Listen to NPR reporter Jim Zarroli talk about what he saw at the courthouse here. Zarroli thought Madoff's apologies were genuine. He said he thinks Madoff just got in over his head. A little lie turned into a big lie.
CNN: "I operated a Ponzi scheme," said Madoff to the packed courtroom, after U.S. District Judge Denny Chin told him to explain his crimes.
"I thought it would end quickly, but it proved impossible," said Madoff, who stole from thousands of victims through his investment firm. "I am ashamed for these criminal acts. I always knew this day would come."
U.S. District Court Judge Denny Chin remanded the 70-year-old to jail following his confession. He was taken to Manhattan Correctional Center, near the courthouse in lower Manhattan.
He could face a maximum 150-year sentence. His sentencing was set for June 16.
Update: Just found this editorial offering advice in the Chicago Tribune:
We don't blame Madoff's victims—individuals, charities, other investment funds—for his conduct. That said, those of us trying to save colored beads and sea shells to pay for college or retirement need to learn lessons so we don't ever find ourselves in their predicament.
Bernie Madoff operated in a lofty market niche, catering to sophisticated investors, many of whom arrogantly thought they knew more than the rest of us. Their supreme confidence in their own judgment left them vulnerable. More proof that chubby turkeys make fine Thanksgiving entrees.
'Twill ever be thus. Not until the Earth flies into the sun will we eliminate unscrupulous investment advisers skilled at separating people from their money.
There are, though, ways not to fall prey.
The most elemental is to make sure you understand who regulates anyone to whom you hand your savings. Banks and brokerages that serve the general public are subject to more stringent scrutiny by regulators than are boutique firms such as Madoff's.
You can't guarantee that even your old friend the broker is honest. But you can make sure you know who's responsible for confirming that what you own really exists—and it's really yours. Example: You want to be sure government regulators or independent auditors are regularly confirming that, say, the shares of stock that a bank is holding on your behalf really are there.
