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Technorati150 Years
One hundred and fifty years jail time for Bernard Madoff is a good thing.
To listen to the victims of his swindle, or read their words, is to appreciate the very far-reaching ways in which Madoff's quiet crime has wreaked havoc on the lives of thousands of families.
Federal District Judge Denny Chin was absolutely right in denouncing Madoff's crimes as "extraordinarily evil," and giving him the maximum sentence. Punishment is no substitute for prevention, but the sentence provides a modicum of justice to the victims and will exert some modest deterrent effect against future potential swindlers.
The 150-year sentence is headline grabbing, but what should surprise us is not that Madoff got such a long sentence, but that other corporate criminals escape with light sentences or no criminal prosecution at all.
In August 2006, U.S. Federal District Court Judge Judith Kessler
adjudged the leading tobacco companies to have engaged in a 50-year
long conspiracy
Twenty-five years ago, poisonous gas escaped from a factory
In 1989, the Exxon Valdez hit a reef
Victims of horrendous human rights abuses
For two decades, the multinational oil companies and the giant coal
producers have engaged -- and continue to engage -- in a prolonged
campaign
What to make of the disparity between the appropriate sentencing for Bernard Madoff and the get-out-of-jail free approach for other leading corporate criminals and malefactors? There are a few lessons and conclusions.
First, the Madoff case differs from many of these other examples of corporate wrongdoing in that the individual perpetrator is so closely related to the victims. Although he was handling billions of dollars, Madoff had a skeleton staff, and he had personal connections with many of those he swindled. As a result, the victims and the public's anger is visceral and very targeted -- not directed at an amorphous giant corporation.
Second, Madoff's victims have power. They have the ability to hire lawyers, and to organize for redress and retribution. Corporate crime victims in poor communities, or in poor countries, generally do not have this kind of power. Nor do those who will fall victim in the future to consequences of actions carried out today.
Third, and relatedly, the penalties for financial crimes are generally
much stiffer than for other corporate crimes. The New York Times
Finally, and most important, one of the signal powers of corporations is their ability to influence the law and culture so that their most heinous acts are not considered criminal. Knowingly addict millions of children to a deadly habit? Not a crime. Collaborate with military regimes and destroy lives and livelihoods in poor countries? Not a crime. Endanger the planet with greenhouse gas pollution -- and then mobilize politically to block emergency efforts to save the earth? Not a crime.
The world is a little bit more just today, after the sentencing of Bernie Madoff. When other corporate culprits are sentenced comparably, the world will be a lot more just.
*Clarification: Executives from the U.S. parent company were charged in India, but never appeared, and are officially "absconders" from justice. Executives in India have been charged; their trial, which began in 1992, is ongoing.
20 Comments so far
Show AllLeave Madoff caged, but go after the murderers and torturers. Madoff's a sideshow.
Sorry, but I don't think Madoff's sentence of 150 years is such a great idea. Give him seven and let him out to begin to make restitution to his victims and to society. Place some restrictions on his life: no more extravagant living, no more trips to God knows where, no yachts, no filet mignon, no face lifts, no chauffeurs--but let the man make amends for his sorry life. Since when is redemption a failed policy? It is time to consider that human beings deserve second chances and that punishment fails to achieve a more orderly world.
He can make restitution RIGHT NOW. He can make amends by telling the victims where the money went. Redemption is a worthwhile policy. IF Madoff wants redemption. Madoff has shown no inclination of wanting to make restitution. He has refused to disclose where the money went.
No one can make him make restitution, but if he wants to make restitution, let it be from jail.
Like Ken Lay, he isn't anything other than a sacrificial lamb to pay for the crimes they all engage in and continue to engage in. The hope is that psychologically folks will channel the outrage onto the targeted evil-doers that will diffuse the anger towards a system that encourages and nutures such greed and entitlement as the apex of the American dream.
I'd say that Lay and Madoff are more "sacrificial hyenas"-- or "buzzards", maybe-- than "lambs."
But it is unfortunate that they are, as you suggest, being used as scape-hyenas to divert attention from the fact that they are much closer to the predatory bankster norm than the exception.
ยท Yr Obd't Servant
that pretty much sums it up Vern; now we can "move forward", "not look to the past"
Madoff most likely will serve a short sentence----death will 'pardon him', and as 'one of the chosen ones'---according to their rhetoric, he will live forever in 'heaven' with the 'other chosen ones'. While he is in jail however, he will be a 'star' among his fellow inmates.
When you pull off the greatest scam in history (except for religion of course) and end up in a 'collection camp' of criminals---the bigger you are the more privileges you enjoy.
Madoff did not pull this off for so long without considerable help from others---most of them related to him by blood or association in the "chosen ones club" i.e. Jews.
The fact that the majority of his 'victims' were members of his own 'group of exclusive membership' is not lost on this 'Native Son'. The fact that so many of them so willingly gave so much of their money to Madoff---because he was 'showing higher returns than anyone else' is a direct reflection on human greed and gullibility----along with some arrogance--no--- a lot of arrogance. After all, its hard NOT to be so arrogant when you are one of the 'chosen ones'----I mean if "God" is one your side---who can be against you?
