Madoff’s valuable lessons
It is likely that the country needs to stop talking about values. Wall Street financier Bernard L. Madoff offers even more proof that we have none. (“No Hollywood ending in Madoff investment case,” Dec. 17.)
Money, or the possibility of earning large amounts of it, clearly trumps integrity. How sad.
Lewis Redding
Arcadia
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Bernard L. Madoff, who allegedly pulled off a gigantic investor fraud of $50 billion, could potentially be slapped with 20 years in prison and a fine of $5 million. (“Madoff’s returns aroused doubts,” Dec. 13.)
That means he would have to pay the same fine 10,000 times to equal the amount that he stole from investors. The amount of jail time is roughly the same as that of a burglar who breaks into a few houses to steal some jewelry and a few television sets.
When one considers the magnitude of his crime, weighs it against the magnitude of the penalties he faces, then compares them with the penalties levied against common everyday criminals, it becomes clear that it’s really worth committing white-collar crime.
After all, you can harm so many more people and gain so much more for yourself with remarkably little risk.
Bruce Barnbaum
Granite Falls, Wash.
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The Times article about Bernard L. Madoff’s alleged hedge-fund fraud gave an accurate definition of a Ponzi scheme -- paying off the first participants with cash raised from others.
However, your source is incorrect in saying that the Madoff scandal is this country’s largest-ever Ponzi scheme. That honor belongs to the Social Security system.
William Bunyan
Venice
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In light of the Madoff scandal, I think it is time to reinstitute corporal punishment. None of these thieves would have broken the law if they thought they would be whipped if caught. Just a fine and a few years in prison is not enough.
Leonard A. Zivitz
Fullerton
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It is terrifying that one individual, money manager Bernard L. Madoff, can dupe not only some of the world’s wealthiest individuals but also some of the world’s biggest banking institutions.
If such sophisticated people can be swindled, what chance do the rest of us have?
Kenneth L. Zimmerman
Huntington Beach
