Madoff Pleads Guilty to Massive Fraud

http://online.wsj.com/article/SB123685693449906551.html

Fallen Financier Apologizes; Judge Orders Jail, Revokes Bail

Well, there it is. Bernard L. Madoff is finally found guilty and is currently being jailed until sentencing in early- to mid-June. This has been really big news since word of the massive fraud came out this past December. This was (and still is) a huge news story covered by many outlets daily.

There is so much relief, or at least satisfaction, in the judges decision to jail Madoff with no bail in those that have lost so much money from this scandel. Unfortunately, all those affected have lost so much money and will not be getting it back. The only satisfaction they really can have is from Madoff's sentencing, and the fact that he will be jailed until that point makes those involved feel even better. The article also quotes some of Madoff's statements about how sorry and ashamed he is for his crimes. Give me a break! If he was so ashamed and felt so sorry he would not have carried it out for decades!! He also says he knew this day would inevitably come; to me, that's like well I thought I would hold out for as long as I could and see if I could get away with it. That's not being sorry. He knew he was robbing people of all this money and the situation only got worse over time. It's pretty ridiculous and I don't believe him. It's so easy to be sorry when you're caught doing something.

I do not think that this is a story that can be spun different by any news outlet. The construction done by the news no matter where you read or hear it from has the same story. This guy is a huge fraud and deserved to go away for life.

For me, I am just waiting for his accomplices to be prosecuted. There is no way this one guy is the only person in the whole business that knew about what was going on. It is mentioned in the article that his brothers and sons, even his wife all worked for him. Did they really have no clue? The sons are the ones who turned him in, but if I were him I would try and save my family too.

I think it's all so crazy. I am glad this issue has finally been addressed and he is getting what he deserves. His sentencing can be up to 150 years in prison, I have no doubt he'll spend the rest of his life there. I just feel so bad about the investors who trusted in this person and their firm. It's also scary because it just makes people trust less in a time when the economy needs people to not be scared to invest there money or it will be slow getting back to a stable economy. With situations like this happening, I don't think it's looking good.