Madoff with Syre

He's like I'm the only guy you could have -- harmonies are not ha ha ha -- did you -- to give me had had last week by the -- the hov lane. And it's that she's had never really get to round pick the mutilate he usually -- that's what about you and your ego huh. Does a great -- I don't know what the state police were -- an argument they would that things -- that we see a passenger right through the all the -- passage that -- it out so -- made an operating loss of going to prison apparently in -- we're -- get the announcements. A 150 year ridiculous like that which should last the rest of his life but I -- when you when you live as well as he did that you can last longer. Then -- never -- in -- ran out of -- well -- it's talking to us about Bernie this morning is Steve -- from the Boston -- was one of his former clients and who's -- now latter I'm not what he's going to do with a cell -- and retire now living in a -- either ever good morning say Steve.

Good morning. Mike in all of its. Yeah Bernie is tomorrow is about to enter his -- and it appears that you're going to plead guilty to. All eleven counts that the government is bringing -- against him although this actual sentence and although it. Theoretically could be a 150 years that it probably won't be that but. We won't even know what it is exactly that the processes that is the actual sentence won't take place for some period of time.

Well they did say though that no deal has been struck correct.

Yes. And that's I think a clear indication also of -- what's going on behind the -- particularly that. You know Bernie -- is cooperating with anybody and he's basically going to -- the whole thing alone.

Well I would say then allow him to make the deal. It's not a -- I -- he's just -- they -- no no you're allowed to plead guilty but you can get whacked with whatever sentence that's like it was a 150 years but Steve let me ask you.

Is it is it because -- people speculating. Two things why he's trying to save his family members who were involved in some of the staff apparently allegedly. Saved them from being investigated further or just being called as witnesses to trial. I -- and then does it have something to do with avoiding more charges as their Mort economy so is it it is it to protect himself from port charges to protect his family are both.

Well I think. The last part first protecting himself. Regardless. What a judge actually sentences into it after pleading guilty. Attitudes of these eleven accounts eleven counts. If it's going to -- was seven years old it's going to amount to a light sentence so there isn't it any opportunity or attempt to protect himself. Against something some worse fate in terms of a larger the longer prison term. The other issue about all the people is is that much more interesting. And provocative idea and clearly although yeah. There is speculation about a lot of people including his family. Nobody really knows anything that the one clear presumption is is that this is something that was way too complex and broad based for. One guy to be able to pull off by himself that it's. Almost physically impossible for one human being to do it that. Certainly other people had to be involved -- that may will be members of this family -- son. Questions about what is -- doing what kind of involvement she had but also. A couple of people who are not relatives but worked for him in his office and then of course the there are in his famous auditors and exactly what they were.

And none auditor or auditors didn't see -- can't see how him ordered orbit who -- but it did explain to me I don't understand how.

He'd run. -- plead guilty because this is really -- fastest guilty -- I've ever seen most guilty defendants try to drag everything out until all the witnesses drop dead. So to rush to plead guilty to save his family doesn't make sense to me because why wouldn't they continue to investigate and then indict all these other people.

Well I'd certainly they will continue to investigate -- him and them I don't think anybody's. Saying that that the investigation is over just because. They've filed charges against him musically they're agreed to plead guilty to the you know it's interesting when these charges came out just very recently. There was not an indictment which is a process in which you don't a defendant. Dispute the charges and fight -- minutes attracted go to trial with them. That this was what they call a criminal information which is usually. A set of charges that. That he defended is agreeing to win against an often it's. Negotiated at that time in terms of you know getting the number of charges that type of charges. Squeezed down there doesn't appear to be any evidence. Of that in this case that basically they told them what. They were going to charge of Whitney said okay I'll -- plead guilty to that and he's basically you know confined himself to effectively a light sentence and in -- eating in at this point.

Andy has to be that he wants a protectorate here but he is an attorney and that's why because they can still be -- and -- you can be but he's -- one knows everything.

But yet is the 1 with that the central amount of information and has made it clear debt and I believe in no way shape or form that he's going to cooperate.

He got to read his own case out for five years and still not cooperate. You know it's odd that he's I think it's very catching up this the whole because it means is going to prison sooner instead staying in the past nothing else is nice it's not a nice way to Sunday determined message to the prosecution -- look look -- my punishment don't worry about because of going to be a forever. And I am not blink and that -- want the state -- wondered if you've read this case followed -- so closely. You have any idea. Is there legitimate calculation out the of the payments. That he would have made to invest this you know so Wendy -- places ten million dollars at his disposal. And may be over the period at ten years and he adds that she -- You know 10% because it was a classic Ponzi scheme use and one and in some form of new money to pay her. It is there any calculation out the episode that. You know. Up of people have not it's not been made all at least that it wasn't a total rip off.

