Ask questions via twitter! Message any question to @answers on twitter. We'll publish the question and send you a reply each time there's a new answer.
My mother neglects her needs and health. How do I convince her to take care of herself?
Share A Conundrum Answer A Conundrum Where To Buy
Next Question

Answered Question

jonathan ... jonathan ...
 
M$2 December 17, 2008 12:52 AM

What should be Bernard Madoff's punishment for his $50 billion Ponzi scheme?

He swindled charities out of billions of dollars. Just jail time? How long? A massive fine?
Interesting Question?  Yes (0)   No (0)   
RSS
 
 

Best Answer  Chosen by Asker

edd edd
 
 December 17, 2008 01:07 AM
Of course all of his assets (as well as all distributed assets) should be confiscated and liquidated to repay investors, and he should never be allowed to profit from his part in the scheme.

As to jail time, I would say 10 years max (nonviolent crime), the ability of the government to garnish a portion of all future income to help repay investors, and a prohibition on proceeds from sale of the story rights in any published form.

In addition, he should be forbidden from acting as a broker, as an investor for others' money, and from activity as a market analyst -- essentially, any activity requiring registration with the SEC.
Asker's Rating:
• I like this answer because it is the most practical. He'll get 10 years max in prison, but edd has some good ways of making sure he's financially punished for his crimes. Can't make a profit from writing a book or an article and a portion of all future proceeds go back to paying investors.


Helpful Answer?  (0)   (0)    Tip edd for this answer
Permalink | Report
   Reply  
 
 

Other Answers (13)

Sort By
jasoncalac... jasoncalac...
 
December 17, 2008 12:54 AM
Perhaps he should have to teach ethics to people getting their MBAs or starting a career in finance six days a week for the rest of this life?

Helpful Answer?  (0)   (0)    Tip jasoncalacanis for this answer
Permalink | Report
   Reply  
 
 
pdxdavid pdxdavid
 
December 17, 2008 12:55 AM
The fine should be 100% of all of his assets. Including any off-shore accounts. I mean everything down to his dirty socks. Then he should go to jail for the rest of his life.

He has ruined lives.

Helpful Answer?  (0)   (0)    Tip pdxdavid for this answer
Permalink | Report
   Reply  
 
 
eatthatpop... eatthatpop...
 
December 17, 2008 12:57 AM
When someone steals $20 from a purse or robs a liquor store for $200, they are sent to jail (rightfully so). Bank Robbers are sent to jail for 25+ years. This guy needs to be treated as the criminal he is!

Bernard Madoff should be forced to pay back EVERY SINGLE PENNY that he stole, and he should also spend years in jail!

Helpful Answer?  (1)   (0)    Tip eatthatpopcorn for this answer
Permalink | Report
   Reply  
 
 
poindexter poindexter
 
December 17, 2008 12:57 AM
A hefty fine (except that money should go to the charities, not to the government) a few years in jail, and LOTS of community service.

Helpful Answer?  (0)   (0)    Tip poindexter for this answer
Permalink | Report
   Reply  
 
 
williamwac... williamwac...
 
December 17, 2008 12:57 AM
They should take all his money and leave him depdndent on Social
security like the rest of us.

Unfortunately that is not possible this late in the game. I hear he has been doing this since the late 60's. By now he has millions stashed in at least a dozen tax haven countries with no treaties with the US.

Helpful Answer?  (0)   (0)    Tip williamwaco for this answer
Permalink | Report
   Reply  
 
 
jeffhoard jeffhoard
 
December 17, 2008 01:01 AM
I would say life in prison, and make him owe $50 Billion. He ruined lots of of people lives because of his scheme. Unfortunately "white collar" crimes never seem to receive harsh punishments.

Helpful Answer?  (0)   (0)    Tip jeffhoard for this answer
Permalink | Report
   Reply  
 
 
nicktr nicktr
 
December 17, 2008 01:11 AM
How about making him work for one of the charities he has screwed over?
I mean, he's obviously a clever guy. Give him a dirty council house to live in, a few bucks a day for food and strict restrictions on where he can go.
He must then fund raise as much money as he can for Charities over the next ....20 years?
Whatever happens, he should live the rest of his life regretting what he's done.

