Madoff Gets At Least a Couple More Days of Luxury Living

Jan. 9, 2009— -- Bernard Madoff will spend another weekend in his $7 million New York penthouse. Federal Magistrate Ronald Ellis has informed the court that he will not make a decision on whether or not to revoke the bail of the alleged master of a $50 billion investor fraud scheme until Monday at noon.

Ellis listened to oral arguments for and against Madoff's bail revocation earlier this week. The prosecution submitted written arguments on Tuesday, and the defense filed its counter arguments Wednesday. From the start, Ellis told both parties that he would not rule until late today or Monday.

Nonetheless, a tense week followed filled with further disclosures of Madoff's alleged victims, leaks that indicated one feeder fund manager was in hiding from mobsters who may have invested through them, and some media accounts suggesting the decision would come earlier than Friday night or Monday morning.

A court hearing is slated for Monday morning at which time the government is either slated to indict Madoff or ask for more time to develop its case against Madoff. At that time, the bail motion may be discussed.