Madoff Pleads Guilty (UPDATE: And is Jailed!)

warmadoffright.jpg"He's taken a drink of water and told [Judge Denny] Chin that he understands the charges against him and that he's clear of mind, given the circumstances," liveblogs the Am Law Daily. Then the master criminal entered a guilty plea this morning to 11 counts of fraud, money laundering, perjury and theft. Later today Judge Chin will hear testimony -- including that of Madoff's victims -- before determining whether Madoff will await sentencing in his townhouse or in jail. Some of us are disappointed that the public stocks are not an option.

Update: Madoff's going to jail! Despite his lawyer's plea that Madoff's wife had paid for security guards at his previous place of incarceration, the $7 million Madoff townhouse, the judge remanded Madoff to custody, drawing applause from spectators. Update 2: You can read Madoff's court statement, in which he admits to a massive ponzi scheme, here.

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