Ponzi Schemer Bernie Madoff Pleads Guilty Goes Directly to Jail (Update

March 12, 2009

(ChattahBox) —Update: Bernard Madoff as anticipated, plead guilty today to 11 charges, and was immediately led off to jail in handcuffs to the applause of his seething victims in the courtroom.

U.S. District Judge Denny Chin denied bail for Madoff, 70, and ordered him to jail, noting that he had the means to flee and an incentive to do so because of his age.

Madoff earlier spoke softly but firmly to the judge as he made his first public comments about his crimes since the scandal broke in early December saying:

“I am actually grateful for this opportunity to publicly comment about my crimes, for which I am deeply sorry and ashamed,” he said.

“As the years went by, I realized my risk and this day would inevitably come. I cannot adequately express how sorry I am for my crimes.”

Ponzi scheme crook Bernie Madoff, one of the most hated man in America, will plead guilty today to 11 felony counts in Lower Manhattan’s U.S. District Court. Madoff will confess to carrying out a major ponzi scheme that defrauded his investors for $50 billion of their life’s savings. Madoff will finally leave the posh comfort of his luxury NY penthouse, where he has been under house arrest, to enter his guilty plea, but he may not be thrown in jail until formal sentencing, probably in a few months.

Many defrauded investors of crook, Bernie Madoff are crying foul, because allegedly Madoff will not be required to reveal the names of his co-conspirators or reimburse investors. Since 70-year-old Madoff is pleading guilty on his own, without a plea agreement with prosecutors, he will likely take all his secrets to his grave, enraging the public and defrauded investors out for a pound of flesh. Many believe Madoff had help in carrying out the biggest investment scam in history, but he may never reveal those names.

Whether U.S. District Judge Denny Chin revokes Madoff’s current bail agreement and sends him immediately to a nearby Correctional Center, remains to be seen. Chin ruled he would only allow a small group of victims to testify at Madoff’s hearing, only on the issues of revoking bail and accepting the guilty plea. Chin is trying to avoid a stampede of angry defrauded victims to the courthouse to witness Madoff’s guilty plea.

Many of Madoff’s victims lost all their savings and even their homes, while Madoff has continued to live in luxury in his penthouse. Prosecutors intend to continue to investigate Madoff family members and others, to find evidence of additional crimes and hopefully, to recover assets from the Madoff family fortune to at least partially reimburse the thousands of suffering victims. There is also the question of how much, if any, of Madoff’s wife’s fortune will be turned over.

Madoff’s victims won’t rest until they see him in jail in a 7 1/2-by-8 foot cell, eating prison food and wearing an orange jumpsuit. Stay tuned.


Comments

One Response to “Ponzi Schemer Bernie Madoff Pleads Guilty Goes Directly to Jail (Update”

  1. williambanzai7 on March 12th, 2009 1:17 pm

    BERNIE MADOFF SINGS “IF I HAD A PONZI ”
    (If I Were a Rich Man, Fiddler on the Roof)
    WilliamBanzai7 (Fraudster on the Roof)

    Sing along link: http://www.youtube.com/watch?v=RBHZFYpQ6nc

    If I had a Ponzi,
    Ya ha deedle deedle, bubba bubba deedle deedle dum.
    All day long I’d be sitting in the Palm Beach sun.
    If I had a good Ponzi scam.
    I wouldn’t have to work hard.
    Ya ha deedle deedle, bubba bubba deedle deedle dum.
    If I were a biddy biddy Ponzi,
    Yidle-diddle-didle-didle man.

    I’d buy a big gawdy mansion with rooms by the dozen,
    Right in the middle of Palm Beach town.
    And a fine Park Avenue Penthouse with a fleet of Mercede’s and others down below.
    There would be one long staircase just going up,
    And one even longer coming down,
    And one more leading nowhere, just for show.

    I’d fill my office with investor ducks and turkeys and geese to fleece
    For all of Wall Street to see and hear.
    Squawking just as noisily as they can.
    Each loud “cheep” “squawk” “honk” “quack”
    Would sound like a golden trumpet on my Ponzi scheming ears,
    As if to say “Here is yet another wealthy yutz to schtupp.”

    If I had a PONZI,
    Ya ha deedle deedle, bubba bubba deedle deedle dum.
    All day long I’d biddy biddy bum.
    If I had a good PONZI scam.
    I wouldn’t have to work hard.
    Ya ha deedle deedle, bubba bubba deedle deedle dum.
    If I were a biddy biddy Ponzi,
    Yidle-diddle-didle-didle man.

    I see my wife, my Ruth, looking like a rich momzer’s wife
    With a proper Bergdorf grin.
    Supervising meals to her heart’s delight.
    I see her putting on airs and strutting like a Park Avenue trophy tuchas.
    Oy, what a happy mood she’s in.
    Screaming at the servants, day and night.

    The most important machers in Wall Street town would come to fawn on me!
    They would ask me to advise them,
    Like a Solomon the Wiseguy.
    “If you please, Bernie…”
    “Pardon me, Bernie…”
    Posing megillahs that would cross an SEC Branch Chief’s eyes!

    And it won’t make one bit of difference if i answer right or wrong.
    When you’re a Wall Street gonif, they think you really know!

    If I were rich, I’d have the time that I lack
    To hook then slice golf balls and pray.
    And maybe have a seat on NASDAQ.
    And I’d discuss the holy finance books like a big Wall Street macher, several hours every day.
    That would be the sweetest thing of all.

    If I had a PONZI,
    Ya ha deedle deedle, bubba bubba deedle deedle dum.
    All day long I’d biddy biddy bum.
    If I had a good PONZI scam .
    I wouldn’t have to work hard.
    Ya ha deedle deedle, bubba bubba deedle deedle dum.

    Lord who made the Wall Street lions and the rich shnooks and lambs,
    You decreed I should be what I am.
    Would it spoil some vast eternal plan?
    If I built the Mother of all Ponzi scams.

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