$823 million.
Actually, between $823 million and $826 million. That is what the Jewish T-Bill managed to come out on the other side of $65 billion (or so) with. At least, “according to court papers filed on Friday.” $700 million of that is tied to Big B’s ownership in Bernard L. Madoff Investment Securities LLC.
Madoff to appeal bail, net worth revealed [Reuters]
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- Use the Bloomberg command
NH BLG_DEALBREAKER <GO>
to access Dealbreaker
He can kiss my grits.
i like grits with lots of salt and pepper and cheese. i’m drunk RIGHT NOW.
madoff can eat grits out of my asscrack.
bess, on the home page the above the law link takes you to dealbreaker
(its at the very bottom)
@1, is you rollin?
trippin balls, man
(Singing)
“Bernie and Bubba, Cell Block D, K-I-S-S-I-N-G” !
____________
$823MM my happy ass ! (or his sore one)
those $823 mil + the $65m or so of his bitch along with his luxury apartment will hopefully be confiscated so his net worth will soon reach 0. I do hope they will go after his sons too. The whole family should be wiped out.
Actually, marked to market, you can chop $690m off of that. He valued Madoff Securities at $700m. It’s probably getting less than $10m, because it, well, wasn’t a real business ($1m in profit in 2008).
Why hasn’t someone been paid off to assassinate him yet?
$65B down to $826M, the jew couldn’t even steal correctly
why does he have $45 million in securities? he trades for his own account but not for his ponzi one?
I would also point out the following related to “monthly” expenses:
NY apt – taxis/subway: $300, I thought a monthly subway card was $81?
Palm Beach – boat captain: $5,250
France – boat captain: $5,600 (why is he getting $350 more a month than the guy in PB?)
must be nice, $130k a year for two boat captains. suddenly, the $15k my friends pay to send their kids to pre-school doesn’t seem so bad…
http://online.wsj.com/public/resources/documents/031309madofffinance.pdf
The people who pulled their money out of Madoff early made A LOT of money. I’d like to see a list of people who made a killing on this Ponzi scheme.
@12 – Madoff didnt promise anyone high returns – the reason he lasted so long was that his returns were moderate to low moderate BUT consistant year after year. So I dont really think anyone made a killing.
Madoff’s cellmate should force him to him strump a dump every time he strumps said dump
@11 $1m on $45m in bonds monthly? Am I missing something?
@4, bitch, I might be…
# 13 no one made a killing? Jackoff made $65 billion..Mother F’er is going to be someone’s bitch in the steel jungle..Atleast he can buy some nice knee pads.
Next up- His wife and family members.. bet 2 cents they are NOT innocent. Maybe she can get it on w/ a pool boy now, “Hunny rub the bunions”..
Madoff = Prison = Lockjaw
http://www.bloomberg.com/apps/news?pid=20601087&sid=a4U_B0XX3U3M&refer=home
Good luck clawing it back from Cassano.
12 market stories you might have missed this week. The author threw in some economic cartoons.
http://bit.ly/1a25eB
Solid work.
Story problem: You give me $1 as an investment in my fradulent scheme. I take your dollar and buy a candy bar with it. I then mail you statements for ten years saying that your dollar has appreciated to $100 million.
When the scheme blows up, how much have you lost: $1 or $100 million?
There never was $65 billion. It never existed, it was a made-up number. The aggregate loss is limited to the amount that people contributed, less the total of amounts paid to other customers in prior periods.
give me a dollar, i buy a candy bar. lure young boy to van with candy bar. sell young boy to arab for $1,000. real money dickhead.
give me a dollar, i buy a candy bar. lure young boy to van with candy bar. sell young boy to arab for $1,000. real money dickhead.
“hey little girl, wanna buy a candy bar?”
- young Bernie Madoff
This is cute:
http://online.wsj.com/article/SB123707854113331281.html#mod=testMod
So we (still employed taxpayers) not only have to make the Structured Products group’s counterparties whole via bailout funds, but we have to sponsor models and bottles for the dudes in the City to the tune of $100 mil?
Awesome.
Sucks for these guys (via NYT piece):
“A.I.G. did cut other bonuses, Mr. Liddy explained, but those were part of the compensation for people who dealt in other parts of the company and had no direct involvement with the derivatives.”
But Mr. Liddy also wrote that AIG “cannot attract and retain the best and brightest talent … if employees believe that their compensation is subject to continued and arbitrary adjustment by the U.S. Treasury.”
