March 12th, 2009
09:52 PM ET

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.

And, don't miss Randi Kaye's webcast on Madoff during the commercials. Watch our WEBCAST

Want to know what else we're covering tonight? Read EVENING BUZZ

Keep in mind, you have a better chance of having your comment get past our moderators if you follow our rules.

Here are some of them:

1) Keep it short (we don't have time to read a "book")

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And take a look at our live web camera from the 360° studio. Watch the WEBCAM

Filed under: Live Blog • T1
soundoff (333 Responses)
  1. barb

    bernard madoff is sorry, he's sorry he got caught.

    March 12, 2009 at 10:26 pm |
  2. EJ (USA)

    Wait I’m not finished… Money is a thing. One has the possibility to make again, maybe even more. A child’s innocence, you cannot get back! How dare that man say something like that.

    I think he meant the amount of hatred being expressed against Madoff. I don't think he meant the crime similarity but what Madoff's name has come to mean to everyone. He is definitely up there on America's "most hated" list. The others on that list would likely be killers, terrorists, or child molesters.

    March 12, 2009 at 10:25 pm |
  3. Patrice Palmer

    Sticky floors keep people down! I don't think that's what really keeps people down. It's largely an economic policy that is the blazing sun that favors the top feeders over the middle and bottom feeders.

    March 12, 2009 at 10:25 pm |
  4. laura

    Good evening everyone

    March 12, 2009 at 10:25 pm |
  5. Renee

    @ Gergen: Things may get better when the Feds lock up guys like Arthur Nadel, from Sarasota FL, for stealing $350 million from folks down South. There are so many schemers running through the financial system right now. The fraud needs to be cleared up. FYI Arthur and Bernie are in the same jail in NY. Maybe they can work out together on the roof.

    March 12, 2009 at 10:25 pm |
  6. Steven Williams

    Madoff is going to makeoff like a rockstar in prison. He's going to have a block of fans and wanna bees trying to gleam something from his criminal acts. I hope Mr. Madoff takes this opportunity to reform and rehabilitate his life.

    March 12, 2009 at 10:25 pm |
  7. Tom

    You know somehow I don't feel any different when market falls or rises. Maybe I'm just not living right. Just a thought.

    March 12, 2009 at 10:24 pm |
  8. Bridget, TX

    Corporate America, who ran the country for years are as guilty as Madolf. I'm sick of the selfishness and crooks that use to run this country.

    March 12, 2009 at 10:24 pm |
  9. MIMI

    I feel that Madoff did not work alone for more than 20-plus years. The entire family should be investigated; and NO plea bargaining. Family assets should be liquidated (including residences); and victims compensated.

    March 12, 2009 at 10:24 pm |
  10. Glen Up North

    Following Kristen's comment... it would be poetic justice if the authorities put Madoff in jail, then charged him $40,000 a year for room and board. Doable?

    March 12, 2009 at 10:24 pm |
  11. Fred

    "Hello folks. What a collossal failure of government oversight."

    Bea – That's why they call it oversight.

    March 12, 2009 at 10:24 pm |

    Hey Bloggers! I know the market turned up for several reasons, but I like to believe it's because Madoff is finally out of his Park Ave. penthouse and into a jailhouse.

    March 12, 2009 at 10:24 pm |
  13. Max McArthur

    Anderson, although Madoff has plead guilty to his fraudulent financial scheme and will, undoubtedly, be sentenced based on this overarching fact, what part should the suicides of some of his victims, here and in foreign countries, play in his sentencing? Shouldn't this unforunate and tragic outcome for these victims be taken into account inasmuch as Madoff' s actions played a contributing factor in their unfortunate decision to take their own lives?

    March 12, 2009 at 10:23 pm |
  14. Steven

    As long as this country celebrates crime, putting perpertrators in the spot light, signing multi-million dollar book deals, there will be the Bernie Madoffs among us. What comes around goes around. While we relish the reason for someone else's demise, let it be a reminder that the same misfortune can easily befall anyone of us. Tone down on those interviews and camera time on criminals. Use those precious media time to promote the good instead.

    March 12, 2009 at 10:22 pm |
  15. Jacqueline, NY

    Wait I'm not finished... Money is a thing. One has the possibility to make again, maybe even more. A child's innocence, you cannot get back! How dare that man say something like that.

