OF COURSE, THE PRESIDENT STILL HAS YET TO REVEAL HIS TAX
RETURNS, WHICH COULD PROVIDE A
FULLER PICTURE.
FULLER PICTURE. >>> HE HAS ASKED TO BE RELEASED
CITEING CERTAINLYEING TERMINAL I
TOM IS HERE WITH ME NOW.
CAN WE GO TO 2009 DURING THE
LARGEST PONZI SCHEME INVESTMENT
SCAM IN HISTORY.
I SO VIVIDLY REMEMBER HIS
VICTIMS, SO MANY PEOPLE LOST
EVERYTHING, THEIR LIFE SAVINGS,
THEIR HOMES.
THEIR HOMES. CAN WE JUST GO BACK TO WHAT
HAPPENED THEN AND THE IMPACT?
>> SO, BASICALLY, FOR DECADES,
REALLY,
REALLY, REALLY, BERNIE MADE HIGH SUMS ON
THESE INVESTMENTS.
THESE INVESTMENTS. MARKETS GO UP, THEY GO DOWN, BUT
THEY CONSISTENTLY ALWAYS HAVE
THE SAME RETURNS WITH A RED
FLAG.
FLAG. EVENTUALLY HE GOT CAUGHT DOING
IT, SO WHAT HE WOULD DO IS TAKE
MONEY FROM, SAY, YOU OR I IN
ORDER TO PAY OUT SOMEBODY ELSE
WHO WANTED TO BE PAID OUT
BECAUSE THEY THOUGHT THEY HAD
INVESTED THIS MONEY OVER THE
YEARS.
YEARS. SO WHEN THE FINANCIAL MARKETS
AND THE ECONOMY TANKED IN
2008-2009, HE COULD NO LONGER
KEEP UP THE SPEED OF REDEMPTIONS
WITH THE MONEY HE WAS TAKING IN,
AND THE EMPEROR ESSENTIALLY GOT
CAUGHT WITHOUT CLOTHES.
OBVIOUSLY, IT HAD A TREMENDOUS
IMPACT ON THE VICTIMS.
$13 BILLION IN INVESTMENTS THAT
HE WOULD HAVE HAD AND SHUFD FOR
PEOPLE OUT THE DOOR.
HE TOOK IT HIMSELF.
>> SO LET’S TALK ABOUT WHAT’S
HAPPENING NOW.
HAPPENING NOW. HE’S ASKING FOR THIS EARLY
RELEASE BECAUSE OF A TERMINAL
ILLNESS.
ILLNESS. AS FAR AS I KNOW, HE’S RECEIVING
MEDICAL CARE, RIGHT?
>> HE IS RECEIVING MEDICAL CARE,
YEAH.
YEAH. ACCORDING TO THE BUREAU OF
PRISONS WHICH IS OVERSEEING HIS
CARE BECAUSE HE IS IN PRISON
RIGHT NOW, BASICALLY HE HAS
KIDNEY FAILURE AND A HOST OF
OTHER DISEASES AND AILMENTS THAT
HE HAS.
HE HAS. ACCORDING TO A LETTER FILED BY
HIS ATTORNEY, HE’S IN PRIME CARE
FOR SOME OF THAT HIMSELF.
OTHERWISE BUREAUS SAY, WE HAVE
THE ABILITY TO PEA HIM.
>> BECAUSE OF THAT, HE’S BEING
ASKED TO BE RELEASED EARLY?
>> YES, AND THAT HAPPENS IN SOME
CASES.
CASES. EVEN THE BUREAU SAID, LOOK, THIS
WOULD NORMALLY BE A PERFECT CASE
FOR SOMEBODY TO, IN FACT, BE
ABLE TO HAVE THE SENTENCE
REDUCED, TO BE ABLE TO GO OUT OF
THE PRISON.
THE PRISON. WE WERE TALKING HERE EARLIER
ABOUT HOW THERE WAS A RECENT
CASE WITH THE FORMER CIO.
SOMEONE WAS ABLE TO GET OUT OF
PRISON BECAUSE HE ONLY HAD A
CERTAIN PERIOD LEFT TO LIVE,
BASED ON MADE-OUT CASES.
>> NOW VICTIMS WILL GET TO HAVE
A SAY.
