Results tagged “Made-off” from Dealbreaker
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About Time
May 19, 2009, 12:19pm
Posted by Equity Private
It's not that we don't like J. Erza Merkin, but one wondered why, given appearances, he remained "in charge" thus far. Alas, no more. Financier and money manager J. Ezra Merkin agreed to New York Attorney General Andrew Cuomo's demands...
The (Pinhole Camera) Light At The End Of The Tunnel
May 14, 2009, 4:39pm
Posted by Equity Private
Despair not, Friends of Bernie. Checks are headed your way. At least, that's the rumor. Yes, true, they might not be quite as large as you were expecting, or hoping, or wishing for, but a check is a check- but...
Casting Madoff
Apr 22, 2009, 2:20pm
Posted by Equity Private
You have by now, no doubt, seen the Daily Beast's take on Madoff: The Movie. Frankly, we think their casing is all wrong. Madoff seems much more Seinfeld's Jason Alexander to us (though we love Sam Waterston as Noel). But...
A Different Class of Ponzi
Apr 16, 2009, 1:35pm
Posted by Equity Private
If you are going to Ponzi, do it right. For instance, don't waste your time on a Hummer or something. Get yourself an Aston Martin. Peter Madoff has one. ...liquidators claim "in March and May 2008, Bernard Madoff caused wire...
For The Love Of All Things Smoking
Apr 08, 2009, 4:01pm
Posted by Equity Private
This country loves the smoking memo. Loves the mere scent of the ignored warning to disaster. Loves the sting of accusation when it attaches to the retrospectively blind actor who missed the whispers from the tea leaves. Loves Markopolis. Loves...
Not So Fast, Why Bother With Bankruptcy When We Can Just Take It All?
Apr 08, 2009, 12:13pm
Posted by Equity Private
Bankruptcy is nothing compared to the power of forfeiture vested in the Department of Justice. So why bother letting the assets slip into the expensive, time-consuming morass of bankruptcy? Let's just take them all, no? The Securities and Exchange Commission...
What Took You So Long?
Apr 02, 2009, 11:18am
Posted by Equity Private
Forcing the accused into personal liquidation is a long honored tradition that used to be the first thing resorted to, even before the trappings of criminal procedure. What the hell happened here? Perhaps victims (and the rest of us) were...
Dealbreaker Afterdark: Oh, THAT $75 Million?
Mar 23, 2009, 6:59pm
Posted by Equity Private
I thought you meant something else by "all assets." A lawyer for the court-appointed trustee liquidating Bernard Madoff's firm confirmed Monday they've located another $75 million in Madoff assets - a figure that would put the total above $1 billion....
Madoff Accountant Flies Free!
Mar 18, 2009, 3:30pm
Posted by Equity Private
David Friehling skated after coughing up a $2.5 million bail. No word yet if the check bounced. Bernard Madoff's longtime accountant has been released on $2.5 million in bail. The 49-year-old David Friehling was arrested on fraud charges Wednesday and...
Breaking: Bernie Gets Company In The Dock
Mar 18, 2009, 10:55am
Posted by Equity Private
WSJ: Prosecutors have charged Bernard Madoff's longtime accountant with securities fraud, the AP reports. David Friehling (pictured center) surrendered to authorities, and will be facing the music presently, it seems....
Dealbreaker Afterdark: Bernie Marked-To-Market Edition
Mar 13, 2009, 11:55pm
Posted by Equity Private
$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...
Which Prison?
Mar 11, 2009, 4:11pm
Posted by Equity Private
We wouldn't go so far as to say that Bernie Madoff is headed off for Federal Pound Me In The Ass Prison, but it promises to be a decidedly unpleasant facility. Still, apparently one adjusts to the new decor after...
Administrate This
Mar 02, 2009, 8:42am
Posted by Equity Private
It should come as no surprise that the Madoff losses have resulted in a big spikey-spike in "we promise we have a bunch of investments, just ask Bob over there" shifts to third party administrators. Lots of larger funds had...
Phew. Found it!
Feb 23, 2009, 10:29am
Posted by Equity Private
Luckily for everyone involved, the pains it seems Bernie took to spread the wealth (around various banking secrecy jurisdictions) seem to have been in vain as even notorious banking environments froze anything with the magic word Shazam Madoff on it....
It's All Fun And Games, Until It's Not
Feb 12, 2009, 4:35pm
Posted by Equity Private
Of course, we poke fun and satire at white collar crime here on Dealbreaker, that's our purpose- a bit of commentary stirred up with a dose of mocking escapism. It is, however, effectively impossible (and shady) to even attempt to...
Today's Dealbreaker "Reader Challenge"
Feb 09, 2009, 2:42pm
Posted by Equity Private
Grade the following statement, made in 2000 by the Honorable Louis Stanton, the judge hearing the Bernie Madoff civil case: Second, a stock split divides only the outstanding shares of a corporation. "Delaware law, which is controlling under the terms...
SEC Replies: Madoff Hearings Part II Liveblogged
Feb 04, 2009, 12:12pm
Posted by Equity Private
Wow. It's going to be hard to pull out of the mudpit left by the artillery barrage Markopolos just adjusted onto their heads, but the SEC is going to try, damnit. Written statements (which are almost universally useless) are read...
SEC AssassinationMadoff Congressional Hearings Liveblogged
Feb 04, 2009, 11:15am
Posted by Equity Private
It's Harry versus the SEC this morning, and there aren't a lot of pulled punches. Harry: I think the losses in Europe will be bigger. The European losses are often on unreported income and won't likely be part of the...
The Santander Slash
Jan 29, 2009, 3:28pm
Posted by Equity Private
The nice thing about having a bunch of branch offices, subsidiaries or related entities with a large corps of middle managers is that you have a huge cushion against the massive losses you will incur when you do such limited...
With The Ponzi-Fu Action Grip
Jan 29, 2009, 12:26pm
Posted by Equity Private
Want to knock off Bernie but the credit crisis has wiped out your "hitman fund"? No problem. Just get yourself a Bernie doll. You bet, says Connecticut toymaker Emil Vicale, who manufactures patriotic "hero" and politically incorrect "villain" action figures...
