We have spent a lot of time pondering the Made-off case, as you well know. And several things are very suspicious. Key among them, how much did Ruth Madoff know and when did she know it? How many toner cartridges does it take to produce 20 million documents? Who stores documents in a warehouse in Queens? What exactly was this secretive seventeenth floor? Given that Bernie and Ruth were reportedly a very tight couple, how could she be in the dark, really?
But investigators have discovered, according to a person close to the case, that the funds from the advisory business were in fact comingled with Madoff's personal funds and with a market-making fund in which he, as a broker-dealer, executed orders for customers. It was Ruth Madoff who oversaw the books on all three of these accounts, and it was the comingling of money from them--contrary to regulations that require such accounts to be kept separate--that enabled the elaborate shell game. It also meant that some investors' money was not invested for their own benefit but went into Madoff's personal assets.
Behind every great Ponzi scheme, there is a scheming wife?
There are, of course, a great number of mysteries remaining still. Consider:
The Financial Industry Regulatory Authority has reported that there is no record of Mr. Madoff's investment-advisory firm placing any trades. "What did all those people do on the secretive 17th floor if they weren't executing trades?"
I mean, do we have to spell it out for you?
Partners in Crime? [The Daily Beast]
Posted by NAS Keflavik boi , Jan 27, 2009 12:38PM
Eyes Wide Clops
Posted by guest , Jan 27, 2009 12:55PM
@1, best comment of the day.
Posted by Investorcluzo , Jan 27, 2009 12:58PM
@1 - winner! well played NAS...
Posted by guest , Jan 27, 2009 1:00PM
@1, bravo!
Posted by guest , Jan 27, 2009 1:09PM
but check out what Art Nadel did for HIS lovely wife: 30 years of marriage and you're worth no more than a used Subaru --
"The avenues to money for you will likely be blocked soon,” Nadel wrote to his wife in a note that employees found Jan. 15 in a shredding machine, according to the complaint. “Withdraw as much cash as you can,” he said, adding that he would send further instructions.
“Sell the Subaru if you need money,” the FBI quoted him as writing.
____________________________
Just out now on Bloomberg.
Posted by guest , Jan 27, 2009 1:26PM
Macmadoff and Lady Macmadoff. Quite a couple.
(We identifed the Thain of Corridor last week, so why not continue with the Macbeth theme, since these people are so ruthless, predatory, amoral.)
Posted by guest , Jan 27, 2009 1:34PM
Spell it out for me. What were they doing all day on 17? Meeting with investors?
Posted by guest , Jan 27, 2009 1:45PM
His and Her Ankle Bracelets for 2/14?
Posted by guest , Jan 27, 2009 2:01PM
It should be obvious that there are family members who were in on this because, if not, what is Ira Sorkin negotiating with the feds about? Certainly, they are not going to reach some sort of deal wherein bernie gets anything less than the rest of his days in prison. So he must be protecting someone else in exchange for cooperation.
Posted by polizeros , Jan 27, 2009 4:38PM
de Borchgrave in Washington Times has more
http://www.washingtontimes.com/news/2009/jan/27/ignorance-is-not-bliss/
"A Greek-American friend of Mr. Markopoulos, now in Switzerland, wrote in his blog, "He nailed Madoff, listing the back-door marketing and financing schemes as if he were an insider. But the SEC did not respond. Powerful political voices ordered the SEC not to proceed. I am not naming names because libel laws mostly favor the criminal in Europe, and their names will never get past libel lawyers. The largest investors were not Jewish charities as was reported by New York newspapers, but French, Spanish and Swiss private banks." "
Posted by Anal_yst , Jan 27, 2009 5:54PM
was watching this on the 'tube Sunday night and couldn't help but think of the Noel's, nice work
Posted by guest , Jan 27, 2009 6:28PM
10 Washington Times. Now that's a quality paper. Does Rev Sun Young Moon still own it?
Posted by guest , Feb 02, 2009 12:53AM
We have organized a pro-active group of former Madoff investors in an effort to share information and support.
We are moving forward toward recovery and restitution.
If you are a Madoff victim and want to join a unified group that is growing larger every day, please contact us at
madoffvictim@usa.com
Together, we will prevail..