Madoff can expect de facto life term at sentencing
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www.reuters.comFirst victims arrive for Madoff sentencing.
http://twitpic.com/8r1uoAsked if it was partly their fault, Madoff victims say it was the SIPC's responsibility to insure their money.
Ira Sorkin, Bernard Madoff's lawyer, just entered the court building.
Less than 90 min. to go till the start and the media is out in full force.
http://twitpic.com/8r2tbA publisher is selling The CEO's Guide to Surviving in Prison on the street. It comes with a soap.
http://twitpic.com/8r3lfMichael Devita, Madoff victim from PA, wants at least 150 years. "This is the biggest crime in the history of the world."
Also says that today marks the end of Bernie Madoff but he hopes for continuing coverage for the thousands of victims out there.
Cynthia Friedman, Madoff victim, is dissapointed in the White House and Treasury Sec. Geithner who have failed to speak up. "My faith in the system has gone to nothing."
Richard Friedman's mother and sister will not get their money back because of how many years Madoff receives today, his wife Cynthia says.
This is the scene in front of the courthouse where Madoff is expected within the hour.
http://twitpic.com/8r61uWith nothing happening, a TV crew starts interviewing bypassing tourists from Wisconsin.
http://twitpic.com/8r6oqRichard Friedman, Madoff victim: "When I see his picture I get sick." Wants people to know their money isn't safe with Wall Street anymore.
Madoff victims surrounded by the press in front of the courthouse at 500 Pearl St.
http://twitpic.com/8r7npMadoff, seated in court next to his lawyers, looks down in front of him as defrauded investors speak of their financial ruin
PR person working with Madoff Survivors Group says the group wanted a more organized effort after the chaos during the arraignment.
In court, swindled investor Tom Fitzmaurice tells Madoff, "You have left your children with a legacy of shame."
Two more highlights from the court room: Investor Dominic Ambrosino, an ex-prison officer, tells court he and his wife Ronnie Sue had "entire life savings wiped out." Investor Maureen Abel says Madoff "mastered the art of manipulating our government", criticizes SEC regulator and asks for 150 year sentence, the statutory maximum.
Al Lavery displays his cart across the courthouse.
http://twitpic.com/8raz0Madoff lawyer Ira Lee Sorkin tells court "we cannot be unmoved" by investors' hardships
Sorkin says justice system not blind to Madoff's crimes or the victims "but vengance is not the goal of the court".
Jennifer Meerow, invested through 'feeder fund,' says she can work to get money back but 70-y-old father can't wait 5 yrs to get $20K back.
Sorkin: Madoff stepped forward, chose to plea and is "actively engaged" with U.S. government to find assets overseas
Sorkin: If Madoff ever sees the light of day, he will be in his '90s, impoverished and alone and would have paid a "terrible price".
(Editor's note: Readers' comments, such as the one below from O.T. Seville, will appear in a smaller font.)
Sorkin: An amount in excess of $13.2 billion can be recovered.
Sorkin says talk of $65 billion ferreted away "is simply not true"
Madoff, standing in court, says "I cannot offer you an excuse for my behavior"
Madoff: "How do you excuse deceiving a wife a 50 years?"
Madoff: "How do you excuse deceiving an industry you helped to build?"
Madoff: "I made a terrible mistake"
Madoff: "I have left a legacy of shame."
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Adam Pasick
Reuters.com
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