Madoff Pleads Guilty

Bernie Madoff was in court today to plead guilty on charges of running a Ponzi scheme that screwed investors out of billions. His bail was immediately revoked and he was jailed until his sentencing.

Considered at this point to be a flight risk, Judge Chin said, “He has incentive to flee, he has the means to flee, and thus he presents the risk of flight. Bail is revoked.”

Bernie Madoff’s fraud was “a global scheme that ensnared hedge funds, nonprofit groups and celebrities, and devastated the life savings of thousands of people.” His guilty plea and jailing today, is small solace to those who lost their investments or savings from their unwitting involvement with his scheme, including a friend of mine who I recently found out was bilked by Madoff.

Madoff said in court he was “deeply sorry and ashamed.” Sure… Now that he faces spending the rest of his life behind bars, he’s sorry and ashamed, but as of yet, he has not disclosed what happened to the billions. So, just how sorry is he? Not very I am afraid…