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All three networks had correspondents cover Bernard Madoff's court appearance. "This is the man who may have stolen more money from more people than anyone in American history," was the grandiose claim from ABC's Jim Avila. On NBC, CNBC's Scott Cohn pointed out that prosecutors state that Madoff's fraudulent scheme lasted at least 25 years and amounted to $170bn. His pending guilty plea is not the same as a plea bargain, prosecutors urged reporters to clarify. "There is no plea agreement, no deal struck with Madoff to reduce his prison time," as CBS' Randall Pinkston put it. ABC's Avila asked rhetorically: "What is in it for Madoff?" The government says clearly in documents released today: "It made no deals." CNBC's Cohn pointed to the downside: "Without a plea agreement, Madoff is under no obligation to cooperate with investigators trying to find all the money."
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