Madoff is denied bail and ordered to jail

Discussion in 'Wall St. News' started by Lightningdog, Mar 12, 2009.

  1. Madoff is denied bail and ordered to jail
    By LARRY NEUMEISTER and TOM HAYS, Associated Press Writers Larry Neumeister And Tom Hays, Associated Press Writers 2 mins ago

    NEW YORK – Bernard Madoff has been ordered to jail after pleading guilty to an epic financial fraud scheme.

    Applause broke out in the courtroom after the judge's announcement Thursday.

    The judge revoked bail after the financier entered 11 guilty pleas.

    The judge says the 70-year-old Madoff has the means to flee and an incentive to do so because of his age.

    Madoff admitted he began operating a giant Ponzi scheme in the early 1990s. Prosecutors say he robbed investors of billions of dollars.

    Sentencing has been set for June 16. He could face up to 150 years in prison.
  2. Jesus, he may not get out until he's 220!
  3. Humpy


    Nailed the sod !

    How much has he got stashed away in Switzerland etc. though ?

    Should strip him down to his underwear imho

    By the time he agrees to cooperate etc. he should be out in next to no time
  4. At 70, his retirement is guarnteed. Perhaps not the lifstlye he wanted, but three meals a day, excersize, clothing, laundry, pleanty of free time, no responsibilities and a top notch health plan, all provided by us taxpayers. Gotta give old Bernie some credit, he's still sticking it to us!
  5. Pekelo


  6. Let's hope someone "sticks" it to him in prison. (take that how you want) :eek:
  7. Not going to happen in the prison he's going to.
    He'll most likley get a private room with a flat screen t.v., HD cable, view of the "yard". Daily walks outdoors, time to meet and chat with other inmates. Regular visits from family and friends (if he has any).

    Bernie is going to Minimum Security Prison. a.k.a Rest Home.
  8. Lucrum


  9. Mr Pain

    Mr Pain

    He and his family are absolute scum. I hope they all end up in jail. I think the judge should order him to live as a homeless man for the rest of his life, to sleep in a shelter and never enter anywhere but a public space. That will never happen but I can see him at the supermax federal prison in Colorado with no TV, radio etc… locked in solitary 23 hours a day like they did to Gotti.
  10. Probably not. Read an article on Bloomberg that mentions this guy's experience in prison. The days of "club fed" have been over since 2005.

    Usually those with sentences over 20 years go to medium security also but depends on the BOP discretion. Medium and even low security prisons are no joke so his retirement is not going to be pleasant.

    "In August, 2005, the BOP announced that due to budget cuts, they were closing Nellis and several other
    minimum security prison camps. The former campers were scattered to the wind. I, along with 100 other
    Nellis inmates, were put on buses, chained and shackled, and sent to F.C.I. La Tuna, a Low Security prison
    outside El Paso, Texas. <b> The only thing low about La Tuna is its name. It's in a world of its own; replete with
    warring gang members, bank robbers, crack dealers, illegal aliens, violent offenders, and a psychotic
    staff to boot. The Nellis inmates were shell-shocked into the real world of federal prison. Gone were their
    cushy days of being in a camp </b>. In reality, many White-Collar inmates never end up in camps, and I've seen
    them at every custody level."
    #10     Mar 12, 2009