*Madoff jailed

From AP's account:

"I am actually grateful for this opportunity to publicly comment about my crimes, for which I am deeply sorry and ashamed," he told U.S. District Judge Denny Chin. He said that he started the fraud but that he believed it would be short and he could extricate himself. "As the years went by, I realized my risk, and this day would inevitably come," he said in a steady voice. "I cannot adequately express how sorry I am for my crimes."

From the NYT:

The 11 counts of fraud, money laundering, perjury and theft to which Mr. Madoff pleaded guilty carry maximum terms totaling 150 years. Sentencing was scheduled for June 16. Dressed in a gray suit, Mr. Madoff, 70, appeared in a courtroom packed with journalists, lawyers and some of his victims. Flanked by his lawyers, he stood up and began to answer questions from Judge Chin about whether he understood the ramifications of his guilty plea, whether he was satisfied with his legal representation and whether he was competent to enter the guilty plea. At first, Mr. Madoff’s voice was barely audible as he acknowledged the litany of crimes. “Try to keep your voice up so that I can hear you, please,” Judge Chin said. At one point, Mr. Madoff asked for water.

Applause broke out in the courtroom after the judge's deicision to revoke bail. "He has incentive to flee, he has the means to flee, and thus he presents the risk of flight,” said Judge Denny Chin. “Bail is revoked.”

*Updated post