Live Blog from the Anchor Desk 03/12/09
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Tonight on AC360°, Madoff’s confession. Today the former Nasdaq chairman and Wall Street fat cat pleaded guilty to defrauding thousands of investors out of 65 billion dollars. He said he knew what he did was wrong and fully expected this day to come. Tonight he’s in jail, awaiting his June sentencing. He faces up to 150 years. Considering he’s 70 years old, he’ll likely die in prison. But confessing to the massive Ponzi scheme won’t bring his victims’ money back. We’ll be digging deeper into the story tonight. We’d love to hear your thoughts on Bernie Madoff. We want to keep the live blog on this one topic. So, please share your thoughts on Madoff’s guilty plea below.
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Hello everyone - great to see that bum Madoff heading off to jail; where are the rest of the people who conspired with him?
Meanwhile, we finally have some brightening news on the economy: three big banks - Citi, J.P. Morgan Chase, and Bank of America - reporting some positive income; stock market making biggest three day gains since November; and the President had some encouraging words for the Business Roundtable. Hard to say this is a trend - there is more bad news coming - but still, are we starting to see the bottom? Maybe!
Good evening, Anderson, Randi, David Gergen and bloggers.
I am thrilled that Madoff is finally incarcerated, but I want to see everyone who was even remotely involved with him investigated.
And I still love Congressman Ackerman!
Great to see Jeff Toobin again. Tell him to come blog with us.
I LOVE Gary Ackerman! Has he had any hearings on anything recently?
They need to go after the people who were in charge of the SEC in 1999.
Good evening Anderson, crew , Randi K, and fellow bloggers!
Madoff at least got sent to jail today. I don't know how there will ever be true justice in this case....however, it's obviously not just him!!
I Hope they are able to find the "others", confiscate their cash and get enought money for the people who lives were devestated by them.
SEC should also be on the line....can they be sued for money re: loses due to Madoff??
Mike NY.
Maybe he stole client's money from the stock wall.......
@Hannah – I don't know how much he was expecting it, but I get the idea he was unprepared. Sources report that a judge had told him to get a glass of water before or during the trial because he was behaving so nervously.
It is impossible to think that Madoff was working alone. How can his family say they knew nothing? Someone should have known or at least have reason to know of the fraud and so had a responsibility to be a whistle blower.
Ahh Rep. Ackerman! Gotta love him! 🙂
I love that guy from New York – that rep – Who was that again? lol
Greetings all!
My prayers are with Madoff and his victims.
I believe his family was involved and knows everything.
Anderson, this entire case feels like it's 20 minutes into an episode of House and they've discovered a solution to the problem... we all know there's 40 more minutes to go, so there's no way the entire story has been told.
Madoff went quietly and swiftly because he didn't want a public trial. Doesn't really matter though, the people investigating this are going to take everyone down – the ENTIRE family!
The SEC didn't listen before, but now that it's out in the open everyone who touched it will burn.
JW
It's amazing that Madoff got away with this as long as he did...
I'm glad they got him. My folks were caught up in a Ponzi scheme a few years ago.
Good evening Anderson. With respect to Bernie Madoff…don’t do the crime if you can’t do the time. I hope he gets locked up and they throw away the key. Time for Bernie to switch digs and get out of that swanky Manhattan apartment and now be entitled to three hots and a cot! C’est tout!
dont feel sorry for him, he is not taking responsibility hes protecting his stolen money he already gave to his family dont you remember they cought him mailing millions of jewelery????????
The trustee won't try to clawback money paid in income taxes. That would be useless and punish victims further.
How long was he scamming again? Over a decade right?
I hope they go after anyone else who was involved with this scheme. I'm wondering if part of his pleading guilty was to cover up something bigger.
At least he is admitting it and not fighting it. I guess his conscious finally kicked him in his backside.
i think madoff's wife and kids had some idea of what was going on and they are just as guilty if they keep that money hidden instead of returning it to those who lost so much.
Good Evening Everyone,
I have been wondering all day.... Was it a surprise to Madoff to have to go straight to jail? Or was he expecting it....
What happens to the people who "investigated" Madoff and were too incompetent and/or lazy to uncover his scheme? Do they get to keep their jobs?
Good question!!!
Where's the Madoff money?
Also what about the money managers.
E trade looks better and better all the time.
I wonder if Madoff knew that last night was going to be the last night he'll ever spend in his own bed in his life.
