Free Bernie Madoff

Let me first say I assume Bernie Madoff is guilty because he doesn't really deny it.  Did he run a giant Ponzi scheme?  Seems so.  Should he go to prison for a long stretch after a plea or conviction?  Sure, why not?  The question consuming the tabloid media at the moment, however, is should he remain free pending the resolution of this case.  The answer, thus far, is clearly yes.  The point of bail is many fold: To make sure you appear in court for your hearings and trial - basically that you do not flee;  to ensure you no longer continue the alleged criminal behavior that lead you to this moment; that you pose no danger to society; and lastly - not true in every case but certainly in this one - that your freedom does not facilitate disposition of your assets before the government can account for them.  Let's check these off.  Bernie going anywhere?  Ankle bracelet, 24 hour guards, a ravenous pack of reporters trailing his every move.  Doesn't seem likely.  Can he continue his alleged Ponzi scheme?  Is someone going to invest money with Bernie Madoff?  You really don't need me to answer this.  Does he pose a danger to society by his presence amongst us?  He has no previous criminal record and I really cannot see an argument that he poses any danger to society.  Lastly, is he systematically disposing of his assets?  What we know factually is that his wife sent some jewelery and family heirlooms to relatives.  At his direction?  Perhaps.  Was she prohibited by the Magistrate's order from doing so?  In fact, she wasn't.  It was a badly worded order that should have included her.  But it didn't.  So toughen the existing order so it is loophole free.  It pisses off the US Attorney's office that they screwed this up.  That is why they are now coming at him the way they are.  Whether or not he had $170 Million in checks prior to his arrest is immaterial to me.  I am sure he intended lots of things prior to the admission to his sons of his swindle.  The question in these matters is whether he will, would or did dispose of assets.  Did he defy the order of the court? I can see no rational reason for denying this man bail based on what we know of the jewelery episode.  One million dollars in jewelery is no big deal at this level of wealth.  It is just a few pieces. 

Andrea Peyser maintains that this man belongs in jail.  Not for the jewelery but just because lots of people were swindled and it affronts her that he is free and living in a penthouse.  It is a sentiment widely shared.  He may very well belong in jail for the crimes he's been arrested for.  But we have a process in this country and although it works increasingly less well, it should be followed.  There is no reason for anyone to be in jail if they meet the above requirements pending trial.  We don't believe in mob rule and that is what is taking hold in the Madoff case.  I readily admit my sympathies for his victims are limited.  Very wealthy, sophisticated people who invest money in a fund that guarantees high returns in down markets, charges no fees and prints its statements on dot matrix printers, don't get tons of tears from me.  They were as greedy as he was for being so blindly stupid.  That is no defense for him and he will almost surely plead or be convicted and get a lengthy term of imprisonment.  But why does it have to happen today?  If he's not rotting at the Metropolitan Correction Center until next fall are we somehow harmed as a society? Except to the braying pack, I cannot see how.

Comments

[caveman]

well, reason to keep Madoff in jail is to keep him from putting money at risk that he clearly owes his victims. He really should be consider pennyless and unable to afford bail like so many other poor people.

I wouldnt free him.