Madoff Pleads Guilty, Goes Directly to Jail

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About Mr. Madoff’s plea hearing, which took place today in U.S. District Court in New York, I’ll just comment that if any of your defense attorney’s statements are greeted with “loud laughter,” and/or applause breaks out when bail is denied, you should not be making any long-term plans that involve freedom.

Madoff will be sentenced in June, and could receive up to 150 years in jail.

UPDATE: That’s how many he got.