Madoff Sentenced to Life Term as NYC Schools Chancellor

March 11, 2009 (GBN News): In a dramatic plea bargain, accused financier Bernard L. Madoff reportedly agreed today to be sentenced to a life term as NY City Schools Chancellor. Madoff’s attorney was apparently able to convince both the judge and prosecutor that this would be a form of “work release” whereby Madoff’s talents can be used to benefit society.

J. Fredrick Runson, Dean of the Manhattan University Law School and an expert on educational Ponzi schemes, said that this plan might eventually even lead to a rehabilitation of Madoff’s image. “If Madoff can sell his investors on the idea that their inflated ‘profits’ are real, he can certainly sell parents and politicians on the idea that inflated test scores are real. So instead of making people think they’re rich, he’ll make people think they’re smart. It’s what Joel Klein has been trying to do for years, but Madoff can actually pull it off.”

It is unclear what will become of the current Schools Chancellor. GBN News has been unable to confirm a rumor that Mr. Klein will be replacing Mr. Madoff in his penthouse, under house arrest.