Guess who's got a new hobby? Bernie Madoff!
According to an interview on MarketWatch with a journalist about to release a podcast about Madoff, Old Bernie has become something of a living legend in the federal pen:
“He’s a star in prison. He stole more money than anyone in history, and to other thieves, this makes him a hero.” According to Fishman, he is frequently approached for financial advice, including by another inmate who was debating a stock purchase with his broker. “The guy later said he wished he had followed Bernie’s advice closer.”
And Bernie is even going so far as to do what he never did on the outside: Follow through on market-fixing as opposed to just pretending to do it.
“Bernie really was a successful businessman with quite original insights into the market, and he’s continued applying his business instincts in prison,” Fishman said. “At one point, he cornered the hot chocolate market. He bought up every package of Swiss Miss from the commissary and sold it for a profit in the prison yard. He monopolized hot chocolate! He made it so that, if you wanted any, you had to go through Bernie.”
No word yet on if Bernie is moving into marshmallows, but it stands to reason that making market moves too quickly in prison could get you shivved.
Enjoy the long weekend.