Bernie, Welcome To Your New Home!

Bernard Madoff appeared in court today and pled guilty to swindling more than half a billion dollars from his clients. As reported in a story by the Associated Press, applause broke out in the courtroom when Judge Chin revoked bail and court officials led Madoff away in handcuffs.

Many legal pundits and victims believe that some of the monies landed at the feet of Madoff's wife, pointing to the Manhattan penthouse and other properties deeded in her name. However, we might never know with absolute certainty where all of the money went--and where all of the seizable assets might be. This is because Madoff, who pled guilty without asking for or accepting any plea bargain, is not required to cooperate with the Attorney General's office.

The press has reported on some of the victims of Madoff's Ponzi scheme, including individuals, trusts, and charitable foundations. According to the AP story, many of Madoff's victims were Jewish, and trusted Madoff because he was Jewish also.

Perhaps most egrecious of Madoff's crimes was the fleecing Nobel Prize winner and Holocaust survivor Elie Wiesel. Allegedly Wiesel has been wiped out financially, both of his personal assets as well as the endowment of his charitable foundation. If ripping off one of this world's most highly regarded humanitarians doesn't put you in the express lane to the gates of hell, I don't know what will.

I'm sure it is little comfort to Wiesel and Madoff's other victims, but Madoff's accommodations are spartan at best. The (New York) Metropolitan Correction Center released information about Madoff's new digs, including the photo shown above. While it's not clear whether or not Madoff will share his cell with a roommate, it will certainly be a far cry from his recently-departed $7 million Manhattan penthouse. Described as "about the size of a closet", the 60 square foot cell contains the barest of accommodations: a bunk bed, small desk and stool, locker for personal items, and a sink and toilet. Here he will stay until his sentencing, which takes place in June.

It is my hope that once sentencing takes place and Madoff is transferred to his permanent prison location, that his accommodations remain as they are now. No "country club" prison, no kid glove handling, but a place as equally dark and dismal to the despair of his many victims.