Democrat Sugar Daddy to Cop a Plea

Just when some media outlets are beginning to notice the cozy relationship between Bernie Madoff and a large number of Democrats, he goes and cops a plea deal.

Bernard Madoff has taken steps that suggest he could plead guilty as early as next week to charges that he carried out one of the biggest financial frauds in history, lawyers said Friday. Madoff, 70, is waiving his right to have a grand jury hear the government's case against him, agreeing instead to be charged directly by prosecutors, a step defendants take when they are preparing to plead guilty in a case.

Late Friday, U.S. District Judge Denny Chin called on potential victims who wish to be heard at a Thursday plea hearing to notify the court a day earlier. Madoff could enter a guilty or not guilty plea that day, depending on whether he has reached a plea deal with the government.

It is unclear when a possible plea deal could occur, and negotiations could still fall apart. Madoff has a hearing in Manhattan federal court scheduled for next week that could serve as the venue for a guilty plea.

A potential plea deal could mark an important step toward answering the vexing questions about how Madoff carried out his sweeping scheme and who else may have been involved in a fraud that has wiped out investors' life savings around the world.

Chuckie Schumer remains unavailable for comment.