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[video] What Form Will Madoff's Comeback Take?

Changed "insider trading"  to "securities violations" in the third paragraph.

NEW YORK (TheStreet) -- Five years after Bernie Madoff's $65 billion fraud first came to light, it's time to look back. But why look back when we can look ahead to figure out how the disgraced fraudster will reinvent himself?

Why should a 150-year prison sentence get in Bernie Madoff's way? Of course he'll come back.

Michael Milken did it, after all. So what if he went to prison and was banned from the securities industry for securities violations: Milken is a legend on Wall Street and the annual conference hosted by his Milken Institute now attracts not just top financiers, but the likes of Bill Clinton, Bill Gates and Tony Blair.

Then there's Henry Blodgett, who made fun of stocks he publicly recommended, also agreeing to a lifetime securities industry ban. Now he's the king of Internet business news.

So maybe Madoff can advise Detroit on how to escape its pension obligations. Except that Detroit already figured that out. Or he could advise the Federal Reserve on how to print $3 trillion. Nope -- they got that covered, too.

What's a former Ponzi schemer to do? Any suggestions, readers?

-- Written by Dan Freed in New York