Bernie Goes Down

Madoff pleas guilty:

Disgraced financier Bernard Madoff entered federal court in lower Manhattan this morning and pleaded guilty to all 11 felony charges lodged against him in involving one of the largest Wall Street Ponzi schemes ever.
He will now face the wrath of many of the investors who say he ripped them off to the tune of $50 billion dollars, as they will speak in court. The 70-year-old Madoff now faces a maximum prison term of 150 years.
Victims of the one-time Nasdaq chairman and one of Wall Street’s elite had been gathering at the courthouse as early as 8 a.m. Those alleged to be cheated by Madoff lost their life’s fortunes, charities lost their investments, school trusts were blown and at least two investors took their own lives.
The question now is whether Madoff will go right to jail or will he remain out on bail under house arrest in his $7 million Manhattan penthouse to await sentencing. Most victims, as expected, prefer the former.

See ya in 2159, Bernie.

Posted by on March 12th, 2009 at 9:49 am


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