Bernie Madoff Goes To Jail

Bernie's behind bars.
A Manhattan federal judge dispatched Bernard Madoff to jail immediately after the superstar swindler said he was "deeply sorry" Thursday for destroying the lives of thousands of people in a $65 billion Ponzi scheme.
Madoff's victims in the courtroom burst into applause after Manhattan Federal Court Judge Denny gave the order.
"Mr. Madoff, I will see you at sentencing," the judge said.
Moments later, Madoff was led out of the courtroom in handcuffs - closing a chapter in a case of epic fraud that made Madoff's name synonymous with unbridled greed.
During his five minute address to the court, a nervous but contrite Madoff admitted he never invested any of the money he was entrusted with.
"As years went by, I realized my arrest and this day would inevitably come," Madoff said as he read from a sheet of paper.
"I knew it was wrong. I am painfully aware I've deeply hurt many, many people."
While the feds believe Madoff has been ripping off investors since the 1980s, the finagling financier claimed he began making "bogus" investments in the 1990s.
"For many years, up until my arrest on Dec. 11, I operated a Ponzi scheme which was located here in Manhattan," he said.
Madoff, 70, called the scheme, "the vehicle of my wrongdoing" and that he didn't expect to run it for so many years.
Asked why he did it, the fallen Wall Street wizard gave an answer that was long on chutzpah and short on credibility - he did it to survive the 1990's recession.
"I felt compelled to satisfy my clients' expectations at any cost," he said.
Madoff also insisted his brother and two sons played no part in his wrongdoing. He made no mention of his wife, Ruth, who like the rest of his family, remains under federal investigation.
When it came time to plead to eleven criminal charges, Madoff uttered the word "guilty" eleven times.
As expected, defense lawyer Ira Sorkin asked that the courtly crook be allowed to remain under house arrest in his swanky E. 64th St. duplex.
Chin refused and ordered Madoff held at the Metropolitan Correctional Center in lower Manhattan until his sentencing on June 16.
Madoff faces up to 150 years in prison - meaning he will almost certainly die behind bars for pulling off the biggest swindle in history.