Bernie Madoff

  • 12 May 2011 at 10:26 AM

Bernie Madoff: Big Fan Of Mini-Bar Booze

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 »

  • 08 Apr 2011 at 3:43 PM

Bernie Madoff Has A Dream

The Legitimate Years, Part 2. 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 »

  • 28 Feb 2011 at 2:47 PM

Bernie Madoff Doesn’t Think Much Of Dodd-Frank

[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]

Bernie Madoff recently called New York reporter Steve Fishman collect, from prison. Berns had rebuffed Fishman’s previous attempts to chat but apparently had been feeling like there were a few things he wanted to get off his chest and in print, for all the haters to see. Lately, you see, the Ponzi Master is feeling a bit misunderstood. Angry. Cheated. He takes the blame for what he did (though he thinks the banks that enabled him should take a little themselves) and admits that Ruth is pretty ticked off with him of late. That’s not what’s getting his goat though. What he’s feeling miffed about these days is the fact that okay, yes, he ran a multi-billion dollar scam that had some pretty serious consequences. Fine. But what about all those years he was doing things by the book? People rightfully thought he was pretty great then but do we ever hear about that? No! All we hear is monster this and criminal that. What gives? Read more »