Tuesday, Dec. 08, 2009

Ponzi Schemer

At least now he'll spend his life in jail. In March Bernie Madoff, whose epic Ponzi scheme cost investors at least $20 billion, pled guilty to 11 felonies, including securities fraud, wire fraud and perjury. Victims cheered in a Manhattan courtroom as Madoff was sentenced to 150 years behind bars. "I'm sorry," he told them. "I know that doesn't help you." True, but as lawyers scramble to recover some of the billions of dollars that were defrauded from Madoff's clients, the swindled can take some solace in his humiliation. At a public auction Madoff's personal belongings, like golf clubs, watches and a New York Mets jacket with "Madoff" embroidered on the back, pulled in $900,000 for victims. And though Madoff allegedly won his first tussle with another prisoner, at some point Brawlin' Bernie will no doubt get what he deserves.