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IPFS News Link • Criminal Justice System

Madoff pleads guilty and goes to jail in handcuffs

• AP
Saying he was "deeply sorry and ashamed," Bernard Madoff pleaded guilty today to pulling off perhaps the biggest swindle in Wall Street history and was immediately led off to jail in handcuffs to the delight of his seething victims.

2 Comments in Response to

Comment by Brock
Entered on:

The guy runs a ponzi scheme for decades. Not just any ponzi scheme, a BIG ponzi scheme - 10s of billions of dollars. Lots of people with lots of money looking at his operations.

Over that period of time, the books have to balance to the penny. Not one set of books, but two sets. Oh, and his sons and traders suspected nothing, so, actually three sets of books (or more).

One set is the actual. The second set is the client accounts. The third set is the fake client accounts that the sons and others see.

Oh, and, there have been many stories alleging no actual trades have been made for a decade or more. That means, the sons and traders were working fake phones and fake computer programs that manipulated fake client accounts for 10 years or more.

And, over that entire period, Madoff had to make sure that his sons and traders never talked to the real brokers sitting at the desks of the houses they traded, and talked, with all day every day. No drinks on Friday night, no sales pitches over lunch martinis, no perks for clients running 10s of billions of dollars.

Just marvel at the awesome skills of Bernie Madoff; expert trader, accountant, lawyer, marketer, computer programmer, telephone operator, social engineer, and producer/director/actor of the many "Truman Shows" necessary to keep every one but him in the dark.

It would be almost easier to make money the old fashioned way.

But, weird? Nah.

Comment by Fascist Nation
Entered on:

Does this strike anyone else as weird? Here is a guy accused of being a long time Ponzi scheme embezzler. Clearly someone who looks out for himself and doesn't give a damned for anyone else. Yet, instead of using his resources to drag out the proceedings for years while he lives in his apartment -- aways better than his jail cell no matter what the restrictions, he rushes to get a hearing to plead guilty to ALL counts. No plea deal even for a cushy minimum security facility. And your lawyer is a guy whom you ripped off his wife for almost $1 million. I think this guy is sincere in wanting to punish himself. It is the only reason for his actions I can come up with. Which makes it odd he ran a con game.

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