150 Years

That was the sentence recently handed down to Bernard Madoff, proprietor of the now-infamous Ponzi scheme that bilked scores of people, trusts, and nonprofits out of their retirements, pensions, and endowments.

While Ira Sorkin, Madoff's attorney (shown with Madoff), asked for leniency and suggested a sentence of 12 years, Judge Chin (my new hero) disagreed and gave Madoff the maximum permitted by law.

"Here the message must be sent that Mr. Madoff's crimes were extraordinarily evil," Chin said in his remarks, which brought with it applause and cheers from the gallery, many of whom were Madoff's victims. "I simply do not get the sense that Mr. Madoff has done all that he could or told all that he knows," Chin added, a sentiment shared with many, including this blogger.

Those in the courtroom reported that Madoff sat or stood impassively while victim after victim took the stand and told their stories of money and trust lost. When it came time for him to make a statement, Madoff said that he was sorry: ""I will live with this pain, with this torment, for the rest of my life. I live in a tormented state knowing the pain and suffering I have created," but his statements left most victims unmoved.

In the courtroom, Madoff literally and figuratively stood alone, with the absence of any family members in the gallery. Moreover, Judge Chin stated that the court received not even a single letter of support, testifying to any good deeds or charitable works. "The absence of such support is telling," Chin said. I'll say. Even serial killers can count on their mothers or someone to provide a statement, or ask for leniency, but Madoff only had his hired hand, attorney Sorkin, at his side.

Madoff's wife finally broke her silence in a statement on the day of sentencing claiming that she had no knowledge of the true nature of Madoff's business. "From the moment I learned from my husband that he had committed an enormous fraud, I have had two thoughts--first, that so many people who trusted him would be ruined financially and emotionally, and, second, that my life with the man I have known for over 50 years was over." Anyone else find her ignorance hard to believe?

While Madoff and his wife have agreed to sell their assets (including a Manhattan penthouse, Long Island estate, villa in France, Palm Beach mansion, and other valuables), Mrs. Madoff will still be left with $2.5 million. I can't strongly enough express how wrong I think that is. She should be left with nothing, just like all of the people who invested and are now left penniless.

It has also been reported that Madoff's two sons, Andrew and Mark, borrowed a combined $31.5 million from their father. I think these loans should be paid in full, with the proceeds paid as restitution to swindled investors.

And in fact, while I'm thinking about it, I think that any money, any pathetic earnings that Madoff makes while working in prison should be garnished and distributed to his victims. It might just mean a few cents every year for each victim, but the satisfaction in receiving this sort of compensation might just be priceless.