I knew that line would be in there somewhere.
No wonder UBS is fighting so hard
RE: This AIG bullshit.
Chief Executive Edward Liddy said, in regards to the bonus payout, “quite frankly, AIG’s hands are tied.” Bullshit. Just don’t pay it. I would love to see someone actually sue over this – ya, go ahead, become the most hated man/women in America. Just call the bluff already, there is no reason to pay such an amount and, I hate to break this to the good people at AIG, but you are not “the best and brightest talent.”
I am going to write the first letter I have ever written to a US Senator over this AIG bonus bullshit. I am going to tell him that AIG traders and execs are illiterate, illegal immigrants and he’ll predictably “go nut crazy” and put an immediate if boneheaded halt to it before checking out the story.
Guess what state I live in.
Random factoid, I’m told occupancy at some places down here in Aruba is down on the order of ~50%.
No Stanford-esque ponz operations uncovered yet though, will keep ya’ll posted or something.
#10 no need to be anti-semitic dickhead.
#@28…
TGFD agrees with you totally. Had you not already written your entry, I was going to write one just like it.
I believe that a defendent in a civil case can have a jury trial, and that would work to AIG’s advantage. Where in hell would those derivative clowns who are looking to collect bonus money from AIG find a f’n jury that would side with them?
The f’n employment contract would mean nothing. I wonder if said contract had anything written in it that referred to ‘doing things that are detrimental to the company’?
That idiot Liddy at AIG has no balls and should be replaced yesterday. What a f’n dork he is.
The Guy from Delaware
AIG Says Fuck You to Taxpayers
http://thereformedbroker.com/2009/03/15/aig-to-taxpayers-f-you/
I agree that the obvious thing to do is burn the contracts in the same bonfire these tools used to disappear all company assets (and then some).
Hypothetically speaking, if AIG had filed for bankruptcy before bonus day, what would have become of these payouts? Would product structuring get in line with the creditors?
Someone f’ed up when setting terms for the bailout. $100mm is a drop in the bucket, but these clowns are gov. employees now. Its like giving cops bonuses for shooting sick children.
Here’s how the Brits show their displeasure with banks:
http://news.bbc.co.uk/1/hi/uk/975012.stm
As the AIG bonus fiasco heats up, now AIG has decided to release payments to counterparties funded by the gov.
http://dealbook.blogs.nytimes.com/2009/03/15/aig-discloses-counterparties-who-received-224-billion/
Bernie needs some cellmates of his ilk. Somewhere in this swindle there must be some good candidates from AIG to keep him company.
AIG insured Bernie?
AIG and Madoff both non-stories now.
@38 AIG will continue to be a “story” until they return the taxpayers’ money.
TGFD,
Glad you agree RE: AIG Bullshit. I think that the key here is that no jury, even if they found in favor of the plaintiffs, would award any kind of damages. Thus, the calculation is simple:
E = (0.99 * (0.99 * $170M + 0.01 * $5M) + 0.01 * $0) ~ $167M
That is, given a 0.99 probability of a lawsuit, a 0.99 probability that the plaintiffs win the lawsuit, and a total $5M in legal fees if a lawsuit occurs, then the expected loss is approximately equivalent to the current bonus payout. Furthermore, I think that the chance of a lawsuit actually being brought is less than 0.99; so, why not just roll the dice and tell the good people of AIG to go pound sand?
Hey! $823M out of $6.5BThat’s only 12.6% percent on your funds! That must be the best Hedge Fund Deal in Town !!
17 He didn’t take $65 billion. Do the math, he took in $65 billion from investors, has $823 million left. The difference is the total of what he stole plus what he distributed to investors. How much can a person spend? Certainly not $64,177,000,000, even over 20 years. Looking at his lifestyle, he probably spent at the most $1 billion over that time. That’s what Madoff stole. The other $63 billion was stolen by his earlier investors from his later investors. Facilitated by Madoff, yes, but still ill gotten gains that they should not be keeping. No one wants to hear that though.
Ruth has $5 & $7 Million loans out to son’s homes, those will be liquidated…so sons are fucked
Wives (doggy ones) are out to; that divorcee’s one aint getting any maintenance either
Look for Noel/Jaffe filing anyday
Any word on clawbacks from investors? That’s where the real money is.