Bernie Madoff

  • 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 »

  • 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 »

At which point he decided he’d stick around for another 20 or so years. Read more »