Maybe, you thought, Bernie Madoff wouldn’t like prison. Maybe, you thought, after a life of luxury, living in an 8X10 would cramp his style. Maybe, you thought, that he’d have trouble earning 14 cents an hour sweeping the floors, after spending several decades ‘earning’ millions making fake trades. Maybe, you thought, he wouldn’t take to an environment wherein taking your pants off means open season on your ass, after coming from a work environment where nobody blinked an eye when he regularly “dropped his trou in the office to ensure that the line of his shirt buttons was precisely vertical,” without the slightest threat of attack. Maybe, you thought, he’d be home sick. Maybe, you thought, he wouldn’t make any friends. Maybe, you thought, he wouldn’t get picked by any fraternities during rush. Well, you couldn’t be anymore wrong. Not only is Berns quickly adjusting and joining all sorts of groups, but he’s having the time of his life. Read more »
Did FTP maybe commit a crime? Yes. Was the crime it committed a Ponzi Scheme under the strict definition of the term? No. Read more »
If you were worried that Social Security is a Ponzi scheme and planned to fund your retirement with poker winnings, today turned out to be a bad day for you. While we here at Dealbreaker generally endorse keeping all of your money in poker, keeping all of your money in Full Tilt Poker was not the correct way to do so. Insofar as it now looks like you’ll only get back at best fifteen cents on the dollar. From the US Attorney’s complaint today:
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Think you don’t need to perform your own quarterly audits of your husband’s business to check for any discrepancies? Think again. Choose not to take regular looks at your meal ticket’s book and you could go from dining on the finest shellfish money can buy (“Some of those black-tie events were so fucking boring. We went to one at Blackstone? Their holiday party? I was like, I can’t believe I spent so much time getting ready for this”), chairing charities (that include pole-dancing fundraisers), residing in a $7.5 million townhouse on the Upper East Side (screening room and pool, natch), receiving all the trinkets you could ever desire (“She got whatever she wanted: diamonds—at least a quarter-million dollars’ worth, according to the U.S. Attorney’s office—designer clothes, even a new pair of boobs”) living, blissfully, prenuptial agreement free, and thinking you’d never have to go back to working the late shift at Scores… Read more »
The Ponz Master apparently emailed Gasparino to tell him as much last night and to let him know that their previously scheduled date? CANCELED. Read more »
Bernie Madoff Under The Impression That Harvard Plans To Teach A Course Based On His Legitimate YearsBy Bess Levin
Since February, Bernie Madoff has been on a little something called the Legitimate Years Tour. Yes, he may have pleaded guilty to a $50 billion crime that ruined countless people’s lives, not to mention resulted in the suicide of his own child, but why must that be all that is said of him, when it only represents a single entry on the old CV? He’s did a lot of other stuff too, and because everyone seems to have forgotten all that when his name comes up, much like they conveniently forget about how Mussolini made the trains run or time, or how Hitler built those wonderful autobahns, or how Ted Bundy made women feel special, he was forced to embark on the LYT to jog some memories. The first stop was a February an interview with New York, wherein he griped to Steve Fishman:
“Does anybody want to hear that I had a successful business and did all these wonderful things for the industry?” Bernie continued. “And got all these awards? And so did my family? I did all of this during the legitimate years. No. You don’t read any of that.”
Next stop: a chat with New Yorker reporter Jeffrey Toobin, who was reminded that Madoff “was worth a billion dollars before any of this nonsense started,” during which it was also suggested he should be getting credit for his later work (the legitimacy of which is still an open-ended question in his mind), if only for the fact that its complexities could only be understood by the most sophisticated of investors (him). And finally, as sit down with the Times, where Berns explained that he got such a raw deal because the judge, like all of his feeble-brained haters, doesn’t understand how “the industry” works.
And yet for all the work he’s put into educating you people on the History of Bernie’s World, in which the whole Ponzi thing is but a blip, you just still don’t get it. But you know what? That’s fine. Not a problem. Because Harvard does. Read more »
Who is the greatest Ponzi schemer of our generation? If we’re evaluating on the basis of sheer size, Bernie Madoff is the obvious answer. But as many of you know, size can only get you so far in life- it’s what you do with what you’ve got that matters. And Berns really didn’t do anything all that exciting with his ill-gotten gains. He bought a bunch of homes, yes, but his primary residence faced Lexington and from what we can tell, he didn’t buy anything that interesting with his cash. Same goes for most other scams- funds are spent on cars, maybe some jewelry, maybe some prostitutes, maybe some Teddy Bears. Frankly, from an investor stand point, it’s a little insulting- if you’re going to rip people off, at least do something real with the money. Make a name for yourself. Penetrate a community like never before. Follow in the footsteps of Nevin Shapiro.
Nevin, and you can quote us on this, became the frontrunner for greatest Ponzi schemer of our time when, from a jail cell, he chose to fuck the University of Miami football program raw, not unlike the players who he arranged prostitutes for over an 8 year period. How did he claim such a tittle? What steps should budding Ponzi schemers hoping to make a name for themselves be taking notes on? Read more »