Bernie Madoff's Jail Cell At Metropolitan Corrections Center

cnbc.com:

Bernie Madoff's bail was revoked today after he pleaded guilty to 11 counts of fraud in the biggest swindle ever. He'll be formally sentenced on June 16 and faces a maximum sentence of 150 years.

Madoff had been allowed to stay in his expensive Manhattan apartment on bail before today's plea. But that's all changed.

Read the whole story: cnbc.com

Comments

[prostock69]

Once he is sentenced, which prison will he be spending the rest of his life?

[armadillious2002]

He will be in a minimum security camp or a low. But this is still not club Fed as everyone has been led to believe. Many camps do not have Air Conditioning and there are still plenty of killers and rapists in camps. Best bet for him is to pick somebody out during the first two weeks and smash him. This will give him a lot of respect and he probably won't have much trouble after that.

[VOTER]

Missing from CNBC's Rogues Gallery Slide Show - Members of the Bush & Cheney Clans

[armadillious2002]

I really do wonder where Bush and Cheney have hidden all their stolen money. I have absolutely no doubts that they stole it - but finding it might be a bit difficult.

[kathleenseidel]

What I wonder is, will he run into anyone he ripped off while he's in the slammer?

[nogimmicks]

150 y for 68B, that means roughly 2 years of prison for each billion dollars.
Therefore people who steal a million dollars should go to prison for just a few hours.
Oh.. I forgot, the punishment is INVERSELY proportional to the magnitude of the crime.
Killing a man leads to capital punishment, starting a war - to an interview on CNN.

[aflyinyoursoup]

Uh..Nice cell, but where's the buttler?
There's supposed to be a buttler!
Warden, please report to my quarters, asap...

[fredgladys]

The way Ponzi/Pyramid schemes work is that the early investors get a heap of profits, these profits diminish to zero as the scam goes on, so, does anyone know who the early investors were. Can they be asked or forced to pay a proportion of their earnings back to those at the end of the queue.

[rabiddog6708]

You can't force those investors to pay back anything unless you can prove they knew it was a criminal enterprise and not a legit investment.

[fredgladys]

My question was a little flippant, I realise that it would be difficult if not impossible to have these people pay any money back. I am curious however as to how the amount he scammed was calculated.

[stavros]

Federal prison for this rabid dog?
He needs to go to a rape your behind prison. He of all people deserves it.

[dgscol]

At least we can do one thing right - the guy who is the biggest thief in history, is guilty. but isn't Bernie too big to be placed in prison?

Perhaps he could work to expose other ponsie schemes, and get a share of the recoveries.

[brooklyncitizen]

Hmm...sacrificial lamb defense....while his family enjoys the stolen goodies.

[sarabono]

Who is going to pay all these legal fees -- on both sides --

This could take years of civil litigation.

I bet the lawyers fees consume at least 70% of the remaining assets.

[magibrotherhood]

keep the jail cell across the hall ready for Christopher Cox.......

[somsoc]

What he did was an act to try to protect his wife and sons from prosecution, guess what, he loses. !!!

[somsoc]

If only Madoff could get the death penalty -- his crimes deserve no less.

[sarabono]

Drop him dressed just in his boxer shorts on the main street of Palm Beach.

I doubt if he would ever be seen again. (Just like Jimmy Hoffa)

[Angelaaaa]

The fact that he is protecting his wife and the ill-gotten $$$millions he has transferred into her name (no one is saying, I assume, that she actually got off her fanny and earned it herself) is pretty crucial. Just remember, if the guy broke into your home and stole a TV and was caught afterwards, it wouldn't matter who in his family he gave it to. It would still be yours and, this is the important bit, they would be guilty of receiving stolen goods. His wife and children's millions are different how? His protection of his family is simply protection of all the $$ he has defrauded and put in their names.

On the other hand, the rich eating the rich is a schadenfreudish sight, no?

[Tommygun264]

This is one case where I think China is ahead of us. Remember what happened to the people who poisoned the dog and cat food?

[somsoc]

His wife and sons should enjoy the same penalty.

[petphotos]

Good thought. Just saw some reaction on the cable about how he will probably be killed to keep him quite. Good luck preventing that from happening.