Looks like Bernard Madoff, who ran one heck of a big Ponzi scheme, will plead guilty after all--without a plea bargain, reports the AP. He faces a staggering prison term that could hit 150 years. The actual sentencing will not happen for several months. Prosecutors also bumped the size of the fraud to $64.8 billion, reflecting false promises and statements. They plan to charge the 70-year-old former Nasdaq chairman will 11 counts of fraud.

There will still be plenty of drama when Madoff, who now wears a bullet-proof vest for obvious reasons, shows up in court on Thursday to make it official. It could be a moment of high drama, as aggrieved investors are expected to show up. Some might want a word with the man who some thought was a modern day Midas. The issue is if anyone else will be charged, and that's still an open question. 

For more:
- here's the article
- no solace for Madoff victims. Article
- Madoff trustee okays 12 payments to investors. Article

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