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Madoff explains scheme from NC jail

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NEW YORK -- A lawyer for victims of Bernard Madoff's fraud says Madoff told him during a 4½-hour jailhouse interview in North Carolina exactly how the fraud took place. The San Francisco lawyer, Joseph Cotchett, said he planned to use what he learned Tuesday to add defendants to a lawsuit to be filed in Manhattan on behalf of investors harmed by the fraud. The 71-year-old Madoff was brought two weeks ago to the Butner Federal Correctional Complex about 45 miles northwest of Raleigh to begin serving a 150-year sentence. Cotchett said Madoff was "very candid" and repeatedly apologized to victims. Authorities say Madoff cost thousands of investors at least $13 billion, telling them it had grown to about $65 billion. (Copyright 2009 by The Associated Press. All Rights Reserved.)

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Interesting

I have to say I think it's really interesting there has been no talk of BAD investments on the part of the "victims." Don't get me wrong, i really feel bad for them and Madoff should rot in Butner, but at the same time someone who doesn't diversify their assets and keeps their fortunes with one investment firm is much more likely to have something like this happen to them. These people CHOSE to investment all their money with one person and didn't ask the right questions. I'd say it's a really tough lesson for many of them, hopefully they won't make again or at least others wont

Madoff is one of the few......

...that has been caught. How many thousands of other crooks just like him are sipping cocktails in Rio right now? Looks like the SEC escaped scrutiny as well. They were told of Madoffs schemes many times and simply turned their heads. I wouldn't mind a bit seeing some of them in Butner with him!!! They totally failed at their function...oh, ooops, sorry they ARE a government agency.... I know! We can appoint them as administrators of the new health care reform program! It's thieves like this and the network of people that support these thieves that has this country in the financial shape it is in today. Nothing but PURE GREED!!!

Oh NOW he apologizes.

Funny how a 150-year prison sentence suddenly makes someone regret ruining so many lives.