Acrimoney has given further thought to Madoff’s request for leniency. Ira Sorkin, Madoff’s defense attorney, argued for a twelve-year prison sentence. He referenced Madoff’s life expectancy of thirteen years as justification.

Madoff is seventy-one. If he lives thirteen more years, he’ll reach eighty-four, the average life expectancy for men living in the USA. Sorkin is arguing, in effect, that twelve years equals a life sentence.

Not so fast.

From our work in wealth management, we know insurance companies adjust mortality expectations. As men age, insurers expect them to live beyond eighty-four years.

Huh?

A man who reaches the age of sixty, for example, has a reasonable shot at living to the age of eighty-nine. If that same man reaches seventy, his life expectancy increases to ninety-one years according to some mortality tables.

So are twelve years a life sentence for Madoff?

Nobody knows. Acrimoney urges the courts to eliminate the guesswork.

Why not sentence Madoff to sixty-five billion years in jail?

About the author

Norb Vonnegut wrote 178 articles on this blog.

Do you ever feel the financial news makes no sense? Do stories leave you with more questions than answers? I created Acrimoney to discuss Wall Street’s behavior behind the headlines. As a veteran of a wealth management business that exceeded $1 billion in assets, I offer insight into the people and the “doings” that affect your money. I’ll start the discussion. But I hope you’ll jump in and say what you think.

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