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Today was the day Bernie Madoff faced a federal judge to learn his fate.  Neither the judge nor fate was kind.  He received a 150-year prison term for what U.S. District Judge Denny Chin referred to as “extraordinarily evil” misdeeds.  Many of his victims, some one-time millionaires in their own right and others just looking for a way to stretch their nest eggs so carefully cultivated over a lifetime, took the opportunity to be sure the 71-year old crook understood exactly how his actions affected not only their lives, but those of their family members as well.

The gallery in the courtroom agreed with the judge’s sentence as applause erupted.  The judge also told Madoff and his lawyers that he’d received over 100 letters and emails, and not a single one was kind or supportive of Madoff.  Judge Chin said, “The absence of such support is telling”.

Nine victims chose to address Madoff in today’s hearing.  Some of the comments included Madoff being labeled a “monster” and an “evil low life”.  One victim said he stole money so he and his wife, Ruth, could live a life of luxury beyond belief. 

Since the federal prison system has offers no parole, Madoff will die in jail.  To date, there are thousands of victims - individuals, charities, celebrities and other businesses - who are out billions of dollars.  Many say this one Ponzi scheme is one of the reasons the American economy is in such dire straits.

Madoff did have a statement and chose to face those he scammed as he said his apologies, noting he knew it didn’t help. 

His wife released her first statement through her own lawyer that said, in part, “I am embarrassed and ashamed.  Like everyone else, I feel betrayed and confused.”  It can be read in its entirety here.  Still, she will spend the rest of her life with a 2 million-plus dollar nest egg while many of those victims are now being forced to move in with family members after having lost everything.

Maybe one of those victims said it best outside court, “He stole my money.  He didn’t steal my life.”

You would think a governor who could save her state $120 million dollars every year would have a magical formula other governors would want access to.  Actually, though, they do.  Michigan’s Governor Jennifer

Michigan Governor Jennifer Granholm

Granholm is attempting to free around 12,000 non-violent prisoners.  This will result in at least a few prisons in her state closing their doors and many correctional officers receiving pink slips as a result.  There’s supposed to be a silver lining, and although it appears there might be, the flip side might reveal something else entirely.

Her justifications make sense: it takes over $32,000 a year to house and feed a single prisoner.  (By contrast, only a quarter of that figure is used to educate one child in Michigan’s public schools.)  Further, it’s only a fraction of the cost, approximately $1250.00 annually, for those same prisoners, who by the way have served their minimum sentences, to be released on parole.   And too, this also opens the door for the creation of new jobs in the state’s parole division.  The state is also expected to put even more emphasis on its Prisoner Re-Entry Initiative that was designed to help prisoners transition back into their daily lives.  It’s proven to be at least somewhat successful, with a 26% drop in repeat offenders.

But with one thousand correctional officers who stand to lose their jobs, it doesn’t iron out to be one for the win column.  This news comes as the Pew Center on the States releases a report that reveals one in every 27 adults are currently under some type of incarceration in Michigan.  Incarceration is defined as in prison, on parole or probation.  In 1982, those numbers were 1 in 111. This only highlights the problems overwhelmed prisons face, whether there’s a recession or not.

It appears the wheels are in motion for this plan and there are at least sixteen other states that are considering following Michigan’s example.   Critics are using examples of prisoners released in the past who went on to commit far more serious crimes, such as rape and murder, as their arguments.  Still, if this latest cost cutting measure is even remotely successful, this might be a trend that catches on across the country.

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