    March 12, 2009 at 10:22 pm |
  16. Jacinth, Florida

    A genius who fell on his sword. He is going to jail to protect his sons, wife and other cronies. Let's see if the government does anything about it! NOT!

    March 12, 2009 at 10:22 pm |
  17. Megan Dresslar - Shoreline, WA

    @ Megan

    I do not know if I understood correctly, but it seemed to me that people were having difficulty in proving how and how much they were stolen.

    @ Isabel,
    You're right...... you have good point there...... They lost their 4k the stock wall as mine too....

    March 12, 2009 at 10:22 pm |
  18. candice

    Could that be why people trusted him so completely?

    March 12, 2009 at 10:22 pm |
  19. Minou, New York City

    Madoff is great proof that there is Karma.

    March 12, 2009 at 10:22 pm |
  20. Lauren--NY

    Randi, just so you know, you're signed in as Anderson. 🙂

    I think that Levine guy is right...isolation is going to be Madoff's worst punishment. He won't know how torturous it is until he's in the thick of it.

    And he absolutely, 100% deserves it.

    March 12, 2009 at 10:21 pm |
  21. Robyn

    Madoff wiped out 4000 victims globally. What about those of us who reviewed annual reports, read analyst reports, and invested in "solid" companies like Merrill Lynch and Goldman Sachs? We're wiped out too, and there are more than 4000 of us. What happens to CEO's who were fired with hundreds of millions of dollars in severance, while we are lucky to have 10 cents on the dollar? I guess they hide out in the Bahamas?

    March 12, 2009 at 10:21 pm |
  22. David, Indiana

    David Gergen, yes thanks for mentioning the good news from the stock market. and the banks making some profits in the early part of the year. I saw part of the business round table and found it encouraging.

    I truly hope more of that money can be recovered and returned to investors.

    At this point Madoff has been charged rather than indicted, so a question from listening to the webcast–Can Madoff still make a plea bargain?

    March 12, 2009 at 10:21 pm |
  23. Cristy Kirssin


    I'm glad to hear that Madoff's cell is not luxurious. Some people speculated he would go to a nicer place, like a "white collar" type prison. but it looks like he is being treated like anyone else- that's good to hear especially now when it seems like "white collar" crimes are becoming more exposed

    March 12, 2009 at 10:21 pm |
  24. Nattada, Houston, TX

    If it is going to happen, I will feel deeply sorry for people who has to give their money back. But since that profit is the fault profit, it is the right thing to do, though, so people who lost all of their life saving can get something back.

    March 12, 2009 at 10:21 pm |
  25. Eric Walker, Miami FL

    A few days ago Gergen said Obama was the owner of this bear market. 50 lossy days. The fact that the market has risen 300 pionts in three days proves that the Wall Street boys have a foot on the scale!

    March 12, 2009 at 10:21 pm |
  26. Fay - California

    I've been cautiously optimistic about the economy possibly turning around – watching the news with the Dow closing up has been encouraging, but it's going to take time for things to really get in shape again.

    March 12, 2009 at 10:21 pm |
  27. Kristen - University Park, PA

    Greg a genius wouldn't have gotten caught. Madoff is scumb nothing else to describe him, they ought to put him under the jail.

    March 12, 2009 at 10:21 pm |
  28. Sean, Soldier in IRAQ

    Good evening, all. The whole AC 360 crew and the usual bloggers. Sorry I havent been here in a while. Missions are getting in the way. But I should be here for a while today

    March 12, 2009 at 10:21 pm |
  29. gayle mccauley Malden,Mass.

    See what greed,one of the seven deadly sins,can do to someone and those who's life they touch?Tsk,Tsk,Tsk!!!

    March 12, 2009 at 10:21 pm |
  30. Shanna

    Thanks for the chat with the "prison specialist"...he made my mother and I laugh out loud towards the end. Hopefully Bernie won't be having many laughs in jail where he belongs. As if this country hasn't been fleeced enough...

    March 12, 2009 at 10:20 pm |
  31. James and Crystal

    Why would someone invest their life savings with a man that has a last name like madoff. He lived up to his name. He madoff with all your money.

