Schmuck-o-Meter Reading: 498 SPs

We can now call Bernard Madoff a somewhat punished man. Yesterday, Madoff agreed to a partial plea deal with the SEC on civil charges, which means he’ll start to pay up. The deal does not mean Madoff has admitted guilt or innocence, just that he doesn’t want to deal with a civil suit. Surprising, considering he doesn’t have much to do these days. Settling in the civil case means, as the New York Times puts it , that he “cannot dispute the accuracy of the S.E.C. charges filed against him.” Some of those charges say that he operated a Ponzi scheme. Madoff, therefore, has more or less confessed. No change in his public approval ratings, but it is an important note for the historical record (+10 SPs) . The enforcement chief of the SEC has stepped down , with Madoff largely to blame. Usually we’d up Madoff’s points for forcing somebody out of a job, but all signs suggest that Linda Thomsen wasn’t doing a very good one at the SEC. So, Madoff comes out ahead (+5 SPs) . And the winner of the ... (link)