Bernie Madoff

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 »

Bernie Madoff Was An Insatiable Whore: Prosecutors

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 »

  • 11 Jul 2013 at 12:30 PM

This Is Not Bernie Madoff In Drag

It is his Austrian banker/long-lost twin sister, who would never have made a secret deal, even with family.

Ms. Kohn appeared as a witness at a London trial for a civil lawsuit brought by Grant Thornton, the liquidators of Mr. Madoff’s U.K. business, Madoff Securities International Ltd., to reclaim about £33m ($49 million) on behalf of investors. Ms. Kohn denied any wrongdoing; liquidators don’t allege that she knew of Mr. Madoff’s fraud….

“There has not been a private agreement with me and Mr. Madoff,” Ms. Kohn testified. She added that it should have been “obvious” to the directors of the London business that her payments were made for the introductions she made to Mr. Madoff, given her reputation in the press as a highly connected banker.

She said: “None of [the press reports] spoke of me like an analyst or a research guy.”

Austrian Banker Testifies in U.K. Madoff Trial [WSJ]

…and is discouraged to find out that, according to Bernie Madoff and other felons interviewed, it’s essentially impossible to make money without committing fraud. Read more »

Bernard Madoff once had billions of dollars, but now he makes $40 a month doing menial prison labor. “I used to work as a clerk in the commissary, and now they have me taking care of the telephone and the computer systems,” said Madoff, speaking by phone from a federal prison in North Carolina. His prison phone account didn’t have any money in it, so he had to call CNNMoney collect. As far as the computers and phones go, Madoff said he has to “make sure they’re working and they’re kept clean,” but he emphasizes that this requires no technical skill whatsoever. [CNNMoney]

Unfortunately, the book says that it cannot be thrown at the SEC when the SEC is operating—or not operating, for that matter—in an investigative capacity. Read more »

  • 18 Jan 2013 at 6:14 PM

Bernie Madoff Was A Toni Braxton Fan

Unfortunately the Ponzi schemer and TB had to part ways when the government seized his assets but now you have a chance to enjoy all the ballads that would get him through late nights at the office, plus his favorite numbers from Chicago, the best of Barbara Streisand, and every other item in Berns’ prized CD collection, available today for the extremely reasonable price of $100. Act now! [eBay via Complex]