Bernie Madoff may yet spend another night at his $7 million (now probably $3.5 million) penthouse condo. His lawyers are appealing the judge’s decision to deny bail pending sentencing. It’s pretty much the only thing left in life Madoff has to hope for, so he might as well go for it.
Peter Henning at Dealbook summarizes the Madoff’s lawyers’ argument, which basically comes down to: Look, other white-collar criminals with no flight risk have been given bail. Why not Madoff?
Ken Lay, Jeff Sklling, Bernie Ebbers and John J. Rigas all remained free pending sentencing.
The difference, of course, all those guys denied their guilt and were appealing their convictions. Not so with Madoff, who admitted guilt and refused to give the government any dirt on anyone else. Hence, it’s probably unlikely that Madoff will get another day of freedom, but it will be up to the judge to establish that reasoning.
And for your recollection, here’s a picture of where he’s staying now:
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