Custom Search

Sunday, January 18, 2009

Madoff Remains Free on Bail

From the Hoss's Mouth

Hoss Cents Free Financial Money Magazine is appalled by the decision of Federal Court Judge Lawrence M McKenna to uphold the ruling of lower court Judge Ronald L Ellis that prosecutors have not shown Bernard L Madoff is a flight risk or could obstruct justice or is danger to the community. He therefore remains free on $10 million bail.

Madoff (pronounced Made off--how appropriate is that?) is alleged to have swindled investors of $50 billion. Yet he remains under house arrest in his $7 million penthouse apartment. Some of his investors stand to lose everything or a good portion of their life savings because they invested with Madoff not knowing he was operating what could be the largest Ponzi Scheme (older investors are paid from money deposited by new investors) in history.

Madoff's bail was not revoked, even though he allegedly mailed to friends and relatives, approximately $1 million in assets previously frozen by the courts. His lawyer claimed the mailing of these assets was an innocent mistake. Yea, right. The Hoss is of the opinion this was an obvious attempt to, either hide assets to avoid restitution, or move assets around so he could live off them later. This should have alerted the Judge to Madoff's willingness to disobey court orders and possibly flee. His bail should be revoked.


Madoff

In today's tough economic times, when consumers are not spending, when mortgages are unavailable, when financial institutions are failing and the stock market is collapsing, the ruling of Judge McKenna does nothing to suggest to the average middle class person that their hard earn money is being protected. In fact, permitting a fraud artist to remain free on bail is akin to giving a Golden Hand Shake to mangers of failed companies while the stockholders lose their investment.

On Tuesday, a new President will be sworn in and his promise of "change we can believe in" gives The Hoss hope that even though things may get worse before they get better, they will get better.

Stay on track,

The Hoss

Next Hoss Cents Free Financial Money Magazine Post: Insurance, Insurance, Insurance
Previous Post: Record Job Losses

0 comments:

Post a Comment

Stock Ticker

Disclaimer

The Hoss is not a financial adviser. This blog is a reflection of his personal opinion, experience and financial choices. For financial assistance, please consult a licensed financial services professional.

The contents of http://free-financial-money-magazine.blogspot.com are provided for informational and entertainment purposes only, and should not be construed as advice. This material is not intended to provide, and should not be construed as providing individual financial, investment, tax, legal or accounting advice.

While the information shared on this website is believed to be accurate and reliable, the owners/operators of this website specifically disclaim all warranties, express, implied or statutory, regarding the accuracy, timeliness, and/or completeness of the information contained herein. Individuals leaving comments on this site are solely responsible and liable for the contents of their comments. Because this website is intended to provide general information only, you should discuss your specific needs with a qualified licensed financial services professional.

Links to other websites are for convenience only, and are independent from http://free-financial-money-magazine.blogspot.com. No liability is assumed for any inaccuracies in the information or for the content of any linked websites. No endorsement or approval of any other products, services or information is expressed or implied by any information, material or content referred to or included on, or linked from or to this website. No liability is assumed for incompatibility, non-suitability, viruses or other destructive/disruptive components on or from such websites.