Bernie Madoff

  • 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 »

“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 »

Bernard Madoff was generous to his employees and didn’t have policies in place for corporate credit cards used by executives to pay for family vacations and thousands of dollars worth of wine, a jury was told. There wasn’t an obvious business purpose for many charges, including trips to Disney World and Las Vegas, that Madoff’s securities firm paid each month, Charlene White, whose job included running dozens of monthly reports and helping process company checks, told jurors yesterday in the trial of five former employees accused aiding Madoff’s $17 billion fraud. “There weren’t any rules,” White testified. It’s “correct” that no expenses were ever turned down and there wasn’t a reason to be suspicious, she said under cross-examination by defense lawyers. [Bloomberg]

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 »