from HuffPost:
Aaron Zelinsky
Editor, Yale Law Journal
Posted March 7, 2009 | 10:45 AM (EST)
Don't Let Madoff Cop a PleaBernie Madoff is trying to plead guilty. The U.S. Attorney's office shouldn't let him.
Reports indicate that Madoff's guilty plea could come as early as next week. While the image of this modern-day Ponzi sitting in jail will warm many hearts, Madoff should not be given the privilege of pleading guilty. For the good of the American people, Madoff's victims, and the American financial regulatory system, Madoff should be tried in open court.
A public criminal proceeding is the only way to develop a complete record of the largest financial fraud in history. If Madoff cuts a deal, there will be no opportunity to cross examine him, to subpoena documents, and to carry out the careful and meticulous process that a public criminal prosecution will necessarily entail. Already, there is controversy over the extent of Madoff's fraud (amazingly, he may have overstated how much money he stole - some people just don't learn). To get the facts, we need a public prosecution. Private civil litigants lack the incentives to create the complete record the U.S. Attorneys would produce, and will likely settle their suits out of court.
Furthermore, a plea deal potentially allows Madoff to derail further criminal investigation. With the lead figure busted, there will be little momentum for going after those who aided and abetted his scheme. However, a criminal prosecution will more likely follow leads to establish a complete case against all who helped Madoff's fraud. ........(more)
The complete piece is at:
http://www.huffingtonpost.com/aaron-zelinsky/dont-let-madoff-cop-a-ple_b_172743.html