Madoff: Jail or bail?

Bernie Madoff, the Wall Street guru who embezzled up to $50 billion from gullible investors, is headed to court today to plead guilty to 11 felony charges stemming from his pyramid scheme.

Since being charged, he's been living under house arrest in his luxury $7 million Manhattan apartment. He's already been dragged back to court once, for trying to sell off assets to keep them out of the hands of the authorities.

Madoff won't be sentenced for months - but the question is: Will he be remanded to jail, or get to wait out the judge's verdict under house arrest?

If he doesn't get slung in jail, I'll be horrified.

Madoff's fraud wiped out the savings and investments of thousands of people. Some have even committed suicide, after advising friends and families to invest with Madoff. His is a crime of such spectacular audacity and indifference that it's practically unprecedented.

Which is why it'll be so wrong if he gets to avoid jail.

If somebody steals a carton of cigarettes, or embezzles a few hundred from their boss, they're likely to wind up remanded to jail. That's because they're 'real' people, like you and me.

Multiply that theft by a million, or so, and you start dealing with a different animal. The Bernie Madoffs of this world don't have to abide by the same sort of justice as the rest of us. They might not be able to avoid judgment completely (Madoff's facing 150 years in jail) but looking at how Madoff's been handled (with kid gloves) indicates a very clear line between how the law treats the rich - and how it treats the rest of us.

Bernie Madoff ruined thousands of peoples lives. He belongs in jail, not in a Manhattan penthouse.