As you likely have heard by now, Bernie Madoff got 150 years for "screwing" a whole bunch of individuals and institutions, including some important foundations and nonprofits. The Wall Street Journal offers a great read on this story including some details about some of the sources of prospective cash the Justice Department is trying to recoup (even more about Mrs. Madoff and all she gets to take with her).
Well anyway, Mr. Madoff's 150 years are pretty silly -- at the minimum, he isn't going to really serve 150 years -- maybe not even 10 (they'll probably let him out in maybe even 5 years because he will be sick after a period of not living in the style he's become accustomed to).
A bigger question: what good is Mr. Madoff's imprisonment to the foundations and nonprofits who must now proceed without the levels of support previously afforded them? Can't we have Mr. Madoff use his obviously special skills to earn these foundations and nonprofits some of their money back?
And, perhaps more important, what lessons have these foundations and nonprofits (those that still remain) acquired from this experience? How will they change their behavior -- will their boards become more fiduciarily responsible?