He can't "adequately express his sorrow" because he isn't feeling any – for his victims!
Hello folks. What a collossal failure of government oversight.
but how are the victims of Madoff?
Isabel,
Victims are ok, but they are disappoint with Madoff.......
How can he possibly have spent $64 billion? How many cars, planes, and homes can you buy?
He will leave his luxurious penthouse to live in a cell at the MCC.
There is no evil that always lasts, or well that never runs out!
Madoff is a liar! No way did he do this scheme alone! I am glad he is in jail for the rest of his life!
Cindy..Ga.
How come Chase Bank did not think something
was up ?
Hi Anderson, Randi, Megan, Chris S., Isabel, everyone. I can't understand how the SEC missed what Madoff was doing after investigating his company in 2006 (?) Several investigations as Joe Johns has just noted.
goodevening all.
i wonder how they are going to work out the whole restitution thing with the poor people madoff ripped off?
this will be interesting to see exactly how much can be returned to the investors.
hey fellow bloggers/tweeters/fb'rs!!!!
Good evening everyone. Hope you all had a good day today.
I think Madoff deserved to be in jail, but when it really comes, I do not know why I still feel sorry for him. I guess I would feel better if he was trying so hard to fight and avoid the charges. But he pleaded guilty, took responsibility, and tried to keep his family safe.
He said he knew this day would come. I do not understand why he still did it. It is like you know if you keep walking straight, you will fall off the cliff. Why in the world would you keep walking straight?
Good evening, all!
I hope Madoff is, somehow, forced to reveal his hidden assets. The others involved should be brought to justice as well.
Madoff and whoever his co-conspirators are have ruined so many lives – it is so sad to hear the stories of people who've had to start rebuilding their lives after having lost everything.
It is nice to see Madoff actually taking responsibility for his crimes and now hopefully he will end up behind bars for the rest of his life!
Madoff didn't few things:
He wronged investments, correspondence and documents, he made money laundering, he committed perjury, he gave false information to the SEC and he stole a part of their employee benefits.
Bernie is just the tip of the iceberg. There's his family, his assocites at the SEC, the bank which processed the billions and loked the other way. It will take years, cost millions more, and result in little return on "investment" for fafr too many.
Madoff – finally justice!
He can to be sentenced until 150 years but how are the victims of Madoff?
Good evening Anderson, Randi, and my fellow evening conversationalists! Hope you all had a good day!
Good evening, Anderson, Erica, David G, and bloggers! Hope everyone has had an excellent night so far.
So, nothing surprising in the Madoff case, except maybe the expediency of it.
I'm glad he's in jail but his wife should probably be in jail too. So his wife and kids just get to jet off to Europe and various other vacations with all that money huh?
Hi, Anderson and producers,
It’s good to see you!
Hi bloggers!
Hello, Megan, Casey, David (Indiana), Gayle, Esma, Rikki, Brandi, Betty Ann, Vanessa, …
Evening for everyone…
Madoff – finally justice!
He can to be sentenced until 150 years but how are the victims of Madoff?
Hellooo Anderson, Randi, David G, David in IN, Brandi, Esma, Bea, BettyAnn, Rikki, Michelle D, Glen, EJ, Sean, Soldier in IRAQ, Ashley, Isabel, Chris S, Vanessa TX, Vanessa DC, Pati, Gayle, Casey, Helen and best bloggers!!!!!
I am glad Berine Madoff are on the way back to jail right now for 150 years ahead..... also glad that he already found guilty, I hope that he will learn his own lesson...... I don't understand why he stole his ex-clients's money to collect....... I never trust him at all, But he have to promise his own. no promise to people, when he stole all money billions from stock, I got e-mail from CNN breaking news , it's says that he already found all 11 counts guilty. I am forward to see him tonight. Also, I like to say thank you (CNN) coverage live this morning.
Hey All! Hey Anderson, Erica, David G., Tweet/Facebook buddies, and the rest of the best bloggers in the world.
Great day on the market today. Plus Madoff finally is going to jail.
Evening Anderson and all.
Looking forward to the show tonight and the Madoff coverage. I was gone all day to the Fern Bank Museum to see the dino exhibit so I missed it. I knew I'd get my fill here though.
Cindy..Ga.
Good evening Anderson and everyone. Madoff is finally out of his ivory tower and in a iron box!