June 29, 2009 11:20 AM
Live Blogging the Madoff Sentencing: Madoff Speaks
Posted by Brian Baxter
"Your Honor, I cannot offer you can excuse for my behavior," Madoff says. "How do you excuse lying and deceiving thousands of investors. How do excuse lying and deceiving over 200 employees. How do you
excuse lying and deceiving a wife of 50 years, who still stands by you."
"There's no excuse for that, and I don't seek any forgivenenss," he says. "I live in an almost tormented state now thinking about all of the pain and suffering I've created. I've left a legacy of shame to my
family and my grandchildren. That's something I will live with for the rest of my life."
"People have accused me of being silent and not being sympathetic. That is not true . . . My wife cries herself to sleep at night thinking of all the pain and suffering I've caused. She has been advised by my attorneys not to speak, but today she will make a statement. I'd like you all to listen to it."
"But apologizing . . . is not enough. You should know I feel sorry for everything that I've done. [This] is a horrible thing to live with. But there is nothing that I can do that will make your lives better."
Madoff turned and faced the victims in the courtroom galley while saying those last few words. After he stopped speaking, he continued to look at them quitely for the next few seconds. The courtroom was
silent and no one screamed or said a word.
Madoff then grabbed the back of his chair and sat back down.
Sorkin tells Judge Chin that Madoff's wife, Ruth, will make a statement after the sentencing hearing. She is not present at the hearing and is expected to issue a statement.
Judge Chin to sentence shortly.
Assistant U.S. attorney Lisa Baroni reiterates the government's position that Madoff should serve 150 years in prison or otherwise some "substantial term of imprisonment" that will keep Madoff in
prison for the rest of his life.
Baroni stated that Madoff continued his fraud up until the day he turned himself in, taking money from investors until the bitter end.
Live Blogging the Madoff Sentencing
We're In - 10:02 AM