Madoff sent to jail as furious victims applaud

[John Ferrari]

Wall Street financier who cheated billions of dollars out of investors pleads guilty in court, says he is 'deeply sorry and ashamed' for his actions, but refuses to implicate anyone else in the scam

Careful to blame only himself, a "deeply sorry and ashamed" Bernard Madoff pleaded guilty Thursday to pulling off what could be the biggest, most spectacular swindle Wall Street has even seen, and was sent off to jail in handcuffs to the applause of his furious victims.

"I realized that my arrest and this day would inevitably come," Madoff said in a courtroom crammed with many of the investors he cheated out of billions of dollars.

The 70-year-old financier could get up to 150 years in prison at sentencing June 16 on 11 counts, including securities fraud and perjury. He could also be fined and ordered to pay restitution to his victims and forfeit any ill-gotten gains.


Madoff arriving at court (Photo: AFP)

[Davy Crockett]

I am positive that America's "friend" Isreal is working hard to return the stolen loot to America.

Our government, Wall Street and banking are perpetually engaged in fraud. We ask what do you call nationalization such as Fannie Mae and Freddie Mac five years after they were insolvent? Then the continual fraud of issuing mortgages to those who are unqualified to have them insured by Fannie, Freddie and the FHA. Our CFTC, SEC and other government agencies all looking the other way as massive fraud is committed by JP Morgan Chase, Goldman Sachs, Citigroup and others. The distortion of interest rates to satisfy the profit motives of the leaders of Wall Street, the control of Washington by banking and Wall Street and interest rate swaps that have destroyed the professional bond market. The criminality associated the money laundering out of the invasion and occupations in Iraq and Afghanistan. Hundreds of billions are missing and billions have been laundered from heroin sales. Then there are the recent Madoff and Stanford scams, both engineered by people in and out of our government. If you’ve noticed there has been nothing in the press recently of where all the money went. As we told you before the Madoff funds went to Israel. We’ll keep you abreast on the Stanford scam. The next fraud could be US property being given to foreign governments in exchange for worthless bonds from the US Treasury, Fannie, Freddie and the FHA.

Crime, Corruption And Collapse On Wall Street - The International Forecaster