The guy has got to live on something right? Aren't normally people like this already in jail?
AP reports:
"Bernard Madoff is seeking to keep a $7 million Manhattan penthouse and an additional $62 million in assets, saying they are unrelated to the fraud that authorities say cost victims more than $50 billion. In court papers filed Monday in U.S. District Court in Manhattan, Madoff and his lawyer claim the apartment, $45 million in municipal bonds and $17 million more in a separate account all belong to Madoff's wife, Ruth."
"The bonds in an account held by Ruth Madoff at COHMAD Securities Corp. and about $17 million held by her in a Wachovia Bank account "are unrelated to the alleged Madoff fraud and only Ruth Madoff has a beneficial interest in these assets," Bernard Madoff and lawyer Ira Sorkin said, according to the papers."
This guy's a crook. He stole enormous amounts of money from more people who can be counted, the previously 'solid' dream of a stable retirement blew off in a puff of smoke for countless people who were duped by this guy's greed, but he doesn't want folks to attach the stuff that wasn't exactly ill gotten gains, he seems to be saying. This is surreal. Whatever it is the SEC can do to this guy, it won't fix the damage he did to others. I guess we'll have to stay tuned to see if there is poetic justice.
"A court-appointed trustee overseeing the liquidation of Madoff's assets has said the apartment and other property used to secure bail was off limits for now. But if there's a conviction, those assets and possibly property of Madoff "insiders" could be seized to help pay claims by alleged victims.
"The information was contained in an order of consent asking a judge to grant the federal government authority to seek forfeiture of assets involved in any fraud. It was filed in a case brought by the SEC against Madoff."
Why isn't this guy in JAIL jail where common criminals await their trials? He may be uncommon in terms of the magnitude of what he pulled off - all the more reason he should be deprived of the comforts of home immediately if not sooner. This guy confessed, it's not a matter of guilt but how much.
"The 70-year-old former Nasdaq chairman has been confined to the Manhattan apartment, purchased in 1984, under house arrest since early December."
By MsGrin's Diary of Daily Kos.
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