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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.


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

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