Madoff given 150-year sentence

[Yago]

Madoff's life in prison will be no picnic

The Guardian
June 29, 2009

From rubbing elbows with millionaires to sharing a prison yard with drug dealers and gangsters, Bernard Madoff's life is about to change dramatically.

The Federal Bureau of Prisons has not decided where Madoff, who orchestrated a Ponzi scheme that bilked investors out of billions of dollars, will serve his 150-year sentence. But no matter where he ends up, Madoff should not expect plush digs, former federal prisoners say.

Far from it.

Madoff, 71, leaving behind his wife and his $7 million Manhattan apartment, will likely find himself earning pennies a day sweeping floors, cleaning toilets or manning a stove in the prison kitchen.

Like all prisoners, corrections officers will shine a light in his face twice in the middle of the night as part of six or seven daily checks.

"One of the most difficult things to deal with in prison is the reality that you are powerless," said Jonathan Richards, author of "Federal Prison - A Comprehensive Survival Guide," who served time in a Federal Medical Center, which is similar to a low-security prison. "Your whole life you basically eat when you want to eat, sleep when you want to sleep, wear what you want to wear. Then, suddenly, this daily freedom is taken away."

Although Madoff will likely have air conditioning when the weather demands it, nearly all of the perks of the high-life he's accustomed to will disappear, regardless of whether he is sent to a low or medium security prison.

On arrival at the federal lock-up, Madoff will quickly see for himself that designer soaps aren't among the items included in his prison-issued hygiene kit. Instead, he'll get a tiny bar of soap, a tooth brush, a comb and a razor.

"This bar of soap is like the size of a matchbook," said Larry Levine, the founder of Wall Street Prison Consultants, who spent 10 years in federal prison. "The razor -- you can barely shave with it."

The food will toe the line of edible, and his outdoor time will amount to pacing in an outdoor cage. His prison-issued khaki wardrobe won't make a fashion statement.

The chances of Madoff running his own investment club inside the prison are slim, but -- when he isn't working -- he should have plenty of time to read, write, exercise, and even network with other prisoners, if he chooses. Some inmates learn new skills like painting.

He can write and receive letters, make limited phone calls for 25 cents a minute, and it is possible he will have access to email, although his messages can be monitored.

[source]

[Brian Foley]

What is not being deliberately asked by the media is just where has all this money gone? There is no way this $65 billion could of disappeared without a trace.

I wonder whether The Israel Discount Bank Of New York recently investigated and convicted by the US Goverment for large scale money laundering had anything to do with the theft of the peoples money madoff stole?

[Vale]

Originally Posted by BrianFoley

There is no way this $65 billion could of disappeared without a trace.

According to sources I've heard the amount could be up to $150 billion dollars, the money has likely been stolen by other pirates oops bankers.

As for all this media attention to Madoff, it's clearly a ploy to make people look the other way regarding the federal reserve and it's bank owner's massive plundering of the USA, Madoff is the scapegoat.

[Brian Foley]

Originally Posted by Yago

Madoff's life in prison will be no picnic

UPDATE:

Madoff Hires Consultant to Find Best Possible Jail

Bernard Madoff has hired a veteran prison consultant to help him to find the best possible jail in which to serve his 150-year sentence for Wall Street’s biggest fraud.

After his sentencing this week Madoff, now Prisoner No 1727-054, met Herb Hoelter, of the National Center for Institutions and Alternatives, whose previous clients include the jailed Sotheby’s chairman Alfred Taubman and the financiers Michael Milken and Ivan Boesky.


The draconian maximum sentence imposed by the judge means that Madoff, 71, will be assigned to a tougher category of prison than most white-collar criminal.

Looks as though he will get easy time, Ill say he will be released after 5 years on the grounds of ill health due to his advanced age.