Talk about hitting bottom.
Bernie Madoff, after a heated debate with a fellow inmate over whether the stock market has actually bottomed out, reportedly got into his first altercation since being sentenced to 150 years in a Butner, N.C., federal prison.
Inmates who witnessed the fight told The New York Post that Mr. Madoff, who was sent to prison for bilking scores of investors out of $65 billion in a mammoth Ponzi scheme, clearly emerged as the victor.
"I didn't think Bernie had it in him. He got the best of him; he was really aggressive, and the other guy was in shock that he fought back," an inmate was quoted as saying in the report.
Mr. Madoff, 71, who was arguing with an inmate “over 60 years old,” was lucky that no prison guards observed the fight; otherwise, he "would have went in the 'hole,'” or solitary confinement, the report added.
Mr. Madoff's prison dust-up comes just a few weeks after R. Allen Stanford — who is accused of orchestrating a massive Ponzi scheme of his own — was less fortunate in his first prison fight. Mr. Stanford was hospitalized after a row with an inmate that left him unconscious.
Perhaps helping his cause a bit, before Mr. Madoff's lock-up, he reportedly paid for a consultant to prep him for prison and offer "survival tips" for what's essentially a life sentence behind bars.
So it seems at least one investment Mr. Madoff made before hitting the slammer paid off somehow.--Mark Bruno