    March 12, 2009 at 10:20 pm |
  32. Jesse Michaud

    i know modaff is behind bars

    March 12, 2009 at 10:19 pm |
  33. Bea

    @Greg: In calling Madoff a genius, you ever notice that that term is rarely used with folks who do incredibly ethical things? Have we equated intelligence with unethical conduct?

    March 12, 2009 at 10:19 pm |
  34. Glen Up North

    I'm extrapolating here (but remaining half on-topic): Could the end of Madoff's Ponzi scheme and the stock market rebound... be related? Could investor confidence be encouraged by the fact that a bad investment scheme has been unearthed and stopped? Nah, it couldn't be related that closely... could it?

    March 12, 2009 at 10:19 pm |
  35. Maren in Oregon

    Can you imagine the implications of this man, making a living instructing people on Wall Street how to survive in prison? Do the math, as they say. Yikes!

    March 12, 2009 at 10:18 pm |
  36. Annamarie

    Hi Anderson...just started blogging and I like it!

    I am very pleased to see Madoff getting exactly what he deserves. Greed has ruined his life and that of so many others. I only wish his victims could somehow find peace and ideally find their money!

    March 12, 2009 at 10:18 pm |
  37. Maria

    I rememeber between 1995-1996, this kind of ponzi was common.

    March 12, 2009 at 10:18 pm |
  38. Gloria, Brooklyn, NY

    Hello everyone, Madoff maddness is part of the down fall of our economy too, I do believe.

    March 12, 2009 at 10:18 pm |
  39. Sean in Dallas

    Seems like with the proper regulatory system this kind of scam would be completely detectable. Then again I'm sure he had several "assistants" on the inside. There's no way he did all that by himself.

    March 12, 2009 at 10:18 pm |
  40. Louis B.Applebaum

    Mr. Madoff will soon be advising the COs and his room mates on how to play the market.
    Bernie will educate the population on put options and where not to put the cash!!!
    The should call it the Madoff instead of the Ponzi!!

    March 12, 2009 at 10:17 pm |
  41. Vig

    Bernie Madoff will be on suicide watch very soon and I would not be surprised if he takes his own life in prison or if someone else takes it.

    March 12, 2009 at 10:17 pm |
  42. Mike, Zephyrhills, FL

    Corporate America and Insurance Companies are bigger takers than Bernie ever could of been!! Some legal , some not!!

    March 12, 2009 at 10:17 pm |
  43. Bridget, TX

    Hi David G., any good news is great during hard times. But, we have a long way to go, we have to keep Hope alive and give the process a chance. Any feedback from the business executives on how the round table went?

    March 12, 2009 at 10:17 pm |
  44. EJ (USA)

    I have no doubt that people will be looking to kill Madoff. He is definitely on a similar status of 'child molester.'

    March 12, 2009 at 10:17 pm |
  45. Lori from IL

    @ David Gergen – glad to hear some positive news after all the doom and gloom of late. Perhaps this will spark some consumer confidence and things will begin to turn around. Took us some time to get where we are so I'm assuming it will take us more than 100 days to get out. What did you think about GM saying they won't need this month's loan installment? Is this a sign of a GM turn around or pointing toward bankruptcy and restructing?

    March 12, 2009 at 10:17 pm |
  46. barb

    I understand why those poor people would invest, what Is hard for me to understand is why after awhile with not clear answers, they did'nt investigate themselves, where their money was.

    March 12, 2009 at 10:17 pm |
  47. Casey Jones - Palm Springs, CA

    Good evening bloggers.

    March 12, 2009 at 10:17 pm |
  48. Vanessa, TX

    Hey Randi, AC360 Crew, fellow smartees...I hope everyone's having a good day!
    I'm glad that Madoff is gone...there's people that are still waiting for answers!

    March 12, 2009 at 10:17 pm |
  49. Isabel, Brazil

    The Madoff's life will be quite different than in his penthouse in Manhattan

    March 12, 2009 at 10:17 pm |
  50. Tom

    First time blogger, but felt this spoke volumes about not only Madoff, but the economy. We have cut corners in our economy for decades. Each of us have had our cup of coffee in the morning and didn't question our reality. Mr. Madoff took advantage of the apathy of our fellow citizens. Shame on him and shame on us.

    March 12, 2009 at 10:17 pm |
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