Thursday, March 12, 2009

Madoff Ledoff

Wall Street financier Bernard Madoff pleaded guilty today and was ledoff to jail. Madoff was denied bail after pleading guilty and stating he was "deeply sorry and ashamed" of his actions.

Prosecutors say the disgraced financier, who has spent three months under house arrest in his Manhattan penthouse, could face a maximum term of 150 years in prison at sentencing June 16. Madoff is expected to spend the rest of his life in prison.

The fraud, which prosecutors say may have totaled nearly $65 billion, turned a revered money man into an overnight global disgrace whose name became synonymous with the current economic meltdown.

The plea does not end the Bernie Madoff saga: Investigators are still undertaking the daunting task of unraveling how he pulled off the fraud for decades without being caught. They suspect that his family and top lieutenants who helped run his operation from its midtown Manhattan headquarters may have been involved.

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