Bernard Madoff showed up to court early this morning, greeted by a larger-than-usual phalanx of photographers. It even appears as though he’s not wearing his trademark bulletproof vest. Is this the ultimate sign that he’s giving up? Once inside the courtroom, he was greeted by dozens of the victims of his Ponzi scheme, who had lined up early to witness his ultimate fall. The big question today is not whether he’ll plead guilty, or receive a life sentence (yes to both), but whether the judge will remand him, or he’ll be allowed to stay out of prison for a little while longer so that he can put his personal life in order. After the plea today, the burden will be on the defense to prove that additional time out of jail is necessary — and many believe that their efforts, even if made, won’t succeed. This may be the last you see of Bernie Madoff wearing anything other than an orange jumpsuit.
Madoff’s Plea Hearing, and What’s Next [Dealbook/NYT]