30 June 2009

Madoff Receives 150 Years in Prison

Bernard Madoff has received 150 years in jail, a sentence which although talked about was unexpected even by his victims. Still, most of them greeted the news with joy and relief. The Madoff saga has been in the news for some time now, and now the future for the former pillar of Wall Street is sealed.

But for the hundreds of victims - some whose money was indirectly placed in his hands via banks - the story continues. There are many and various stories, ranging from Hollywood directors to plumbers to large banks. Those who had not much money to start with are now sitting in serious trouble and there is even one suicide linked with the fraud case.

But while the mess is still being sorted, questions are still being raised as to the underlying financial regulation in place both in the US and the rest of the world. How confident do you feel now, when you seek a new investment fund or investment manager? How much of the regulations and policies policing the financial world are being addressed? Not enough, according to some of Madoff's victims and many in the general public.

Will the Madoff case mean more is done quickly to build up a stricter, more tightly regulated market?

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