Many Americans are facing the similar situation that a few big hedge funds literally stole life time investments of many long term investors. Madoff is caught, but when we consider the entire financial manipulation using bubbles/crashes to swindle many long term investment holders, the fundamental practice is the same. Many long term small investors lost trillions to big hedge funds because the system allowed big deceptive practices to steal from many. CNBC is making drama out of a case. It is disgusting, so it would be better off not to dramatize as many Americans are victimized over market bubble/crash manipulation.
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Madoff's Likely Guilty Plea Won't Satisfy His Victims
| 11 Mar 2009 | 06:30 PM ET
Some former customers of financier Bernard Madoff despise him for his fraud, but they are also angry with their government and a financial system they say robbed them of their savings.
Just a few of the thousands of bilked investors have the right to speak in a New York court on Thursday when the 70-year-old former Nasdaq chairman is expected to plead guilty to 11 criminal charges that could put him in prison for the rest of his life.
Investors said in telephone interviews Madoff's potential 150-year sentence means little to them because they want more details of the scheme he confessed to in December and where the money went.
Madoff will not face a jury trial, which would provide more evidence of his financial crimes and co-conspirators going back 20 years, and catharsis for some.
"They want this to be over so badly, it's stunning," said New York retiree Miriam Siegman, who worked for nonprofit organizations and lost her retirement money. "In a jury trial the truth has a chance of coming out."
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