A SAY. TELL ME WHAT YOU THINK WE’LL
HEAR FROM HIM, AND SUBMITTING
WHAT HE NEEDS TO DO.
>> WHAT HAS HAPPENED IS MADOFF’S
ATTORNEY HAS SAID, LOOK, WE’D
LIKE HIM TO GO HOME EARLY, WE’D
LIKE HIM TO BE ABLE TO START
TREATMENT.
TREATMENT. IN FACT, THE U.S. ATTORNEY’S
OFFICE MADE IT EASY FOR HIM.
THEY SAID, LOOK, AND THEY PUT
OUT A PRESS RELEASE WHICH IS WHY
WE’RE TALKING ABOUT THIS,
SAYING, LOOK, SEND A SPECIFIC
EMAIL, SO PEOPLE CAN SUBMIT
LETTERS.
LETTERS. THEN FROM THERE THEY’LL BE
PASSED ALONG.
PASSED ALONG. THEY HOPE TO WRAP THAT UP IN
MID-FEBRUARY, BUT AT THAT POINT
BOTH THE U.S. ATTORNEY’S OFFICE
WILL HAVE THE OPPORTUNITY TO
RESPOND TO MADOFF, POSSIBLY
MID-MARCH.
MID-MARCH. WE WON’T HAVE A RESOLUTION ANY
TIME SOON, BUT WE’LL START TO
SEE THOSE LETTERS, AND I WOULD
EXPECT THEEDS LETTERS TO BE
HIGHLY EMOTIONAL.
HIGHLY EMOTIONAL. THIS ISN’T LIKE THE EVER KAMPLS.
NOT A WHOLE THE LOUGH FOR PEOPLE
TO RECRUIT THOEDS LOSSES EVEN
THOUGH THE GOVERNMENT HAS DONE A
VERY SIGNIFICANT EFFORT AND
SIGNIFICANT AMOUNT OF WORK HERE
TO BE ABLE TO RECOVER SOME OF
THESE FUNDS AND THEY’VE
ATTRIBUTED SEVERAL IN THE LAST
COUPLE YEARS.
COUPLE YEARS. >> DOES ANYONE HAVE A LETTER
YET?
YET? >> IT’S TOO SOON TO TELL.
TYPICALLY PEOPLE LIKE TO RECEIVE
A GROUP OF THEM BEFORE MAKING
THEM PUBLIC.
THEM PUBLIC. I CAN IMAGINE THE U.S.
ATTORNEY’S OFFICE HAS HEARD FROM
VICTIMS.
VICTIMS. >> ARE THESE LAERTS REALLY WHAT
CARRIES THE WEIGHT IN A FINAL
DECISION.
DECISION. IS THIS THE ONLY OPPOSITION TO
HIS REQUEST?
HIS REQUEST? >> PROSECUTORS ARE GOING TO HAVE
THE ABILITY TO FILE AS WELL.
THEY’RE NOT LOOKING FOR
LENIENCY.
LENIENCY. HE’S STILL GOT OVER 100 YEARS
LEFT.
LEFT. THE JUDGE WAS ESSENTIALLY GIVING
HIM A DEATH PENALTY SENTENCE,
FOR LACK OF A BETTER PHRASE, SO
I WOULD NOT BE SURPRISED TO HEAR
PROSECUTORS HERE SAY, NO, WE
DON’T WANT HIM TO BE LET OUT.
MAYBE IF HE’S IN EXTREME MEDICAL
CONDITION, MAYBE THAT WOULD BE
AN OPPORTUNITY, BUT I DON’T
THINK THIS IS SOMETHING THAT IS
IMMINENT, I DON’T SEE THEM GOING
A WLONG ANY SORT OF REQUESTS OF
LETTING HIM OUT.
I CAN’T IMAGINE MANY VICTIMS
WILL ARGUE FOR THAT, THOUGH I
WOULDN’T BE SURPRISED THAT
SEVERAL OF THEM DO, JUST TO SEE
HOW IT IS.
HIS OWN READING OF THE DEFENSE
FILINGS, THEY’RE ALL KIND OF
MIXED TOGETHER, AND FROM THERE
IT’S REALLY ON THE JUDGE OZAS TO
WHAT TO DO.
>> AND THAT WAS ABOUT A MONTH