It was obviously just speculation, but as soon as I got in this morning I started reading the blogs and news reports predicting the outcome of Madoff’s day in court. We've all been waiting for this right?

One was particularly foreboding - pointing out that Madoff entered the courthouse today without his usual jacket or overcoat. It was chilly this morning and so maybe Madoff knew his fate? Maybe he knew he was going to jail today and would not need a coat from here on out.

But then the blogs and preliminary hearing speculation also reported that there was no plea bargain arrangement with prosecutors in place. This guilty plea did not come with any stipulation that he cooperate with authorities or help in naming any co-conspirators. Interesting.

As the hearing got underway, the news flurry began with stories being updated and changed by the minute. Bernard Madoff has officially plead guilty to 11 charges relating to his $65 billion Ponzi scheme in U.S. District Court.

During the hearing today Madoff read from his 6-page plea allocution, which can be viewed in its entirety here.

Apparently there was applause. But still there was so much more that we all want to know.

This was the first time Madoff has spoken publicly about his crime since his arrest in December and although he did share some interesting details about his fraud, so many questions still remain.

We still don’t know who else, if anyone was involved, how they were involved and where exactly the money went. There is even still some discrepancy between how much the authorities think Madoff scammed and how much Madoff thinks he scammed.

But we do know that Madoff was lead away in handcuffs and will be in jail as he awaits sentencing on June 16th, most likely at the Manhattan Correctional Center according to published reports. But he may later be moved to another facility such as the Federal Correctional Institution in Otisville, New York.

I’m sure there will be more details to come and only time will tell the full depth of Madoff’s scheme and how it played out.