I heard several people rejoice yesterday when Bernie Madoff was wisked away to prison. "It's finally over!" they said. Well, not exactly. "Ding, dong the witch is NOT dead",,but probably will wish he was. It's my understanding Mr. Madoff refused to cooperate with the Feds. No naming names or listing accounts. All Bernie could do was throw the inexperienced underlings he used to do his dirty work under the bus. At least he stays true to form. By refusing to plea to conspiracy charges and reveal the dark secrets of his scam, Bernie snubbed his nose not only at his victims, but at the Feds. Bad idea. Now the squeeze is really on. Bernie said he knew his arrest would inevitably come. But after living most of his life in the lap of luxury, he has no idea about life in a federal maximum security prison. So, this is where the pressure intensifies. Prosecutors will put it to Ira Sorkin, Madoff's lawyer, differently I'm sure, but the underlying message will remain the same. Sing or say "good bye" to spending the rest of your days in a Club Fed. As for your wife, she'll face the full wrath of investigators. Your sons, ditto. Your brother, repeat. And on and on...
It was easy for Madoff to "take it for the team" while enjoying is luxurious life in a Manhattan penthouse. We'll see how he feels after a couple of months in a lower Manhattan prison.
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