Plea Deal Said To Be In Works For Bernie Madoff (Story developing)

I have to disagree. There are certain types of financial crime that require incarceration, even though the person may not be a 'physical danger' to someone else. To be honest with you, I would actually prefer all those 2-dollar marijuana peddlars (many of which are in prison) be set free, and fill the jails instead with those who are higher up in the hierachy. Filling the jails with people who are normally replaced before the end of a day is just another futile aspect of the war on drugs. I'd rather switch one of those foolish oafs with Madoff, who I consider far worse to the general public than some fool caught in the corner with 100 Dollars worth of weed in their ridiculous sagging pants! It would be better use of public funds putting a criminal like Madoff in gaol rather than a criminal too dumb to even wear a belt right.

As for simple house arrest and a stiff monetary fine ....it would work for the simple Joes down the street. But look at Madoff ...his home (which he judiciously had his wife take ownership of ....interestingly enough, the principals in his 'Fund' had their wives do the same thing as well ...I guess it is mere coincidence ....) is opulent to such an extent that it is better than most hotels short of certain 5-stars out there by a significant margin. Oh, and if he has a net worth of (say) 300-800 million, even taking away 90% of that would leave him with 30-80 million, and even if you took 99% he would still have 3-8 million (oh, and you can be sure they wouldn't take such percentages, and even IF they did he has transfered enough to his wife that even if he lost 100% of his - from a legal perspective - assets, his wife would still have millions of Dollars for the both of them to live a life of opulence). Putting him under house arrest would be a positive boon to this sot, and the way he is playing this thing legally is quite prudent (if he pulls it off). If the transfer to his wife sticks, it will mean that even if they strip away his assets his spouse will still have more than enough for the both of them to live their lives in splendor.

Anyways, if it is alright for prisons to waste thousands a year providing food and clothing for silly people who got caught peddling weed (and are so low in the totem pole they probably didn't even have more than a hundred bucks worth), and people who did not pay taxes, and folks who shoplifted from the local Target ....then it is probably quite alright to throw a man who ran the biggest private (i.e. non-Government) ponzi scheme in history, with a value (were it real) of around US$ 50 billion. After all, if you can throw Hakeen in the slammer for weed possession, and Mr. Smithee into the ar$e pounder for not paying taxes, then for sure Madoff deserves a prime position in the same place.

Then how exactly should 'Mr' Madoff be punished? If house arrest in a domicile that approaches Dubai level hotels, and a punitive measures against his assets when he already transferred a substantial amount (including the house) to his spouse, are all that 'Mr' Madoff and his ilk would face, then by all means I should also (as a fund manager) start milking my funds for personal reasons. If all I need to fear is home confinement, some uncomfortable ankle bracelet with a funny flashing light, and the Government taking most of what is left after the transfers and obfuscation, then by all means it makes sense for me to tap into those Funds if I feel the need for a SunSeeker with the latest maritime navigational equipment.

I am cognizant that there are different levels of crime. For instance, killing a person is far greater than jay-walking. I am also fully aware that the legal system has major issues (it doesn't matter where I live or you live ...a lot of the drug case criminals in the penal system are minnows at best ....while there are some criminals of note, and others who are truly violent beasts that should be put down, there are many who are just sotty oafs that got nabbed slinging weed by the corner). However, when it comes to 'Mr' Madoff, white-collar crime has been largely ignored in the penal system. While there are cases of people like Skilling getting the full force of the law, for the most part such perps are out in a couple of years ...if they go to jail at all in the first place. Madoff orchestrated the largest private Ponzi scheme in history, and while we may rejoice that a lot of Liberal groups were hurt by it, there were still some charities that got hit. Furthermore, even if EVERYONE who was affected was a stinkin'Lib, it still doesn't take away from the fact that what he did was criminal.

Criminal acts are meant to be punished.

Having a criminal like 'Mr' Madoff stay ina posh house under the guise of 'house arrest' is a sham, and so is severe financial retribution against a person who has already transferred wealth (the 'gentleman' was brazen enough to even try to shunt watches and jewelry even when he was under surveilance ....his moral fibre is basically so worn out he is like a rabid beast at this point).

However, if you don't want to pay for his incarceration (although I am sure most Americans would gladly do so) there is another option ....let him lose in the streets of New York, Miami, or the Twin-Cities. I am certain in a couple of hours he would no longer be a tax burden.

Anyways, seriously, I believe crime should be punished. However, a house stay for several years in a residence that an Emirate Sheik wouldn't mind too much doesn't count as punishment. Particularly when stealing a 50 Dollar jar of bubblegum can get the average Joe thrown in the slammer!

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