Diane Swonk, Chief Economist
Jun. 29, 2009 – 11:20 a.m.
Madoff Death Sentence
Today, Bernard Madoff received the maximum prison sentence for his crimes – 150 years – which will span the lives of several generations of his descendants. The sentence was a bit of a surprise to many legal analysts, as most judges do not usually invoke the maximum. Symbolism, given the magnitude and reach of the losses, especially into the non-profit community, was the most important message.
That said, I will always be amazed by both the ability of con men to con, and the willingness of those who should know better, to go along with that con.
The old adage that "money doesn't grow on trees" really does hold true.
More prosecutions are expected by the end of the year, which will most likely include members of Madoff's family despite a lack of cooperation by Madoff himself.
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