Ponzi: n. (see prior post on this form of financial scam)
Pitchman: n. man who hawks his wares on the street. (Madoff’s venue was exclusive country clubs where his returns could be higher.)
Prison: n. a place of confinement for persons who have committed serious crimes
Penthouse: n. the topmost floor of an apartment building – the most luxurious and expensive suite in the building.
What’s wrong with this picture?
Bernie Madoff, the Wall Street financier who bilked the investors and charities out of 50 billion dollars with which they had entrusted him, is not in jail even though he ruined the lives of hundreds of people (and caused a couple of them to commit suicide – so far).
Even the top-hatted fellow (another banker type??) in the game of Monopoly went straight to jail without passing Go to collect $200.
But Bernie is special. Bernie still has big bucks and big clout. Somehow Bernie gets to spend his pre-trial time in custody in the comfort of his own penthouse with his dear wife, his silk pajamas, and his foie gras.
The judge’s ruling allows Mr. Madoff to remain in his Manhattan apartment, wearing an electronic monitoring device and being watched around the clock by a security team paid for by his wife.
Prosecutors had asked the court to revoke Mr. Madoff’s $10 million bail, secured by various family homes held in his wife’s name, after he violated a court-ordered asset freeze by mailing about $1 million in expensive watches and jewelry to family and friends on Christmas Eve.
In addition to the jewelry that was sent out, prosecutors said, Mr. Madoff had plans to transfer $200 million to $300 million of investors’ money to family members and friends. When authorities searched Mr. Madoff’s office desk, they found $173 million in signed checks ready to be sent.
This guy is a crook from the top of his hat to the soles of his mink slippers.
Tell me, does this seem right to you? Regular folks get tossed in the pokey for as little as carrying a little too much marijuana or being a drunken nuisance.
We are way too enthralled by money.