Cityfile: New York's Most Notable and Influential

Spector Sent Away | Record producer Phil Spector was sentenced to 19 years to life in prison for the murder of actress Lana Clarkson. He'll be eligible for parole in 2028, when he'll be 88. [AP]

Bernie Madoff Is Feeling Good, Looking Good | Fortune's massive article on Bernie Madoff is online and well worth your time if you have a free hour or so to spare today. You'll be pleased to hear the admitted fraudster is doing just fine in his 76-square-foot jail cell. He's exercising and reading a lot of books, and "looks surprisingly good these days." As always, if you'd like to drop Bernie a line and say hi, here's how. [Fortune]

Michael Alig: Four More Years | If you were eagerly awaiting the release of club kid (and convicted murderer) Michael Alig, it looks like you're going to have to wait a little while longer before you get a chance to take him back to the Limelight for a trip down memory lane.  Although Alig was due to be released next month after a 13-year stretch behind bars, an additional four years has been tacked on to his sentence, reportedly because he came up positive during a drug test. Oh, and if you're under the age of 25 and you have no idea who it is we're talking about, you'll find the full backstory here if you're interested. [BlackBook]

Ruth Madoff paid another visit to her imprisoned husband yesterday. When she exited the Metropolitan Correctional Center, however, a photographer spotted her carrying a plastic bag with several dollar bills inside. Is Bernie Madoff now fleecing his fellow prisoners and having Ruth smuggle out the booty? That was TMZ's punchline. A more plausible scenario is that Ruth tried to bring Bernie some cash, although if that's the case, Ruth should be extremely thankful she's safely ensconced in her East 64th Street penthouse this evening and not spending the night behind bars. Allow us to explain: More

• More on John Thain's ignominious departure from BofA. [WSJ, BN, NYT]
• Mary Schapiro was approved by the Senate to head the SEC. [DB]
• Citi is remaking its board and is ousting Ken Derr and Franklin Thomas. [FT]
• Some investment bankers are keeping busy: Pfizer is in talks to acquire Wyeth in a deal that could be valued at more than $60 billion. [WSJ, BN]
• Wesley Edens' Fortress is returning cash to investors. [WSJ]
• Marc Dreier will need to post a $20 million bond to walk out of prison. [NYT]
• Job cuts in UBS's investment banking division come next month. [AP]
• Rumor has it additional layoffs at Goldman are coming, too. [Dealbreaker]

This is going to come as shocking news, we're sure, but it seems convicted con man Raffaello Follieri is not having a fun time in prison. His lawyer submitted a letter to the sentencing judge this week and he reports that Follieri has been horrified to find that "the food looks spoiled, the showers are filthy with excrement and the place smells really bad." And he doesn't have a window either, which would suck in any case, sure, but probably sucks even more when your last apartment was a $37,500-a-month Trump Tower duplex. More

Sam Israel Avoids Prison Once Again | Former hedge fund manager Sam Israel sure has a talent for putting off the inevitable. The former financier faked his own death to avoid jail time back in June, then got a judge to postpone his sentencing twice so he could get treatment for his addiction to methadone in August and September. Now a judge has delayed his sentencing yet again so he can undergo a 90-day medical evaluation in North Carolina. His next court date isn't scheduled until February 2009. [Bloomberg via Dealbreaker]

Raffaello Follieri Goes Down | A Manhattan judge handed down a 4 1/2-year sentence to Raffaello Follieri this afternoon on wire fraud, money laundering and conspiracy charges. Anne Hathaway's ex-boyfriend is expected to serve his sentence at either Fort Dix or Otisville. (He'll have to cough up a $1,400 fine, too.) But he's really sorry: "I just hope that someday those who have been hurt by my actions will forgive me," he said to the judge through a translator. [People]

Financier Jeffrey Epstein has spent the last three months sitting in a jail cell in Palm Beach, serving out an 18-month sentence for hiring underage girls to perform "erotic massages." But he isn't lacking creature comforts! The Smoking Gun was thoughtful enough to file a Freedom of Information Request to secure his commissary receipts, which means you now can review every single thing Jeff has purchased since he checked into the big house. It's a 12-page list and includes tasty delights like Lil' Chub Sausage, Ms. Vickie's Salt & Vinegar potato chips, O'Brien's Hickory Smoked Beef, Teriyaki Meat Sticks, and Instant Spanish Rice. More

Bear Stearns execs Ralph Cioffi and Matthew Tannin were led off in handcuffs a couple of weeks ago, accused of deceiving investors in one of the firm's ill-fated hedge funds. Bayou Group founder Samuel Israel III turned himself in last week after spending a few weeks on the run, and has started a 20-year sentence for defrauding investors of $450 million. (He now faces an additional 10 years for bail-jumping.) Plenty of other financial big wigs may ultimately get caught up in criminal probes, making 2008 one of the busiest years for white-collar defense lawyers, at least since the Drexel Burnham boys headed to the clink in the early '90s. A word of caution, though, to high-finance criminals facing the prospect of time behind bars. You do not want to show up to prison totally unprepared a la Sherman McCoy in Bonfire of the Vanities. Certain matters should be taken into account before you head off to the clink. There are even ways to parlay your riches and master-of-the-universe shtick into preferential treatment! Tips for disgraced Wall Streeters on how to survive behind bars after the jump.More