Madoff fallout continues

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Let's cut to the chase - Bernard Madoff is a piece of work.

Here is a guy whose greedy behavior has already cost investors more than $50 billion - yes, that's BILLION, with a B - and now prosecutors allege he's already violated his bail conditions by parcelling out some of his assets to family and friends. He's reportedly mailed jewelry, watches and other heirlooms worth more than $1 million, including at least 16 watches, a jade necklace, an emerald ring, four diamond brooches, two sets of cufflinks, a diamond bracelet and other assorted jewelry from brands like Cartier and Tiffany. 

What a guy. And the best part? He's free on bail.

Madoff's lawyer, Ira Sorkin, says Madoff made a harmless mistake by mailing off those items and that his client shouldn't be punished for it. Well, I think what we've got here is a failure to communicate - a failure to communicate any vestige of SANITY - because this guy needs to be behind bars. And it needs to happen now.

He's ruined lives, prompting some to take their own. And yet he's free to sit around in his upscale Manhattan penthouse? Our only hope is that true justice will someday be delivered by a higher court than we have here.   

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Economic Alert is a daily blog on business and the economy in the San Gabriel Valley and beyond, featuring updates and observations from the staff of the San Gabriel Valley Newspaper Group. SGVN includes the San Gabriel Valley Tribune, Pasadena Star-News and Whittier Daily News.

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Kevin Smith is business editor for the San Gabriel Valley Newspaper Group. Over the past 15 years, Smith has covered development, housing, employment, technology and financial trends for a variety of newspapers.
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Ryan Carter covers business and the economy for the San Gabriel Valley Newspaper Group.
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About this Entry

This page contains a single entry by Kevin Smith published on January 7, 2009 6:15 PM.

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