MADOFF, GOING AWAY FOR A VERY, VERY, LONG TIME!

For his criminal fraud of more than $50 billion dollars, defrauding several people and institutions, Bernard Madoff was yesterday, June 29, 2009 sentenced to 150 years behind bars! It is instructive to note that unlike in states' prison system, the federal prison system does not parole prisoners, hence all sentences are served out?

At 71 years old, Bernard Madoff, will need to die twice and reincarnate back twice to complete this 150 years prison sentence? In other words, by the sentence, the court literally locked him and threw away the keys; that Icheoku says, were he a brave person, he will drink of the poisoned chalice and call it quits with life? After-all, what else is left of his life at 71 years, than to slowly pine away in a piecemeal fashion to his eventual death, in a seven by five feet prison cell? Ken Lay of Enron was such a 'brave' man who instead of a certain death behind bars, chose to end it like a man surrounded by his family in their summer home at Aspen Colorado; with a bemused world later told that he had a massive heart attack? Will Bernard Madoff similarly have a massive coronary embolism within this period before being assigned his prison cell? Who knows, but Icheoku would be surprised if this man of once great privilege submits himself to this sentence and elect to die a prisoner?

Madoff, a once respected money manager and a former chairman of the Nasdaq, was arrested in December 2008 after his two sons told authorities he had confessed his massive scam to them? Madoff confessed to running a multi-billion dollar "Ponzi scheme" in which investors were paid returns from money paid by subsequent investors? His victims included individuals, charities and for-profit institutions. The investigation found that in reality, Madoff never made any investments, instead he was using the money from new investors to pay returns to existing clients — and to finance a lavish lifestyle for his family. Bernard Madoff's massive Ponzi scheme run since the early 1990s demolished the life savings of thousands of people, wrecked charities and shook confidence in the U.S. financial system.

In his confessional apology to his victims, the father of all swindlers, Bernard Madoff said, "I will live with this pain, with this torment, for the rest of my life. I live in a tormented state knowing the pain and suffering I have created." Madoff said he committed the fraud on his own, but has not told anybody what did with the $50 billion dollars or is he still protecting and covering up for some other anonymous powerful mortals? While making his allocutus, Madoff said, "I cannot offer you an excuse for my behavior; how do you excuse betraying thousands of investors who entrusted me with their life savings?" Stating that at one point, he tried to undo his crimes but "the harder I tried, the deeper a hole I dug for myself."

But rejecting his plea for leniency, U.S. District Judge Denny Chin cited the unprecedented nature of the multi-billion dollar fraud and sentenced him to the maximum allowed under the law; 150 years in prison! The term compares only to those given in the past to terrorists, traitors and the most violent criminals. Icheoku says, by necessary implication, Bernard Madoff now ranks with these dregs of the society whose crime affected so many lives and took a staggering toll on thousands of innocent victims? Bernard Madoff's 150 years prison sentence for perpetrating the biggest and most brazen investment fraud ever recorded on Wall Street, was the maximum punishment for his offence as the the judge practically threw the book at him for his 'extraordinarily evil crime'? Judge Denny Chin of Manhattan, NYC said 'the symbolism of a 150-year prison sentence was important, given the magnitude of the breach of trust over decades, which fraud was very staggering". In the judge's own words, "Here, the message must be sent that Mr. Madoff's crimes were extraordinarily evil and that this kind of irresponsible manipulation of the system is not merely a bloodless financial crime that takes place just on paper, but it is instead ... one that takes a staggering human toll".

Bernard Madoff was so hated that not even one of the more than 100 letters received by the Judge supported Madoff or described any good deeds done by him; all of them practically called for his head; which prompted the Judge to observe further that "the absence of such support is quite telling"! Even his wife, Ruth Madoff pictured left, appeared to have abandoned the cornered Bernard in his hour of greatest need; while delivering her Brutus stab, she said "I am embarrassed and ashamed; like everyone else, I feel betrayed and confused. The man who committed this horrible fraud is not the man whom I have known for all these years." Icheoku says, Madam Madoff, you may tell that to the marines since you never questioned how your hyper lavish lifestyle was ever funded; only to now turn an anti-Bernard Judas? What a jolly-go little bitch this sissy is? While some of his victims vented their despair and anger, some others openly wept and/or raised their voices, labeling Madoff with such derisive names as "a monster", "a true beast", "an animal", "an evil" and "a low-life"? One victim surmised her feeling thus, "Life has been a living hell. It feels like the nightmare we can't wake from". Another said, "He stole from the rich. He stole from the poor. He stole from the in between. He had no values. He cheated his victims out of their money so he and his wife Ruth could live a life of luxury beyond belief." One other observer said of Madoff, his was an "indescribably heinous crime", deserving a very long prison sentence so that he "will know he is imprisoned in much the same way he imprisoned us and others." Another said, Madoff was effective because he seemed normal; "but underneath the facade is a true beast, who "should not be given the opportunity to blend so seamlessly into our society again." According to the prosecutor Madoff "stole ruthlessly and without remorse." Icheoku summarises that a man getting such a rap-sheet as this, should tread carefully in the prison as his nemesis might follow him therein? Bernard Madoff, it would appear over-reached and will certainly pay a hefty price for his arrogant 'catch me if you can' criminal scheme?

It is also instructive to note that Madoff had earlier been stripped of all his personal property, including real estate, investments, and $80 million in assets his wife Ruth Madoff had claimed were hers. This was sequel to a preliminary $171 billion forfeiture order issued against him, which left his wife with a paltry $2.5 million that couldn't be tied directly to the mother of all frauds. The terms of the order require the Madoffs to sell a $7 million Manhattan apartment where Ruth Madoff still lives; an $11 million estate in Palm Beach, Florida, a $4 million home in Montauk and a $2.2 million boat which will be put on the market too. Concluding, Icheoku says, whether Bernard Madoff summons the courage to do the right thing or chooses to die in prison, it is important that his saga has finally completed its course; that the moral lesson of this is that greed is not good, does not pay and that all is vanity, according to the preacher in Ecclesiastes 1:2! For such other Bernard Madoffs of this world, if 150 years behind bars sounds like a picnic, then continue in your evil ways, otherwise turn a new leaf today and spare yourself such a debilitating sorrowful experience!