March 12, 2009

Bernie Madoff got hauled off to jail today for the rest of his life:

The disgraced financier Bernard L. Madoff was immediately handcuffed and led off to jail on Thursday after a hearing in which he pleaded guilty to running a vast Ponzi scheme that bilked investors out of billions of dollars.

Rather than letting Mr. Madoff remain free on bail and return to his apartment on the Upper East Side of Manhattan, Judge Denny Chin of Federal District Court ordered Mr. Madoff remanded as he awaited sentencing.

I think John Cole has it right:

[I]sn’t the more important aspect of the Madoff case the number of people involved in the conspiracy? This wasn’t just one guy. There were all the pople in his office, all the people he did business with, all the bankers who held the funds and got their cut for every transaction, the accountants who didn’t notice anything. When does that get discussed and investigated.

Or do we send Madoff off to jail, pay out the victims though the government insurance fund (my bad, SIPC is not government), and just pretend it was one guy who did all this?


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