Today’s Schmuck-o-Meter Reading: 486 SPs

The Madoff wires are all abuzz! Prosecutors filed a motion today suggesting a plea deal may be in the works. The filing showed that Madoff is prepared to waive indictment, a common precursor to a plea deal, according to this MSNBC report . This is disappointing news for those of us who were hoping to watch Bernie squirm for a few more deliciously drawn out weeks. But at least the plea could get Madoff out of his $7 million penthouse a little faster ( -3 SPs ). Maybe because it’s Friday, we here at Madoff Files are looking for some silver lining. If there has been any upside to Bernie’s scandal, it’s the SEC’s promises to ramp up their oversight and regulatory authority. The SEC announced it would reevaluate its handling of whistle-blower tips yesterday, after garnering criticism for their mismanagement of the Madoff scandal. While one can be optimistic that they’ll follow through, let’s not hold our breath quite yet. For now, Bernie at least got people talking ( -5 SPs ). The stream ... (link)