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freethought

(2,461 posts)

19. Bernie Madoff was piker compared to these other bankers

Sat Feb 16, 2013, 08:04 PM

Feb 2013

The amount of money that Bernie Madoff stole in his Ponzi scheme looked amateurish compare to Goldman Sachs and others. The evidence against him was overwhelming. In addition, Madoff received money from "black" sources, some suspect Russian organized crime. Being in prison right now actually gives him a certain degree of protection.

And don't forget Jeff Schilling, he tried to take his appeal all the way to the USSC.

Punishment for big financial crimes has to have to parts. THose that have committed the crimes should do hard time. Second, the fines imposed have to be nothing short of draconian. The specter of a company getting hit with a huge fine that could take a big part of its profits must hang over that company all the time, for it will be the only thing that actually prevents illegal behavior.

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Elizabeth Warren is wrong: Jail is the wrong approach. [View all] DetlefK Feb 2013 OP

No...... sendero Feb 2013 #1

In the end it's not their money so they don't care about the fines, putting them in jail works uponit7771 Feb 2013 #2

It's not one or the other, you can fine them and jail them at the same time. nt bemildred Feb 2013 #3

it should be both, imo. nt xchrom Feb 2013 #6

Precisely. Criminals get fines + jail time all the time. jsr Feb 2013 #9

a long jail sentence is a far greater deterrent than any fine. Scuba Feb 2013 #4

It's such a great deterrent, however... randome Feb 2013 #11

So we should not send people to jail because they'll just find more ways to game the system? Squinch Feb 2013 #16

I don't know. Maybe a heavy fine combined with removing said person from the same position... randome Feb 2013 #17

But why not jail? They committed crimes. You or I would go to jail if we did that. Squinch Feb 2013 #18

$600,000 in fines to a Bank? Ichingcarpenter Feb 2013 #5

To prevent cheating, you have to not only get rid of cheater, but stop other cheaters afterwards graham4anything Feb 2013 #7

"So, what's the worst that could happen to rich people? Becoming poor people. " ProSense Feb 2013 #8

Couldn't disagree more Cirque du So-What Feb 2013 #10

Bad idea... MrMickeysMom Feb 2013 #12

Jail everyone on the payroll. EastKYLiberal Feb 2013 #13

Seems like bernie madoff is the only one to do jail time. mucifer Feb 2013 #14

Exactly Cirque du So-What Feb 2013 #15

Bernie Madoff was piker compared to these other bankers freethought Feb 2013 #19

Ask Bernie Madoff shanti Feb 2013 #20

100k people could've gone to jail under the robosigning scandal. joshcryer Feb 2013 #21