Bernie Madoff

“On the five-year anniversary of Bernie Madoff outing himself as the world’s most notorious white-collar criminal, the financial world still hasn’t learned some simple lessons. First, business journalists should stop listening to the fraudster himself. His multibillion-dollar scam caused at least three people to take their own lives, including his son Mark — yet Madoff remains mostly unrepentant and uncooperative. He continues to blame “the greed of others” and loves to offer his opinions on how Wall Street really works…Truth be told, I’m one of those reporters who spoke to Madoff in the years since he turned himself in. He banned me from contacting him in prison after I concluded a couple of years ago that he’s a delusional sociopath. It was one of the proudest days of my life.” [NYP]

Bernard Madoff’s former computer programmers asked for payment in diamonds to continue aiding the con man’s $17 billion Ponzi scheme in 2006 after they became uncomfortable with their role, a jury was told. The “crazy” request from Jerome O’Hara and George Perez was turned down and the men were given salary increases and bonuses, Frank DiPascali, Madoff’s former finance chief, testified today in Manhattan federal court in the trial of the men and three other ex-colleagues. “Where the hell am I gonna get a bag of diamonds?” said DiPascali, who pleaded guilty in the case and is testifying in a bid for a lighter sentence. The programmers, who said they were “in a bit of a pickle,” agreed on a “fairly substantial percentage increase” to their salaries, he said. [Bloomberg]

  • 09 Dec 2013 at 4:26 PM
  • Banks

JPMorgan Legal Liabilities: An Update

In honor of the five-year anniversary of the Fall of the House of Madoff (Wednesday, if it’s not already a fixture in your Outlook calendar), we bring you an update on the House of Morgan’s latest negotiations with a representative of the U.S. government, this time over whether it should have filed a form that probably would have been ignored or ineptly investigated anyway, in which it would have suggested that maybe something was amiss on the 17th floor of 885 Third. Read more »

  • 09 Dec 2013 at 3:23 PM

Bernie Madoff Has Regrets

Actually, regret, singular. And it’s not that he ruined countless people’s lives, or that he’s going to die in prison, or even that no one cares about the so-called “Legitimate Years.” It’s that he didn’t have a right mind to march into the offices of the Wall Street Journal, scream “You call this a stipple portrait?” and demand a retraction. Read more »

Even if, for argument’s sake, you were able to convince yourself that “schtupping,” Madoff’s name for the placing of fake trades, was nothing to be alarmed about, some of this, no doubt, should have given you pause. Read more »

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]

  • 24 Oct 2013 at 5:06 PM

Preet Bharara May Throw JP Morgan A Bone

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 »