Judge Ronald L. Ellis let Bernard (Bernie) Madoff (picture above) out on bail today. What was Judge Ronald Ellis thinking?

Today, Judge Ronald Ellis denied prosecutors’ desire to jail Madoff on allegedly running a ponzi scheme.

Rather, Ellis said Madoff can be free on bail so long as he discloses his transportable valuables and allow a private company to monitor them regularly to be sure they haven’t changed hands.

In December, Madoff and wife Ruth mailed diamond watches and other valuables to friends and family. Prosecutors fumed, saying that violated a freez on his assets. Madoff’s attorney says the mailing was “innocent”.

“The decision speaks for itself and we intend to comply with the judge’s order,” said Ike Sorkin for Madoff today.

Do you agree with the decision?