Wall Street Greek: Bernard Madoff Sentencing

UPDATE: Bernard Madoff Sentenced to the maximum 150 years in prison! See our further commentary below.

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Bernard Madoff Sentencing

"In the greatest turn of irony, the most selfish criminal in modern times, Madoff, has selflessly taken all the blame."

Bernard Madoff was sentenced to 150 years in prison, the maximum sentence allowed by law. Bernie refused to give up any accomplices, so it is speculated that the judge therefore laid the full punishment upon him. This may open up Bernie to later give up someone else, in an effort to see the light of day again. In the greatest turn of irony, the most selfish criminal in modern times, Madoff, has selflessly taken all the blame. Madoff can seek appeal of his sentence in one year's time.

Initially Published:

Among other things, Monday offers the sentencing of Bernard Madoff. As Bernie faces the music, the economic slate is light and earnings schedule likewise slim. Markets in Europe recovered early losses in Asia, while US shares face a strange set of factors this week. Tuesday marks the end of the quarter, bringing with it portfolio reshuffling at institutions; this is what's known as "window dressing" on Wall Street. Meanwhile, the holiday week would be expected to present a light trading environment. However, we have a busy economic report slate in store, including Thursday's Employment Situation Report, so wild swings are very possible this week.

Bernard Madoff is looking at 150 years behind bars at his sentencing Monday. Bernie's lawyers will do their best to get him out in just 12. It's nearly a certainty that Bernie will die in prison though, even if it's by natural cause. Otherwise, Bernie faces potential repercussions in prison to his alleged swindling of Russian mafia figures, as reported by Harry Markopolos.

Supreme Court Decision

The Supreme Court will rule on the State of New York's authority to investigate national bank mortgage lending activity. There is precedent in previous tobacco & other rulings allowed for state-court suits. There's also a huge amount of pressure from the general populous to allow these suits.

FDA & Corporate Drivers

The FDA takes a look at the risk of liver damage caused by usage of acetaminophen. The day's EPS schedule highlights news from H&R Block (NYSE: HRB), Cintas (Nasdaq: CTAS), Apollo Group (Nasdaq: APOL), Advanced Photonix (AMEX: API), Benihana (Nasdaq: BNHNA) and US Data Works (AMEX: UDW).

Overseas Markets

Asia: