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 »
Irving Picard’s legal campaign to turn Bernie Madoff’s fraudulent claim to have managed $65 billion from one of the great financial fictions into an actual $65 billion took a bit of a hit today. Read more »
…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]