As the world watches cheap hustlers trying to pimp off the name, likeness, and legacy of Michael Jackson, it’s time to take a look at what happened to the world’s biggest hustler.
He would be Bernard Madoff, and he’s been sentenced to 150 years in prison for running a multi billion dollar Ponzi scheme. Such was his betrayal of people like former baseball great Sandy Koufax, Larry King, John Malkovich, Zsa Zsa Gabor, and literally hundreds of other just plain folks that he received not one letter of support prior to sentencing, not even from his family.
What did Madoff’s victims have in common? They trusted him. Any hustler worth their salt will tell you trust is essential. In this case, they all wanted to make money, and lots of it. There were reports that Madoff promised some investors they’d make 35% on their money. That led one friend of mine to opine that he had no sympathy for the victims, none at all. “Who in their right mind would trust they’d get that kind of return? They were just plain greedy, straight up,” he sneered.
I don’t know if I’d go that far. However, it’s interesting to hear some of Madoff’s investors, people who lost their life savings so he could live large, take the government to task for not keeping a closer eye on what he was doing. Some of them, not all but some, don’t want the government involved in the financial markets in any way, shape, or form. Not, that is, unless they get burned by Bernie. Some victims said they didn’t even care about the money. They wanted a trial so the truth would come out.
While we don’t actually know the exact amount of money Madoff ripped off during the course of his lucrative hustle, we do know he’s been ordered to forfeit $171 billion dollars.
His wife Ruth, who originally tried to protect $80 million dollars she said was hers alone, is now down to about $2.5 million. Worse yet for him, a growing number of prison experts think Bernie will do his time not in a country club style minimum security prison, but in a medium to high security facility.
Maybe it’s a sign of the times that as the world mourned Michael Jackson, the second most asked question of the weekend was “How much time ya think Madoff will get?” So now we know. Yet aside from any pity one might feel for those who lost their life savings, there’s a nagging feeling that the Madoff example won’t act as the strong deterrent US District Judge Denny Chin thought it might be.
Hustlers will always be among us, preying on some very basic human emotions. People will still get swindled, no matter how much time Bernie Madoff got.
Trust me on that one.
So, did Madoff get the right sentence, or was it too harsh? You tell me.