment.

          • Posted By: Sweettea @ 06/30/2009 5:25:49 PM

            Stallworth HAD the intent.......to drink, and he HAD the intent......to drive.

          • Posted By: Eesha1973 @ 06/30/2009 5:12:01 PM

            Im sure it wasn't an accident he got in his car drunk now was it! Maybe someone was just puring drinks down his throat...maybe that was an accident......He took a risk when he got in his car and plowed in to that man.

    • Posted By: cmarq @ 06/30/2009 3:11:32 PM

  • Posted By: marinee5 @ 06/30/2009 5:07:35 PM

    How is what MADOFF did any different from what OBAMA , GIETNER, PELOSEY and REID is doing to the taxpayers now ? Except maybe MADOFF wasn't thinking big enough. I DON'T SEE THE IFFERENCE>

    • Posted By: kroach51 @ 06/30/2009 6:23:03 PM

      Interesting all of this Obama bashing. Do you forget that this mess is a result of the last 8 years of Republicans! Think before you speak. You only look like a fool.

      • Posted By: RKolk @ 06/30/2009 6:33:44 PM

        yes to kroach! this country is a MESS from the last administration, and may never truly recover, that is fact.

  • Posted By: MicMoneyBDP69 @ 06/30/2009 4:56:14 PM

    I believe that Berny Madoff is being pegged as a scape goat. I mean, how many of us did a stated income home loan and and fibbed on the amount of income that we make? Even if it was the loan broker's doing, you still signed on the dotted line. I believe that if Madoff is guilty, then we are all guilty. I think they should just strip some of his assets (a third or so) and make him do community service. The man has helped a lot of people!

    • Posted By: kroach51 @ 06/30/2009 6:20:40 PM

      I agree with the mortgage inference. Many of these people knew they couldn't afford the mortgage, lied about their income, all to get a cheaper interest rate with an ARM assuming they could use their equity and refinance later. But rather than take responsibility for their own actions, they blame it on the banks. They are also to blame for the financial mess. So these idiots, for their greediness, get rewarded with new mortgages, lower interest rates, etc. . . while those of us who were smarter and consistently pay their mortgages get shafted.

    • Posted By: bighead1191 @ 06/30/2009 5:35:10 PM

      He ruined hundreds of people's lives. He is far from the common tax cheat.

    • Posted By: zaksgrandma @ 06/30/2009 5:00:42 PM

      do you not know what this man did or were you one of those who was helped by the crook?

  • Posted By: pinkmom03 @ 06/30/2009 5:57:16 PM

    These people that think he should get off are a joke!!! He stole over 65 million dollars (65 MILLION DOLLARS) from innocent people. He deserves EVERYTHING that comes to him. It is not our right to judge him on our Lord can do that but, in my opinion, I hope he rots in hell. He knew what he was doing and chose that street. He could have chose the higher road but, didn't. Remember that, he chose to steal and cheat these people. He knew what the consequences could and would be if he were caught. He was just too proud of himself and thought he was above the law or could buy them off. How do you like it now Madoff? May you rot everyday and drown yourself in the pity party that is now your life!!!!!

    • Posted By: Lorien @ 06/30/2009 6:15:13 PM

      Check the record, it was not Millions of $$$, it was BILLIONS!!!

  • Posted By: tpcbear @ 06/30/2009 5:12:58 PM

    I am amazed and saddened by how many believe rape is an acceptable punishment for anyone. Americans are the first to condemn harsh punishments in other countries, but we have a lot of work to do to get our own house in order. Maybe we should leave the high ground to someone else for a while

    • Posted By: kroach51 @ 06/30/2009 6:14:47 PM

      That's the root cause of all humanity's problems. . . human life is not valued. People get off on the suffering of others. Anyone who has ever been raped wouldn't wish it on anyone. And these are from people who were not affected by his crime. Pretty sad that no one appears to have a moral compass.

    • Posted By: RKolk @ 06/30/2009 5:52:06 PM

      Thank you for your sanity. Absolutely agree.

  • Posted By: blackswany @ 06/30/2009 6:13:57 PM

    The worst is behind Bernie now. Unfortunately for him it is very well endowed.

