Madoff describes himself as 'human piñata'

The convicted Ponzi schemer says the judge who sentenced him was unfair and didn't understand the financial industry.

By Kim Peterson Jun 28, 2011 4:53PM
Two years down, 148 to go. You can't blame Bernie Madoff for feeling sorry for himself as he faces that future.

In interviews with The New York Times, the convicted fraudster is wallowing in despair. The judge that sentenced him, Denny Chin, could have picked a shorter prison term, he said. And being described as an evil monster is downright insulting.

"In my mind, Chin was anything but fair, with zero understanding of the industry," he said, adding that the judge made him "the human piñata of Wall Street" while bank and government officials received no prison punishment at all.

"Remember, they caused the recession, not me," he added.

And as added insult, Madoff gets to watch his personal items get auctioned off to raise money for victims. The following video shows some items from one Florida auction.

Post continues after video:
Madoff's clients lost an estimated $18 billion in what has been described as the largest Ponzi scheme in history. Madoff pleaded guilty to 11 federal felonies and was sentenced to the maximum of 150 years.

More than 100 of Madoff's victims wrote letters to Chin before the sentencing, many of whom lost their entire life savings in the scam. The judge described Madoff's fraud as "extraordinarily evil."

And that's what Madoff has been thinking about in his Butner, N.C. prison cell, apparently. To describe him as "this monster and this evil person," he told the Times. "I just think that was totally unrealistic and unfair."

Madoff said he works in the prison commissary, and spends his recreational time walking on a track and reading books. He's reading all the James Michener books, he said.

He's struggling about the very likely possibility that he will die in prison, he told the Times. "Quite frankly, there’s a big difference with dying in prison, you know, and dying outside with your family," he said.


He probably did get what he deserved, but he is also correct in saying there are many in our Gov't and banking industry that should be sitting right next to him playing Canasta for the rest of their lives.  

People like Barney Frank and his lover who bilked millions in wages from a failing Gov't bank and required other banks to loan money to people that couldn't afford to pay it back..  And then have the audacity to say they didn't know anything about the problems that were occurring in the housing market.   They ran the show.   Now Dodd and Franks have a bill passed that allows more money to be lost to the very people Bernie used to chum around with.  

Brooksley Born told the world about what was happening during Clinton's Administration with these Credit Swaps and all they did was muzzle her.

Bernie made off with Billions.   The Liberals in Washington made off with Trillions.   They want more.

Jun 28, 2011 6:41PM
Hum, so one mus "understand the financial industry" to steal the livelihoods of innocent people, bankrupt charities and devastate the lives of thousands.  K.  Got it. 

Seriously though, human pinata?   He did well with the judge.  I hesitate to imagine what he would have been in the hands of his victims who alone know how this GIGANTIC thief impacted their lives.  

Ditto Delmar!   That the rest are walking free is because the American people are again letting senators and congressman protect the assets of their cronies.  They are not holding their confederates accountable for their crimes and that could only be because they are co-conspirators in equal schemes to deprive America of its wealth.  I don't think we will take any real action until it is too late.  

Jun 28, 2011 9:42PM
This guy is absolutely a sociopath. He is incapable of understanding the pain he has caused. And worse, doesn't care.
Jun 28, 2011 8:04PM

When are we going to learn?

Like the rest said;  how about Barney Frank and Chris Dodd?

We are a real sick society.  We are so liberal that we stink.  Go on and on all you liberals.

Jun 29, 2011 12:13PM
he is rotten to the core. maybe he should have some compassion for his son. the only think he is correct about is that essentially no one in a position of power has been found guilty of anything. maybe msn can find the testimony of bank executives before the maloney hearing regarding credit cards or the wamu mortgages execs testifying before the house financial services committee. during the wamu testimony, it is brought out that two top wamu mortgage execs in san diego were previously indicted on felony charges relating to mortgage loans.
Jun 29, 2011 10:49AM

Very frightening that this sociopath was once the head of NASDAQ or whatever.  what does that tell us?  Probably that all this crap is rotten to the core.  Why have almost no bankers, etc. gone to jail in this mortgage CDS mess, when some 240 went to jail in the S&L crisis?  Inside Job, man.  What about the SEC?  I believe the lack of effective oversight was CRIMINAL and should be pursued on this basis.... its the foxes guarding the henhouse.

If this guy ever gets out, he'll be popped in a hearbeat for sure. He should be tortured daily, just like his victims are tortured daily. 


And we try to tell the world how to run their financial markets... how ridiculous...or at least we used to....nobody would listen now, even if we do.

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