With the exception of the non-profit organizations that he ripped off, my personal sympathy has extreme limits.
His "victims" were arrogant and greedy and foolish enough to believe their own 'propaganda' and their loses are their own problem---extending from their own making----and they can enjoy a common future of poverty and need---inflicted by one of their own. Each and every one of them believed that 'ole Bernie' was a 'jewel' sent from 'god' to bring THEM more on their 'investments' than anyone else---because they 'are special people'------
The "GW Bush" smirk on his face is an indication that Bernie is making off with more than he should--to an old man like him---150 years is a joke. His secrets will die with him, and his widow and sons will live a life of privilege and wealth with the money they 'stashed' in secret places ---just in case they 'got caught'. And the US Legal system will most likely play along with the scam because there are so many people in high places who are feeding off the rest of the population it could be disastrous for the ones who reveal it with prosecutions and possible convictions.
It is little comfort to know that my own people were almost wiped from the face of the earth in order to make room for America---and now the Americans have 'pissed it all away'.
America you are falling apart in front of your own eyes---at your own hand---but you are so 'myopic' as to not see it------
Good Luck you really need it.
America doesn't need luck, brother. America needs an education. America needs a change in emphasis. America needs to learn permaculture.
My ancestors, the Muskogee Creeks practiced permaculture for many, many centuries. They lived in paradise, ate all they could eat and only worked a few hours each day.
We need to move forward, not back. Turns out the way back is the way forward.
But don't take my word for it, listen to what Bill Mollison has to say:
http://www.youtube.com/watch?v=ofKTgmW_FAg
Bill Mollison is a very interesting man. I first heard him on my ear-phone radio while commuting on the train from San Francisco to Palo Alto to fix typewriters. That was back in the mid eighties. He was very out-spoken, and was obviously not very impressed with America, much less Australia. He outlined his ideas (called permaculture) and maintained that they were being practiced in experimental farms in Australia, with the cooperation of some of the so called primitive Abos. I would encourage anyone to go to the above youtube website. It is indeed an education.
A very good point that people who "so willingly gave so much of their money to Madoff---because he was 'showing higher returns than anyone else' is a direct reflection on human greed and gullibility----along with some arrogance--no--- a lot of arrogance."
Take heart though NativeSon, we may bankrupt ourselves and have to sail back to Europe and the Hunter/Gatherer groups may rule again! (LOL) Just kidding, you know that when the elites of any color or ethnicity get their hands on something they aren't giving it back!
Abolish greed.
That Madoff did this alone and that no one in Gov't knew is the really BIG illusion here. Madoff is just the tip of a rotten Iceberg that is miles deep. Putting him in jail and NOT changing the rotten system he represented gains nothing but some headlines for the MSM.
My point is that the present system of capitalism is considered "too big to fail" (even though it may destroy the environment), and works like a giant Ponzi scheme. Implicit in the decision to bailout the banks was the notion that we would all get the return of at least keeping our jobs on our involuntary investment. Madoff is a crook, but not "too big to fail, convict and jail".
There is a story that Saint Augustine relates an encounter between Alexander 'the Great' and a pirate he captured. Alexander asks the pirate: "How dare you molest the sea?" To which the pirate replies: "Because I do it with a little ship only I am called a thief. You doing it with a great navy are called an emperor."
The moral of the story? The powerful do what they will, the weak what they must.
I don't mind that Madoff got 150 years because of the harm he did, but I am somewhat disturbed (some may say I'm permanently disturbed) that the judge claimed to have given him the full penalty as an object lesson to deter others. The punishment for a crime should be focused on the case at hand and not used to deliver messages to deter other crimes. Luckily, in Madoff's case justice has merged with the judge's need to deliver a message, but it is often not the case. How many governmental 'criminals' have NOT been brought to 'justice' because of the message it might deliver to the society or the world?
The justification for punishment is that it is appropriate to the scale and the relative damage of the crime. Madoff certainly hurt enough people to merit 150 years - but not because it should be a lesson to others. In this formula may lie injustice - like giving some schmuck caught with a joint 20 years as a lesson to others, for example - which has happened. Such deterence may therefore be injust and often doesn't work - not even the death penalty.
Tell me, what's the difference between Bernard Madoff and the federal government? The government takes money from future investors to pay off present ones. Trillions of dollars from your grandchildren to rescue today's "Masters of the Universe". The grandest Ponzi scheme ever perpetrated. The difference is a matter of scale.
JohnSavage July 1st, 2009 8:29 am Am I wrong in assuming you do not speak of SS, as ........bystander July 1st, 2009 9:04 am........... suggests. More likely you speak of the felonious bailout et al. Am I correct?
The difference is that the government Social Security program has always been in the open and is simply a tax with benefits distributed to people as the services are needed.
Madoff was a crook pure and simple.
There are also crooks in the government, however, including every president starting with President RayGun who have been systematically raiding the Social Security Trust Fund to finance their immoral wars and other programs. Anything that benefits people is destroyed in the name of programs that benefit their corporate masters.
The difference is that the federal government doesn't promise that you'll get that money back plus a 20% return.
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