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No Justice!! No Confidence!!

Posted by Larry Doyle on March 9, 2009 10:38 AM |

All indications point to a plea deal this week with Bernie Madoff. In my opinion, Bernie Madoff seems to have been treated with kid gloves to this point. House arrest for a purported crime of this magnitude defies logic. One can only assume the government

Bernie Madoff

Bernie Madoff

utilized this approach, even after Bernie shipped jewels and assets overseas, as they were trying to extract as much information as possible. This week’s news will give the public the first hint as to what kind of information the government has extracted.

My father was an assistant district attorney in Suffolk County, MA and has often made the point that white collar crime never received the degree of justice it deserved. The crime that Bernie and team propagated not only directly impacted his investors but also massively impacted the public at large. How is that? Bernie’s Ponzi scheme, perpetrated over such an extended period of time, has caused a crisis of confidence in our markets, our regulatory system, and ultimately our country.

It defies logic that this Ponzi scheme was not executed without enormous cooperation and involvement by a number of individuals both inside and outside the Madoff organization. There is no doubt in my mind that many of those individuals have information, that if revealed, can and will be extremely embarrassing for some high profile people within our regulatory bodies and our government.

If Bernie’s plea deal is perceived as far too generous and closer to the end of the process than the beginning, I for one will not be silent nor should the public at large.

In assessing Bernie Madoff’s actions, I see implicitly thousands of instances of assault, breaking and entering, grand larceny, rape, and premeditated murder (e.g Rene-Thierry Magon de la Villehuchet’s suicide). Call me harsh if you’d like, but that is how I see it.

If the government does not exact justice for this magnitude of criminal behavior with the pressure ratcheting increasingly higher on his den of thieves, then this country will have missed an opportunity to promote the virtues and principles upon which it was built.

No Justice, No Confidence!!


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