This morning the infamous Bernard Madoff pleaded guilty to all eleven felony counts. He took over 68 billion dollars from over 45 hundred people from across America. This posses several interesting questions. Because he is pleading guilty to eleven felony counts, many ask why is he being permitted to return home for two months before he is sentenced to a lifetime in jail? Also, several of his investors had sent memos to The Security and Exchange Commission (SEC) regarding the huge returns on people's money that he claimed to have made. Many wonder why he was never investigated? According the National Public Radio (NPR) one of the main reasons that SEC did not investigate Madoff was because they didn't want large funds companies to not talk to them. NPR believes that this is completely ridiculous because the SEC has one responsibility and they are not fulfilling it. Although Madoff spent a large portion of the money on his multiple homes and luxuries, that cannot begin to account for 68 bullion dollars. And the question that many are asking is where did all of this money go and how are the investors going to be reimbursed? A large portion of these investors have lost almost all of their retirement savings. Please leave your comments if you have an answer or opinion to any of these questions.
Thursday, March 12, 2009
Madoff Pleads Guilty
This morning the infamous Bernard Madoff pleaded guilty to all eleven felony counts. He took over 68 billion dollars from over 45 hundred people from across America. This posses several interesting questions. Because he is pleading guilty to eleven felony counts, many ask why is he being permitted to return home for two months before he is sentenced to a lifetime in jail? Also, several of his investors had sent memos to The Security and Exchange Commission (SEC) regarding the huge returns on people's money that he claimed to have made. Many wonder why he was never investigated? According the National Public Radio (NPR) one of the main reasons that SEC did not investigate Madoff was because they didn't want large funds companies to not talk to them. NPR believes that this is completely ridiculous because the SEC has one responsibility and they are not fulfilling it. Although Madoff spent a large portion of the money on his multiple homes and luxuries, that cannot begin to account for 68 bullion dollars. And the question that many are asking is where did all of this money go and how are the investors going to be reimbursed? A large portion of these investors have lost almost all of their retirement savings. Please leave your comments if you have an answer or opinion to any of these questions.
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It's funny you mention Bernard Madoff, my grandparents lost a great deal of money from him. It is nice to see a man of his stature get taken down. I think our government is trying to crack down on economic corruption. Hopefully, this is marking a new era in our society and especailly our economy. After Madoff's take down, I think more and more buisnessmen will be less likely to involve themselves in corrupt schemes.
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