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March 12, 2009

Bernie Madoff finally pulls "Go Directly To Jail" card after all his money games

Jail As detailed in this new AP report, after his guilty plea Bernie Madoff "was led out of court with his hands cuffed behind his back" because "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."  Here are a few more notable details from today's court action:

After arguments began as to whether Madoff should remain free on bail, his lawyer Ira Sorkin described the bail conditions and how Madoff had, "at his wife's own expense," paid for private security at his $7 million penthouse.

Loud laughter erupted among some of the more than 100 spectators crammed into the large courtroom on the 24th floor of the federal courthouse in lower Manhattan. The judge warned the spectators to remain silent.

This updated Bloomberg reportprovides more details and background and also reports that Madoff's official sentencing is now scheduled for June 16.  Also, Jeralyn at TalkLeft has this updating post with lots of effective coverage and links.

Some related Madoff posts:

UPDATE:  Here, thanks to the AP, is the "text of Bernard Madoff's prepared plea allocution statement, delivered Thursday in U.S. District Court in New York."

March 12, 2009 at 12:00 PM | Permalink


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Not mentioned is that the judge told a white lie: "He has the means to flee." I have never heard of a defendant whose bail conditions were more restrictive. Clearly there was zero chance that Madoff could flee. He was being held under conditions Houdini could not escape from.

I am not arguing that Madoff should be free, only suggesting that if the judge is going to revoke his bail, he ought at least to be truthful about it.

Posted by: Marc Shepherd | Mar 12, 2009 12:46:32 PM

Any person with a subway token has the means to flee.

Posted by: mpb | Mar 14, 2009 4:27:09 AM

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