Helpful Answer?  (0)   (0)    Tip nicktr for this answer
Permalink | Report
   Reply  
 
 
donnych donnych
 
December 17, 2008 01:23 AM
Jail baby jail! but don't count on it as his SEC buddies will not want some dirty little secrets to get out.

Helpful Answer?  (0)   (0)    Tip donnych for this answer
Permalink | Report
   Reply  
 
 
bbrookin bbrookin
 
December 17, 2008 03:13 AM
Servitude and restitution. First, every one of his assets should be sold to pay those whom he bilked. He should work for and live with each person he bilked, beginning with the most destitute, until he pays them back. Then he goes to the next person. A perpetual life of service, with no personal belongings more than the people with whom he is living is willing to share.

Helpful Answer?  (0)   (0)    Tip bbrookin for this answer
Permalink | Report
   Reply  
 
 
todd durko todd durko
 
December 17, 2008 03:54 AM
We need to stop this.... death penalty or do what the kingdom used to do and send him to Australia. Joking aside I think he needs to spend the rest of his miserable life in jail doing manual labor day and night, and all of his assets should be given to the investors...(deleted text- removed by moderator). Also, the Accounting firm guy should get the cell next to him.

50 Billion, that is a freakin boat load of money and these people just let him have that money. Remember investors investigate the audit firm... due diligence is a lost art.

Helpful Answer?  (0)   (0)    Tip todd durko for this answer
Permalink | Report
   Reply  
 
 
kraevin kraevin
 
December 17, 2008 04:12 AM
He should be forced to do late night infomercials hawking phoney get rich quick schemes and the money given to Those nice nigerian people who keep trying to help me out by transferring thier stash of money they are hiding from their corrupt governments.

Helpful Answer?  (0)   (0)    Tip kraevin for this answer
Permalink | Report
   Reply  
 
 
jonceramic jonceramic
 
December 17, 2008 04:35 AM
50 billion pineapples?

-or-

Nothing, since we were already warned once that there's a sucker born every minute. Apparently, $50 billion worth of them.


Helpful Answer?  (0)   (0)    Tip jonceramic for this answer
Permalink | Report
   Reply  
 
 
offthedome offthedome
 
December 17, 2008 06:36 PM
He should be picked apart and sold piece by piece in order to make up the funds for for his Ponzi scheme.

This guy is such an idiot. How do you ever expect to create a scheme that big and never get caught?

Helpful Answer?  (0)   (0)    Tip offthedome for this answer
Permalink | Report
   Reply  
 
 

Answer this Question

How tips and payments work

This question has already been resolved. You may add an answer to it but you will not be eligible to win best answer or any associated tips.

Related Questions

View All Current Events Questions

Ask a Question


140 characters left
Top of Page
Buy Mahalo Dollars with Credit Card or PayPal

Top Members

This Week All Time
  • buddawiggi
    buddawiggi
    2nd Degree Black Belt
    25142 Points
    M$707.08 Earned
  • cfinke
    cfinke
    2nd Degree Black Belt
    23487 Points
    M$29.75 Earned
  • unwirklich
    unwirklich
    Purple Belt
    2428 Points
    M$132.05 Earned
   See All
 

Most Popular Tags

mahalo(1398)
twitter(923)
iphone(449)
music(435)
google(324)
food(290)
internet(283)
beer(267)
online(266)
money(246)
apple(239)
movies(235)
aotd(233)
facebook(228)
answers(203)
health(197)
video(196)
free(190)
windows(190)
dog(188)
   See All
 

Categories

Welcome New Members

  • jeffporter, November 12, 2009 11:33 AM
  • chhumza, November 12, 2009 11:30 AM
  • ariff, November 12, 2009 11:14 AM
  • mjn, November 12, 2009 10:48 AM
  • yz7, November 12, 2009 10:44 AM

 
 
Mahalo Dollars are the currency of Mahalo Answers.

Each Mahalo Dollar costs $1.

Once you earn more than 40 Mahalo Dollars, you can request to be paid via PayPal. Each Mahalo Dollar is currently worth $0.75 when paid out via PayPal. Learn More

 
 

Please log in to use this function.

Answers Home | Ask a Question | Earn Points | How Tips Work | Widget



Share A Conundrum Answer A Conundrum Where To Buy