Today, Judge Chin meted out a sentence of 150 years to convicted ponzi king Bernard Madoff.
A buck fifty, that’s as symbolic a sentence as you’ll get.
A punsihment of a buck fifty has another meaning on the streets, where it’s also known as Uno Cincuenta. The Urban Dictionary defines a buck 50 thusly:
A tear inflicted by a cutting instrument (e.g. a knife or a box cutter) in the skin of the cheek from one corner of the mouth toward the lateral ear. This type of attack is most common in street gang violence and is often used specifically to mark the victim with a lifetime facial scar. Also, the resultant linear scar on the cheek from such a wound.
After the fight, Mikey took out a knife and gave him a buck 50.
They call it “a buck 50” because the punished individual needs about 150 stiches to patch up the wound.
Bernie would’ve probably taken the scar over the sentence had he the choice…now he will probably get both, depending on what facility he is sent to for the sentence.
I also thought Doug Kass had a pretty succinct reaction which certainly jibes with my own feelings:
Firstly, I think the sentence is too light.
Secondly, this is another example of the inadequacy of the inspection program that existed at the SEC over the last decade.
Thirdly, I remain hopeful that the others involved in this massive fraud will be revealed posthaste.
And just who are the “others involved” in the scandal? Clusterstock has rogues gallery of 15 people/ entities who were Madoff’s Little Helpers on display in a slide show. Among them are the accountants, family members, feeder funds and coworkers who helped this thing get to the $50 billion mark. See it here: (Madoff’s Little Helpers)
I also thought I’d break out some of the highlights of my own coverage of the Madoff Scandal: