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King Ponzi schemer Bernard Madoff gets max of 150 years in jail

6/30/2009 | Posted by mesiamd | Edit Post

After irate testimonies from his victims, the financial whiz Bernard Madoff who defrauded his clients of some $65 billion in a Ponzi scheme, the largest in recorded history, was sentenced to 150 years in prison. It was the maximum that could be handed for a crime of such magnitude. The sentence was far more than the 12 years his lawyer asked for the reviled deceitful defendant. He stole huge money from trusting investors all across the globe right under the noses of government regulators.

US District Judge Denny Chin of the Manhattan Federal Court in New York handed the verdict to the cheers of a crowd that included his disgruntled clients from all across the social economic spectrum----investors from all races--- rich and poor, young and old, known and incognito who have lost their life savings and humiliated in a spurious money operandi masterminded by Madoff.

"Here, the message must be sent that Mr. Madoff's crimes were extraordinarily evil," Chin said. "This kind of manipulation of the system is not just a bloodless crime that takes place on paper, but one instead that takes a staggering toll."---Judge Denny Chin (06/29/09, New York Daily News (06/29/09, Zambito, T, Martinez;Siemaszko, C.)

Some of Madoff’s Victims
------------------------------------------Description---------------------Amount
Fairfield Greenwich Advisors-----investment firm--------------$7,500,000,000
Banco Santander------------------Spanish bank-----------------$2,870,000,000
Bank Medici-------------------------Austrian bank----------------$2,100,000,000
HSBC--------------------------------- British bank-------------------$1,000,000,000
BNP------------------------------------French bank-------------------$431,170,000
New York University------------------University--------------------$24,000,000
Korea Teachers Pension----------Korean Pension Fund---------$9,100,000
Marc Rich------------------------------fugitive financier--------------Not available
Yeshiva University---------------------NY private university--------$14,500,000
Int’l Olympic Committee--------------Olympic organizer----------$4,800,000
Zsa Zsa Gabor-------------------------actress------------------------$10,000,000
Diocese of St. Thomas--------------Cath. Church (Virgin Is)-----$2,000,000
Source: http://s.wsj.net/public/resources/documents/st_madoff_victims_20081215.html

In a statement Madoff’s wife Ruth who was not charged of a crime spoke of her shame and embarrassment, saying she too was betrayed. Most of those who followed the case, including the victims believe, Madoff who lived an extravagant life, got what he deserved.

His clients had been hurting since the discovery of the fraud. The 71 year-old former Nasdaq chairman apologized for his wrongdoing which ruined the finances of many. After a 6-minute statement of regret, the king of Ponzi was led by gurards to a solitary maximum security seclusion at the Manhattan Federal jail. More investigation had to be done to uncover the money trail in the confusing gargantuan scam. (Photo Credit: GiganticPanda) =0=

RELATED BLOGS: "Bernard Madoff, accused top Ponzi scheme artist is allowed bail" Posted by mesiamd at 1/13/2009; "Ponzi wiz Bernard Madoff sent to prison" Posted by mesiamd at 3/13/2009

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Labels: Bernard Madoff, financial, fraud, jail, laws, money, Ponzi, prison, Ruth Madoff, scandal, sentence, Totie Mesia, verdict

Iraqi shoe-thrower gets 3 years in jail

3/12/2009 | Posted by mesiamd | Edit Post

30 year old Muntadhar al-Zeidi, the Iraqi journalist who rose to notoriety and fame for interrupting a Bush-Maliki conference in Baghdad in December 2008 has been sentenced to 3 years in jail on Thursday, March 12, 2009. He went on a shoe-throwing rampage which targeted, but missed visiting US president George W. Bush.

Swearing innocence to the charge of assault he said, "what I did was a natural response to the occupation,” referring to the US-led Iraq war against Saddam Hussein. For violating journalistic ethics and endangering the life of a dignitary, al Zeidi got the minimum sentence (max.15 years) to the charge which he can appeal. Upon hearing the sentence, some of al Zeidi's relative's fainted.

In a world where the boundary between right and wrong is often disputed, many in the Muslim world who laud the journalist's action was disappointed with the verdict. Others who look at his misplaced display of anger and think of the assault as an immature tantrum think the sentence serves him right. =0=

Labels: Baghdad, Iraq, Iraqi, journalist, Justice, Muntadhir al-Zaidi, shoe, shoe-throwing, Toti Mesia, verdict

Fast and Fair Justice Needed

7/01/2008 | Posted by mesiamd | Edit Post

Although the slow pace of justice in the Philippines has been repeatedly criticized, the verdict on the Julia Campbell case must be the blue print of how fast cases must be resolved. After more than year of investigation, confessed Benguet killer Juan Donald Duntugan, a 25 year-old woodcarver, was sentenced to 40 years in prison without parole. He was asked to pay P39 million in damages to the Campbell family.

“An attack made by a man with a deadly weapon upon an unarmed and defenseless woman constitutes the circumstance of abuse that superiority which his sex, and the weapon used in the act afforded him, and by means of which the woman was overcome and rendered unable to defend herself,” said the decision of Judge Ester Piscoso-Flor of the Ifugao Regional Trial Court branch 34 on June 30, 2008. Philstar (07/01/08, Lagasca, C.)

The monetary compensation seemed huge and the prison sentence apt, but we know the wasted life a US Peace Corps volunteer is more valuable. To compare, those who perished in 911 when terrorists blew up the Twin Towers got an average of $3.1 million from the government, insurances and charitable institutions. Julia Campbell who went missing on April 8, 2008 deserved more compensation. She had a rich and productive life ahead her---more than what the US Peace Corps might have envisioned when it was started in 1961 by Pres. John F. Kennedy:

“Coming from all walks of life and representing the rich diversity of the American people, Peace Corps Volunteers range in age from college students to retirees. Every Peace Corps Volunteer's experience is different. From teaching English to elementary school children in Zambia to launching a computer learning center in Moldova to promoting HIV/AIDS awareness in South Africa to working on soil conservation in Panama, Volunteers bring their skills and life experiences to where they are needed most.“ www.peacecorps.gov

Be as it may, the verdict on the Campbell case brings a sigh of relief to the nation. Filipinos are pushing that other legal cases be handled expeditiously, particularly those involving crimes of citizens, irrespective of who the parties are.

There are still a lot to be desired with our justice system. It must not be too slow or too fast as Pres. Gloria M. Arroyo’s wishy-washy order (Inquirer,07/01/08, Dalangin-Fernandez, L.) that the Philippine Coast Guard (PCG) wrap up its findings on the Sulpicio Lines ferry tragedy in 10 short days. Critics suspect this haphazard unrealistic presidential edict as a form of political posturing which risks the proper carriage of justice.=0=

Labels: 911, Gloria Macapagal-Arroyo, Julia Campbell, Justice, murder, peace corps, Philippines, Sulpicio Lines, verdict

UP Ibalon Bicol

King Ponzi schemer Bernard Madoff gets max of 150 years in jail

Iraqi shoe-thrower gets 3 years in jail

Fast and Fair Justice Needed

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