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Community Comment

Thu., March 12, 2009, 5 a.m.

Bernie’s Day in Court…

Photo Credit: AP News wire (The Spokesman-Review)
Photo Credit: AP News wire (The Spokesman-Review)

Good morning, Netizens...

While we are out dancing in the streets with ecstasy over Jay Olsen coming out of the closet, we might want to dance a lick or two for Bernie Madoff who arrived at the lower Manhattan courthouse just after 7 a.m. today where he is expected to plead guilty to swindling billions of dollars in one of the largest investment schemes in U.S. history.

Will he remain a free man? A Federal Judge will decide that later Thursday morning. After the disgraced financier's expected guilty plea, prosecutors will argue he is a flight risk and there is no reason he shouldn't be led out of the courtroom straight into the arms of a welcoming jailhouse gang.

The size and scope of Madoff's ponzi-scheme has increased from $50 to $65 billion, and a guilty plea to the government's 11-count indictment exposes the disgraced Wall Street veteran to a potential 150 years prison term.

For this kind of swindle, you can win really big bonus points, they tell us.

While the prosecutors tell the news media they will leave no stones unturned in their search for hidden assets, on the other hand Madoff's wife states she wants to hold onto their lavish home, and some money.

"Right off the bat, Ruth Madoff claims to have $62 million and their $7 million apartment. We believe there are tens of millions of dollars stashed overseas," said one attorney who represents one group of investors.

Oh? If we take a beating why shouldn't we share the wealth or lack thereof?


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Spokesman-Review readers blog about news and issues in Spokane written by Dave Laird.