Bernie Madoff admitted that he did in fact run a “Ponzi” scheme which reportedly stole large sums of money from over 4,000 victims through his investment firm. This is what Madoff who is facing 150 years in jail, had to say to the courtroom and judge:
“I operated a Ponzi scheme,” said Madoff to the packed courtroom, after U.S. District Judge Denny Chin told him to explain his crimes.
“I thought it would end quickly, but it proved impossible,” said Madoff, who stole from more than 4,000 victims through his investment firm. “I am ashamed for these criminal acts. I always knew this day would come.”
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I hope they put him unda the jail…….he phucked up people’s lives!
This is sad for so many reasons. His greed has led to the financial disaster of some good people and some good causes. But it’s the people’s greed that allowed most of them to invest every penny of their life’s savings with him instead of diversifying. This entire story is a perfect example of the greed and illusions that our booming economy was based on. It must suck to go from being a multi-millionaire to an everyday joe over night.
BOTH COMMENTS ARE TRUE, BUT THIS SHOULD HAVE NEVER HAPPENED. I THINK AS INVESTORS WE HAVE 2 TAKE PROPER PRECAUTION & RESPONSIBILITY FROM NOW ON. WE MUST NOT BE SO TRUSTING ALONG W/ DIVERSIFICATION. PART OF ME WANTS TO TAKE IT BACK TO THE OLD SCHOOL & KEEP MY $ IN MY MATTRESS LIKE MY GRANDPAPPY USED TO DO (F*CK A RETURN). THERE ARE CROOKS EVERYWHERE, FINANCIAL INSTITUTIONS ARE THE WORST OF THEM ALL. THEY’RE JUST LEGIT CROOKS. GLAD JUSTICE WAS SERVED, I’M CURIOUS TO SEE HOW MUCH TIME HE’LL DO, IF THEY’RE NOT SMART & LOCK HIM ASS UP HE’LL PROBABLY FLEE ACROSS THE BORDER
@ MISSY…….i have to agree w/ u! Ol’ skool is tha way to go @ least u know where your dough is!
I dont know about yall but I live in the hood. If its under the mattress wont be too long before its in some crooks hands.
Anyway, I hope they put his ass in JA-Y-AL fo’ life!
^ THAT’S THE DIFFERENCE BETWEEN THE WORD IN THE MATTRESS NOT UNDER. TECHNICALLY BOXSPRING!
@ Missy same difference. Thuggers be looking all over the place and the first thing they cut open is the mattress. I could see it working with a few hundred but a life savings in a mattress? IDK about all that.
^IDK ABOUT THUGGERS, B/C I DON’T HAVE TO WORRY ABOUT PEOPLE LIKE THAT PASSING THRU MY HUMBLE ABODE. I’M MORE INTO SAFETY DEPOSIT BOXES! MOST OF THE AFFLUENT HAVE SAFES IN THEIR HOMES ANYWAY SO I ASSUME THEY DON’T HAVE 2 WORRY ABOUT “THUGGERS” EITHER!
AND WE ARE TALKING ABOUT THE AFFLUENT IN THIS POST AREN’T WE? OH OKAY!