Ponzi schemes

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 »

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 »

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]

Let this be a lesson to anyone hoping to avoid a couple centuries in prison– nobody fucks with Jimmy Cayne’s roach clip and gets away with it! 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]