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The point is, I do not believe jail-time is the appropriate punishment for Mr. Madoff.
(1) If Madoff told his customers that he would be investing their money in a way he did not, then he committed fraud, and his punishment should be to pay back his customers in full plus extra for time preference. If he has less money in his name than he owes to his victims, then he should (A) first pay what he has and (B) then have his future wages garnished to pay those to whom he still has debt. (He should also pay back his poorest victims first, working his way up the ladder until he either pays off his entire debt in full or dies, whichever comes first.)
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To read the rest of this blog post, click here.
The point is, I do not believe jail-time is the appropriate punishment for Mr. Madoff.
(1) If Madoff told his customers that he would be investing their money in a way he did not, then he committed fraud, and his punishment should be to pay back his customers in full plus extra for time preference. If he has less money in his name than he owes to his victims, then he should (A) first pay what he has and (B) then have his future wages garnished to pay those to whom he still has debt. (He should also pay back his poorest victims first, working his way up the ladder until he either pays off his entire debt in full or dies, whichever comes first.)
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To read the rest of this blog post, click here.