  • Posted By: JonEKC @ 06/30/2009 5:56:50 PM

    I wish that Michael Jackson was alive instead of Bernard (expletive deleted) Madoff!

  • Posted By: pinkmom03 @ 06/30/2009 5:56:43 PM

    These people that think he should get off are a joke!!! He stole over 65 million dollars (65 MILLION DOLLARS) from innocent people. He deserves EVERYTHING that comes to him. It is not our right to judge him on our Lord can do that but, in my opinion, I hope he rots in hell. He knew what he was doing and chose that street. He could have chose the higher road but, didn't. Remember that, he chose to steal and cheat these people. He knew what the consequences could and would be if he were caught. He was just too proud of himself and thought he was above the law or could buy them off. How do you like it now Madoff? May you rot everyday and drown yourself in the pity party that is now your life!!!!!

  • Posted By: JonEKC @ 06/30/2009 5:55:49 PM

    I wish Michael Jackson was alive instead of Bernard Madoff!

  • Posted By: blackswany @ 06/30/2009 5:52:08 PM

    The correct sentence is a bullet to the head and then charge the cost of the bullet to his family. The same sentencing should be carried out for the guilty ponzi crooks former and current in Congress, Goldman Sachs, and Wall Street.
    If we do not execute these criminals for massive crime agaisnt humanity consistent painfull prison rape will do.

  • Posted By: Urbo @ 06/30/2009 1:11:09 AM

    The guy did a horrible thing, but 20 years without parole would have been enough. There should be some recognition of his guilty plea to serve as an incentive to others to turn themselves in without a fight. He should have some feeble hope of seeing the light of day.

    • Posted By: benchdog1 @ 06/30/2009 8:59:22 AM

      Ths guy lost peoples lives for them. I hope he lives another 30 years and everyday brings a new hell, I hope he is beaten daily..........

      • Posted By: money100 @ 06/30/2009 2:07:40 PM

        The people was greedy, You never get something for nothing. Let Madoff, free

        • Posted By: bighead1191 @ 06/30/2009 5:46:05 PM

          Many of those who lost money because of him, did not even know they were invested in his funds. They invested with other funds, who threw in Madoff's fund.

          While we are at it, lets let all sexual perverts, rapists, and murderers free shall we?

        • Posted By: missnjpba @ 06/30/2009 4:33:14 PM

          wow. You really are a moron. Everyday people invested with him in the hopes of building some wealth for retirement. Greedy? No...Madoff was greedy and you are most definitely an idiot.

    • Posted By: cxp119 @ 06/30/2009 2:41:40 PM

      He swindled people out of 65 BILLION DOLLARS for over 20 years - he ruined people's lives, he shut down charities. One lab in Pittsburgh had to shut down because the foundation that provided them their grant was a victim of Madoff. They were doing Parkinson's research. Madoff deserves everything he got.

  • Posted By: b_cal21 @ 06/30/2009 5:07:06 PM

    He did not make millions he STOLE millions so much for a long hard day at work. Yes investing is risky but these people trusted him with their money so where exactly is his integrity as a businessman. How exactly did he pioneer people..... oh wait he pioneered them into DEBT in that case yes he is a pioneer. As far as him going to church and God did you forget about THOU SHALL NOT STEAL. God and church have nothing to do with this case. He knew what would happen if he got caught all criminals think of the consequences and once they know what those consequences are they figure out ways around those consequences. He is not a stupid man and he stole money from people who did work hard for their earnings. I do not in any way pitty him and he deserves what he gets all his good deeds were paid with dirty stolen money.......... Oh Well

    • Posted By: marinee5 @ 06/30/2009 5:10:09 PM

      So has OBAMA and his band of crooks.

      • Posted By: b_cal21 @ 06/30/2009 5:16:59 PM

        the only reason President Obama is taxing the country is because we are in debt yet again the companies that he has bailed waste that money not to pay their own debt to go on luxury trips and give their already well off employees

        • Posted By: bighead1191 @ 06/30/2009 5:33:07 PM

          My taxes have not gone up. Doubt yours have much. Stop complaining about something that has not happened.

        • Posted By: tylerd48 @ 06/30/2009 5:26:09 PM

          So you think that we should get stuck with the tab?

      • Posted By: b_cal21 @ 06/30/2009 5:19:20 PM

        BONUSES

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