No that's a good question there are a lot of of of money related questions that remain unanswered and unresolved right now. Essential among them is you know what happened to all the money went. When he was arrested. There war. -- count outstanding -- purported to hold about 65 billion dollars and there were forty it is one of the reasons why it's just give you a sense of the scope of white people don't believe he can do this by yourself. Get 4800. Different accounts going and at one time control and then. Purportedly containing all this money and you know again this is too big questions. How much money did he ultimately skim off for himself and what happened to the rest of that. And you know that this 64 billion dollars 65 billion dollars it is account that -- had only inflation and because he told them that they were. Earning profits and they weren't in fact it was no trades taking place whatsoever for many years. And you know so this issue of where does that money go and we believe that. The vast majority of the was used in the classic Ponzi fashion to pay. -- gains to investors so if you put. A million dollars then you didn't. Necessarily lose a million dollars because you're getting some of it back if you go back over many many years. You know I think that probably amounts to a lot of money in terms of can you be me hall here in the good question is. There's sort of where you stand in the percentage of money you've got back in. It if you say they've invested a billion dollars over years you've got two or three million dollars back. That doesn't mean you're okay because. In a case like this the process where they try to recover money for victims allows them to claw back some of these profits and although the rules haven't been clearly established for the Madoff case so far it appears that. If you got up to your money back you were okay but if you need anything more than your ritual investments. Bet you would be subject to these clawed back where people will be looking to get the money back from you all over again that's indeed the very best you could have done -- got your money.

which you know I understand the logic in that it seems to me patently unfair choose to go back after people because they they middle little money. Off for the man made -- scam. No I finished are now you're saying that'd be a clock back for people who were showing a profit. From their investments with -- enough. I understand it technically there was no actual profit there but to go back into people's not only just seems like you make it more Bechtel.

Money that was handed to them taught that that's yeah a chemist group for clawing at.

And I understand the logic of that idea it just doesn't seem fair because -- you're creating more victims it seems to me.

Well I think it's you can get your money back and break even and in a gigantic -- you're --

I've had I was gonna say at this point I would bet every single best can we say sign me up for that none ones who would not want to we're done with -- off a year ago had taken all their money out -- you know in in maybe they made money through these numbers.

What they are we did hear somebody in charge of creating a hierarchy to figure out who gets what is that right.

Yet there is a very big and complicated process that's ongoing. And you know but it again figuring out how much money there is in the end it you know when they try to recover money and in his account in the money that's actually there. It was a little something a little short of a billion dollars about 940. Million so. You know the rest of it is subway and and again -- 65 billion dollars that that was on paper this is this is. People been handed 65 billion dollars this was an inflated number based on. Not existed game you have to actually came through that door it was and on it is some smaller number but there's a lot obviously a lot of polls to be filled and.

After the as a road race going on between his family members and investigators who are trying to make sure that. The assets that he just stole our are not dissipated or transferred in liquidated someplace -- Hin Thailand somewhere -- he can't get that started that is any.

But he is very wealthy in this picture is -- made audio bites and to what degree. Our assets are. A reachable it remains to be seen as well yeah. Actually very recently has made it clear that she's -- their -- a lawyer representing be made off but soon there will be and a lawyer representing -- may.

Listen maybe about this and that's fair and yeah maybe she got -- I don't think it's interesting that so yeah in my opinion will be those investors. Who got out of the Madoff made up web. -- Are higher gas tax and now the question gets more complicated politics she now it's multilateral. Why is he forcing -- around us is there because it makes us feel good and we forget that we -- instead there's always you like a kick in the head market demand as is always the pictures this -- the one that taught if you was up there would probably go for none of the -- I don't know you know get close enough troll gas -- OC become law. All of -- all right I'll I thought I'd stake getting all 45. Billion dollars or whatever the trying to raise -- By you'd taken. A toll hike only. Because it -- authoring vital is he -- I tomorrow I wish I were we are only succeeding. When we think these are the most disgusting people on the world can't wait in our hands around the -- that's when wherein. The proper data mine it seems to maintenance shipments -- the legislature excitement I know I think it's about time we got -- but since protested something anything. Like the good old days avenue tea party so our budget predictions from local economists including forecasts of -- deficit as high as four point three billion dollars next fiscal year. Prompted house members to discuss raising the State's largest. Tax revenue generators the personal income tax in the retail. Sales.

In in this date in this state to watch the gobs of people numbers of people are huge where they're saying well. You have to do your part we have two kids I know it hurts but we have well you know --