In the market for some tiny bottles of low-grade vodka touched by a Ponzi scheme? Today’s your lucky day. Read more »
Matthew Goldstein reports: Read more »
Irving Picard wants $43.2 million for the last four months of work on the Madoff file. Read more »
“In 2002 I had a contact with the SEC, who were concerned that I was front-running,” he recalls, referring to the practice of using insider information to inform trades. “I started laughing to myself – I knew I wasn’t because I wasn’t doing the trades.” [FT]
As he’s got time on his hands and there’s something cathartic about letting it all out, Bernie Madoff’s been on a little media tour of late (which will culminate with an appearance on Jerry Springer in a paternity episode you don’t want to miss). His last stop was at New York, where Berns told reporter Steve Fishman it irks him that no one ever cares to mention that he “had a successful business and did wonderful things for the industry” during the so-called “legitimate years.” Most recently he sat down for a little chat with the Financial Times and in an interview that will run in the upcoming weekend edition, told the paper that UBS and HSBC are going to have “big problems” and that JPMorgan? Should run and hide.
“I am not a banker but I know that $100bn going in and out of a bank account is something that should alert you to something,” he said from federal prison in Butner, North Carolina. “JPMorgan got all the financial statements…JPMorgan doesn’t have a chance in hell of not coming up with a big settlement [with trustee Irving Picard, who filed a lawsuit against the bank.”
But enough about them. Let’s get back to Berns. Why did he do it? Apparently in the full interview, Bernie says it wasn’t about the money but rather that he was a people pleaser. Read more »
[Madoff] sees himself at this stage as a kind of truth-teller. He has disdain not only for the industry but for the regulators. “The SEC,” he says, “looks terrible in this thing.” And he doesn’t see himself as the only guilty party on Wall Street. “It’s unbelievable, Goldman … no one has any criminal convictions. The whole new regulatory reform is a joke. The whole government is a Ponzi scheme.” [NYM, earlier]