Bernard Madoff will face his future today when Federal District Judge Denny Chin renders his sentence. It's in some ways a symbolic matter now. Madoff's lawyers have suggested that 12 years would be fair and amount to a life sentence and that a 15-20 year sentence would offer deterrent effects. Prosecutors have told the judge they think a 150 year sentence would be appropriate; this was the largest Ponzi scheme in history. I think most people are assuming that Madoff will spend the rest of his life in jail.

Chin has already ordered that he give up just over $170 billion in forfeited assets. The order strips Madoff of all his property and leaves $2.5 million in assets for his wife, the New York Times reports. One question is how big a circus this will turn into. Victims will be planning to show up, even as they fight to divvy up what can be salvaged from the Madoff pie. It's unclear if Chin has granted permission to any victims to actually speak at the hearing. For the controversy, Madoff has shown little remorse and certainly has not cooperated with authorities. One hopes this is not the end. There are still lots of questions about possible accomplices. 

For more:
- here's the New York Times article

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