A lawyer representing more than 70 former clients of Bernie Madoff wants to force the Ponzi schemer into bankruptcy. Meanwhile, federal marshals have seized his $9 million Palm Beach home and a $2 million yacht.
Madoff is already headed for life in prison after pleading guilty to a $50 billion Ponzi scheme, so this is all about symbolism more than anything else. What the authorities are able to seize will be a pittance compared to the actual money Madoff stole from clients (let alone the fictional riches he promised them). But the point isn't restitution. It's justice. And the thought of Madoff keeping even a penny of his ill-gotten gains seems unconscionable.