Frank DiPascali, for one, knew it was a fraud from his first day on the job. Didn’t stop him from working there for another 38 years, but the point is, he knew what was up from the beginning, Dipascali said today in court. Read more »
“I’ve had an opportunity to watch the Canadian version of affordable health care in action with all its limitations with my Canadian husband’s family. A couple of years ago, I was startled to see the cover of Maclean’s, a national Canadian magazine, showing a picture of a horse lying on an MRI table with the headline, “In Canada a horse gets better treatment than you.” It went on to say that young Canadian medical students have no incentive to become doctors to humans because they can’t make any money. Instead, there is a great surge of Canadian students becoming veterinarians. That’s where the money is. A Canadian animal can have timely MRIs, surgeries and any number of tests it needs to receive quality health care. My sister-in-law had to wait two months to get a General Practitioner. During this period she spent her days in bed vomiting continuously, unable to get any food or drink down because she couldn’t get an appointment with the doctor. When she finally did, the doctor said, “Oh you don’t need me, you need a specialist.” That took another two weeks until she got a pill that corrected the problem. Really, is this what we want? [...] Boomers are smart. They see the train wreck coming… most I speak with think the Affordable Care Act is a greater Ponzi scheme than that pulled off by Bernie Madoff.” [WSJ via Matt, related]
In this case the bone would be a “deferred prosecution agreement” wherein the bank would get a brief reprieve from dealing with one of the 979 investigations it is currently facing. Read more »
For twenty or so years, depending on when you believe The Legitimate Years stopped and The Illegitimate Years started, Bernie Madoff ran a massive Ponzi scheme, ripping off thousands of clients of billions of dollars. But screwing over people and leaving many of them with nothing was not all Madoff accomplished in that time. He also taught his employees the finer art of fraud and, according to prosecutors, the five students currently on trial learned a thing or two under The Professor. Read more »
At which point he decided he’d stick around for another 20 or so years. Read more »
He and his buddy Ezra Merkin used to share a laugh about it all the time.
Some new details came from a phone call Mr. Merkin recorded during the fall of 2005, between himself and Mr. Madoff. After a different Ponzi scheme came to light involving the Bayou Group, a hedge fund firm in Stamford, Conn., Mr. Merkin told Mr. Madoff that this would further stoke suspicions about his business.
“You know, I always tell people, as soon as there is a scam in the hedge fund industry, someone is going to call about Bernie. It’s guaranteed,” Mr. Merkin told Mr. Madoff, according to the lawsuit.
Perhaps luckily for the continuation of their friendship, Ezra didn’t get into the details about what he was telling those people. Read more »
One thing you might have imagined, in thinking about the decades-long, multi-billion dollar financial fraud perpetrated by Bernard Madoff, was that the operation demanded a lot of the Ponzi master’s time. Lotta man hours, lotta late nights. That he and his team worked ’round the clock to generate all those falsified accounting documents, coming in early, leaving late, and bringing work home. That most days, they didn’t have time for much else, be it surfing the internet, taking a long lunch, or having sex with each other from 6 until 7 in the morning, and then again from 1PM ’til market close. In fact, such was not the case! Read more »