'Ashamed' Madoff Pleads Guilty, Goes To Jail

'Ashamed' Madoff Pleads Guilty, Goes To Jail
Sentencing Set For June 16 From newsnet5.com out of Cleveland, OH

NEW YORK -- A New York judge had to rein in a courtroom packed with seething fraud victims Thursday during the hearing in which Bernard Madoff pleaded guilty to what may be Wall Street's biggest ever scam.

Spectators cheered when the disgraced financier was led off to jail immediately following his guilty pleas. He had spent the past three months under house arrest in his $7 million Manhattan penthouse.

When his lawyer described the bail conditions and how Madoff had, "at his wife's own expense," paid for private security, loud laughter erupted. The judge warned the crowd to remain silent.

Madoff said he is "deeply sorry and ashamed" for the Ponzi scheme that wiped out savings accounts worldwide.

"I am painfully aware that I have deeply hurt many, many people, including the members of my family, my closest friends, business associates and the thousands of clients who gave me their money," Madoff said.

He said that as he engaged in his fraud, he knew what he was doing was wrong but that he believed "it would end shortly and I would be able to extricate myself and my clients from the scheme."

"However, this proved difficult, and ultimately impossible, and as the years went by I realized that my arrest and this day would inevitably come," Madoff said.

The judge revoked bail Thursday after Madoff pleaded guilty to all 11 charges against him, including securities fraud and perjury. He was accused of engineering one of the largest investment scams in U.S. history.

The judge said the 70-year-old former Nasdaq chairman has the means to flee and an incentive to do so because of his age.

A sentencing date of June 16 has been set. He could face up to 150 years in prison.

Madoff told the judge in U.S. District Court in New York that his Ponzi scheme began in the early 1990s in response to that era's recession.

Madoff's plea came three months after he admitted that his once-revered investment fund was all a big lie -- a Ponzi scheme that defrauded billions of dollars worldwide from retirees, charities, school trusts and even Holocaust survivors.

The scam quickly turned Madoff into one of the most vilified men in the world, as thousands of investors came forward to say they were defrauded.

Madoff Avoids Victims' Eyes

Three victims of the fraud confronted him in court, one trying to address Madoff directly saying, "I don't know if you had a chance to turn around and look at the victims."

Madoff avoided eye contact with the three investors who spoke. The judge directed him to speak directly to the bench.

Two investors said they opposed the guilty plea. One said she wanted it to wait until the lost money is found.

At least 25 Madoff investors asked to speak under provisions allowing victims of crime to appear at a plea hearing.

Some victims in the scandal want the accused Wall Street swindler to name any possible accomplices who helped him pull off his multibillion-dollar securities fraud. They also want Madoff to apologize and turn over family assets that might be used to pay bilked investors.

Alexandra Penney said she's furious with Madoff. But she's just as angry with the Securities and Exchange Commission. The 60-year-old artist and former magazine editor said Madoff took everything she had saved from the age of 16.

Penney wasn't in court for the guilty plea. She's in Florida.

In addition to prison time, Madoff faces mandatory restitution to victims, forfeiture of ill-gotten gains and criminal fines.

Investigators are still unraveling how he pulled off the fraud for years without being caught. They suspect that his family and top lieutenants who helped run his operation from its midtown Manhattan headquarters may have been involved.

I finally finished reading my book! Yeah!

I have been reading the book A New Earth by Eckhart Tolle. It took me forever to read this book. I like to read the best when there is nothing to distract me. I thought it was a good book but not an "easy" read. The main idea is to "live" in the moment. Don't think about the past and don't worry about the future. I am good at doing that when I am doing things that I love to do but when there are things that I don't love to do I find it difficult to "live" in the moment. I am good at doing this for example, whenever I am doing anything that involves swimming or the beach etc. I find myself to be the happiest when I "live" in the present. This is something that I have experienced for myself but found it difficult to describe that feeling and thought that I might be a weird-o for being aware of this concept. The book validated those experiences that I had prior to reading it and explained a lot more about how it all works and why. I am a big worry wart and I know that is a very bad habit that I need to work on.

Good News In The Media From Your Neck Of The Woods- Regions Outside the U.S.A

Good News In The Media From Your Neck Of The Woods- South

Good News In The Media From Your Neck Of The Woods-- Northeast

Good News In The Media From Your Neck Of The Woods-- West

$100,000 Scholoarship Winner

Solon student wins $100,000 scholarship for 'Stop the Hate' essay
Posted By: Kim Wendel Updated: 3/9/2009 3:49:29 PM Posted: 3/9/2009 8:07:58 AM

BEACHWOOD, OHIO -- The first "Stop The Hate! Youth Speak Out" $100,000 college scholarship was awarded Sunday to Matt Soble, a senior at Solon High School, at the Maltz Museum of Jewish Heritage.

Ohio Lt. Gov. Lee Fisher and museum co-founder Milton Maltz presided over the program.

More than 1,200 students from the seven eligible Northeast Ohio counties shared their stories by entering the essay contest. Nearly half of them were juniors and seniors eligible for the $100,000 scholarship.

