Mar 15

Don’t understand Judge’s ruling in Madoff case.

I am not a lawyer and don’t play one on TV. However, I thought in this country one was innocent until proven guilty. Isn’t that basic stuff?

Doesn’t that mean the prosecution must prove beyond reasonable doubt the defendant is guilty? At least, that’s what I get from watching Law & Order.

RAKOFF: Don't understand his ruling.

I don’t get Judge Jed S. Rakoff’s reasoning the burden of proof falls on Fred Wilpon to prove his innocense. None of this makes sense. It doesn’t seem logical. And, Rakoff does not offer a legal precedence in explaining his decision.

First off all, the perpetrator in all this is Bernie Madoff, who is already serving time for his part in the Ponzi scandal. Yes, the Wilpons invested with Madoff and made money. But, didn’t they also lose money? Didn’t they have money in accounts with Madoff when this came to light? Doesn’t it make sense they would have pulled all their funds before the roof collapsed?

Since the Wilpons didn’t work actively with Madoff, I don’t understand why they should be held responsible for the losses of others. Why aren’t other investors the target of Irving Picard? On the surface that doesn’t seem right. It seems Picard is going after an easy, and public, target.

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