Bernie Madoff's Taint Albatross Around Neck Of Former Employees

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I've been wondering for some time now whether or not being employed by Madoff Securities when Bernie made his big reveal would be the professional equivalent of pulling a Ping, i.e. taking a piss in an underling's mouth, i.e. would it make it difficult for you to find future work at a firm that doesn't have the sort of outside the box thinking that allows for such things. Apparently, the answer is yes, particularly if you share DNA with the Ponz Master. Yes, my pets, it's true-- Mark and Andy Madoff, employees 2 and 3, sons 1 and 2, have been having difficulty finding work. Like they have a bad rap or something. It's gotten so bad that they might just have to start their own firms. They've also started crying in front of other people, as is their wont.

Mark Madoff, who worked at Bernard L. Madoff Investment Securities LLC for more than 20 years, climbing up the ladder to director of proprietary trading, recently met with at least two Wall Street contacts to get their opinions on whether he could find another job in finance, people familiar with the discussions say. He talked about working on a trading desk or in trading technology, asking one person to keep him in mind if he hears of any openings.
"He's untouchable in any firm that deals with the public," says someone who talked to Mr. Madoff. He was near tears while describing his feelings about his father, the person added, asking why anyone would bring his son to work at a crooked investment firm. Another person approached by the 45-year-old Mr. Madoff was told by his lawyer not to respond.

Meanwhile, Andrew Madoff, director of trading when the New York securities firm collapsed, has considered starting a firm involved in disaster recovery, according to someone who has talked to some of his relatives.

On the bright (deluded) side, Mark has apparently been telling friends that he thinks he's "going to land something soon." And worst comes to worse, they can shack up with the fish. Also! Eleanor Squillari, Berns' assistant who used to schedule his hand job appointments, has landed on her toes.

"I'll never get a job in finance, and I'm one of the lucky ones," says Eleanor Squillari, Bernard Madoff's assistant for many years. She went to beauty school this summer and plans to look for work at a hair salon while selling her handmade jewelry.
Ms. Squillari, 59, lives in a two-bedroom apartment in the New York City borough of Staten Island, near the house she had to sell earlier this year. It makes her angry that former co-workers linked to the fraud still have their big houses and expensive cars. (Ms. Squillari co-wrote an account of her time at the Madoff firm for Vanity Fair magazine, for which she was paid about $50,000.)

Related

Former Madoff Employee Pleads Guilty To *A* Madoff Securities Scam Just Not *The* Madoff Securities Scam

You know what has got to suck? When you decide to start charging stuff that doesn't fall under "business expenses" to your corporate card and engage in a few other amateur hours scams that probably wouldn't have been found out (or, if discovered, not taken to the authorities because your boss had high tolerance for fraud) but then they are because the CEO of your firm had to go and engage in the largest Ponzi scheme on record, which shone an uncomfortable light on company personnel and all of the cheese, popcorn, and salsa of the month clubs you joined (for example).  Craig Kugel knows what we're talking about. The son of a longtime trader for convicted Ponzi scheme operator Bernard Madoff pleaded guilty to conspiracy and other criminal charges Tuesday, but denied any involvement in the decades-long fraud. Craig Kugel, the son of David L. Kugel, a former supervisory trader in Madoff's proprietary-trading operation, admitted to filing false forms that claimed people were on the Madoff payroll when they didn't actually work for the firm and to not declaring as income personal expenses charged to the firm's corporate credit card. Those individuals were paid salary and benefits, but weren't actual employees, he said. "I am sorry for my lapses in judgment in committing these federal crimes, but I want to make clear I had nothing to do with the Madoff Ponzi scheme and I was never involved in the Madoff trading operation," Craig Kugel said at a hearing before U.S. District Judge Laura Taylor Swain in Manhattan. Ex-Madoff Employee Pleads Guilty to Conspiracy [WSJ]