The top ten finalists, who scored 90 percent or higher on the written essays, made up less than 1 percent of the total essays received.

Read Soble's winning essay, other winners

Maltz museum spokesman Adam Teresi said the essays were personal, compelling and powerful, each describing an act of discrimination and the students' suggestions on how to overcome hatred and bigotry.

Judges that included Ohio House Speaker/state Rep. Armond Budish, (D-Beachwood), state Rep. Josh Mandel, (R-Lyndhurst) and Cleveland Indians President Paul Dolan heard the 10 finalists read their essays out loud.

Scholarship finalists who received a $100 U.S. Savings Bond were: Sophie Grodsinsky, a senior at Walsh Jesuit High School in Cuyahoga Falls; Sarah Harris, a senior at Electronic Schoolroom of Tomorrow; Chelsa Lewis-Bevel, a senior at Success Tech Academy in Cleveland; Alex Port, a junior at Solon High School; Justina Wong, a senior at Independence High School; and Kelly Yarber, a senior at Strongsville High School.

The museum, opened in 2005, hopes to introduce visitors to the beauty and diversity of the Jewish heritage in the context of the American heritage.

It also promotes an understanding of the Jewish heritage and builds bridges of appreciation, tolerance and understanding with those of other races, religions, cultures and ethnic backgrounds.

Other students receiving awards included the High School Overall winner of a $1,000 U.S. Savings Bond was Lauren M. McCafferty, a senior at Olmsted Falls High School.

The 12th Grade Winner of a $500 U.S. Savings Bond was Jane Yiyi Zhang, of Oberlin High School; and the 11th Grade Winner of a $200 U.S. Savings Bond was Cassidy Artz, a junior at Hathaway Brown School.

The Middle School Overall winner of a $500 Savings bond was Divya Thomas of Kenston Middle School in Bainbridge.

Other winners included first place ($200 Savings bond) and second place ($100 Savings bond) for 6th grade: First place, Divya Madhaven of Brecksville/Broadview Heights and second place Dina Rini of St. Mary Byzantine Catholic school; 7th grade first place was Becca Cain of R.B. Chamberlin Middle School and second place winner was Lukash Kowcz of Brecksville/Broadview Heights.

The 8th grade first place winner was Lyssa Collins of St. Paul Lutheran School and second place winner was Jake Amato of Holy Trinity School.

The 9th grade first place winner was Theodore Wilson III of the Arts Academy and second place was Hannah Sellers of Kenston High School.

The 10th grade first place winner was Michelle Hoffman of Kenston High School in Bainbridge and the second place winner was Alexis McNichol of Brush High School in South Euclid.

Wednesday

I can't wait for the weather to warm up. Yeah! I worked 4 days last week. After I went to the job fair I have been asking myself, "how can those companies be hiring after a lot of them just laid-off a bunch of people?" Well I found out the answer. The job fairs are planned like a year in advance. Almost all of those companies that were there were only looking to hire for one or two job openings.

Career Fair

Today I went to a career fair. Unfortunately, there were only a few jobs that I would be a good match for. I would love to be the lucky person that gets the opportunity for a paid internship for computer programing. It was soooo crowded and hot. I am just happy my pantie hose stayed up...ha ha. It is a mess because people that are educated and people that are not-educated are all hurting to find jobs. Now is not the time to play "politics". Our economy is not in any shape to be giving all this money to those companies that sponsored Obamas campaign. Those companies/people should have "donated" with the intentions of "giving without getting anything in return". I believe stimulus will only occur if the money goes into the American's pockets to spend or pay bills or to save...all those actions are necessary to a healthy economy. Now is also not the time to have all these "earmarks" or special interest projects...especially when everyone is hurting...and when some of those projects are just plain stupid...even the rich.

Politics

So the stimulus package was signed into law yesterday, I hope everyone is happy with the "Change". I don't get how all this money is supposed to help yet the government is projecting things to get worse. The stimulus package was supposed to help not make things worse. I also don't understand how these car makers are getting more $$$ yet laying off. The point of getting the money was to save jobs. Obama reminds me of a used cars salesman. I believe this blog is really going to gain in popularity if things don't get any better very soon.

Happy Valentine's Day Everyone!

Tonight I am going out to my favorite winery for dinner. Yummy!

The Y

My Husband surprised me with an early Valentine's Day present last week. He purchased a 6 month membership to the YMCA for me. Last week I walked 6 miles...that is a lot for me....and yesterday I started going to the pool. My goal is to lose about 5-10 lbs.

Obama's Presidential Limo

My cousin Tyler with Obama's new Presidential limo. Obama was in my Uncle's and Cousin's hometown in VA the other day. While Obama was delivering his stimulus package speech, they got to chat with the secret service and check-out the new limo.My Uncle has connections. Interesting fact about myself. When I was like 8 or 9 years old, I was in the Oval Office during the Reagan Administration. My Uncle was only allowed to chose one person and he picked me.