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The NY Post caught Bernard Madoff, who admitted his business was actually Ponzi scheme and probably lost around $50 billion of investors' money, "skulking" out of his East 64th Street apartment building and calls him "the Grinch who stole...everything"—as well as the "Most Hated Man in NYC." The Daily News runs down some developments, like how the FBI is looking for witnesses (like "the auditors working from a New City, Rockland County, storefront who certified Madoff's investment firm as 'solvent'") and the NY Times says that, so far, Madoff's family does not appear to be involved in the scam.
Victims include individuals saving up for a nest egg, charities of some notable people (Senator Frank Lautenberg, Daily News owner Mort Zuckerman, Steven Spielberg) and billion-dollar hedge funds. Clusterstock says the victims falls into four groups, "Superrich Individuals, Little Guys, Funds + Banks, and Charities + Universities + Hospitals" (see their list).
One example: J. Ezra Merkin's Ascot Funds lost nearly all of its investors' money—$1.8 billion—because it invested mainly with Madoff. So now Ascot clients have retained a lawyer because, the Times reports, "Mr. Merkin was charging them an annual fee of 1.5 percent of their investments in exchange for his services, which now appear to be little more than turning over the money to another investor altogether."
And Oppenheimer Funds' Tremont hedge fund had over half its $5.8 billion funds with Madoff. Bloomberg News reports, "Tremont, which manages a total of $5.8 billion, would have made roughly $62 million this year peddling funds that are solely run by Madoff... Hedge funds that invested with the 70-year-old Queens, New York-native charged fees to their clients for the task of vetting the fund."
Now it turns out that Madoff was keeping multiple sets of books and that it could take months for investigators to unravel his lies. One woman, a CPA who lost $500,000 with Madoff, told the Daily News she was eager to speak to the swindler, "I want to talk to him. I hope to speak with him. Tell him what I think of him. First, I'll ask why he did it. Then I'll proceed to use some expletives." Well, the SIPC says investors may be protected for up to $500,000, which is probably bittersweet when you've lost billions. Also: The Department of Justice's website for victims of Madoff's fraud ("We know that investors are anxious to learn whatever they can about the status of their investments and the assets of the Madoff companies. Although we cannot provide further details at this time, please be assured that all those involved are working diligently to investigate this matter and to locate and preserve assets that can be used for restitution to defrauded investors.")
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He's no different from the crooks who ran Fannie Mae, Freddie Mac, Bear Stearns, most of Congress etc....
This out-of-control white collar crime will not stop until these scumbags do hard time in a REAL prison; not the federal country club and health spa.
He should be strung up from the end of a noose in Times Square.
I think he'd suffer more abuse if they strung him up in Boca.
His auditors had to be (1) non-existent (2) the stupidest people alive or (3) in on the deal. This wasn't some convoluted Enron scheme or the banks monkeying with credit derivatives. This guy claimed to own things he simply didn't own, which is the easy thing on the planet to find.
how is this guy walking free and living in a penthouse? a black dude steals a slice of pizza and he's in prison.
Because black dudes who steal pizzas don't have $10 million bail money.
If the black dude was smarter he would have stolen $50 billion instead of a $2.50 slice.
Some Chachim he turned out to be.
He didn't lose just the $50 billion, look at how many friends he lost? And his good name. Bad bad Madoff, sit and stay.
Where's Cheney and Rumsfeld with the waterboarding when you need them?
"...it could take months for investigators to unravel his lies."
F that, torture the asshole! And release the black guy who stole the slice while we're at it.
I know someone who's losing her high-paying job at the end of the month because the non-profit she works for has to close down after investing all its cash with Madoff. It's amazing that this guy is still walking around. How can you give bail to a guy like this?
Man, what a racket some of these funds were in:
Fund Crook: "Yes, pay me a percentage of your investment so I can manage your money."
Dumb Investor: "May I ask what your management strategy is?"
FC: "Um, giving it all to someone else and taking a percentage."
DI: "So...what do you do all day exactly?"
FC: "..."
Jim Cramer, meet the real "Mad Money".
That wasn't just a regular slice. The dude ordered double cheese with sausage. Do you know what that goes for in today's market?
Is it too late for me to invest in Madoff's incredible company?
I forgot to add that the black dude actually got LIFE in prison for stealing the pizza slice: http://findarticles.com/p/articles/mi_m1355/is_n20_v87/ai_16709220
You mean nobody's whacked dis guy yet? What's da world comin' to?
White collar criminals are not punished severely enough, nor are the pols who enable them.
One one side of his mouth, Schumer plays populist by throwing a few million to the rabble. Out of the other, he loosens regs to let rich white guys walk off with hundreds of billions.
Considering the impact on the nation as a whole, these SOBs should all be lynched.
If we're lucky someone will pop a cap in Madoff's head before he goes to trial. I cringe at the cost of prosecuting this d-bag given the legal talent he'll be able to afford.
A paramount example of the abusive patriarchal system
Where does this guy get $10 million bail anyway? As far as I'm concerned, every viable asset he conceivably owns--cash, stock, real estate, clothing--should be frozen until this thing is unfolded.
PALM BEACH GOT RUN OVER BY MADOFF'S PONZI REINDEER
(Grandma Got Run Over By a Reindeer)
WilliamBanzai7
(chorus)
Palm Beach got run over by Bernie Madoff's Ponzi reindeer
Just two weeks before Christmas Eve
You can say there's no such thing as a Wall Street scamster
But as for we in America, we believe
He'd been chalking up bogus Alpha
So the SEC said he had to go
And as he waltzed out of his lair on Third Avenue
Defiant as he was, he said, "Positive returns, hell no!"
When they woke up yesterday morning
It was clear the Palm Beach clique had been attacked
May as well stick a note to their own foreheads
Saying, "Oh Lord, please give us our money back!!"
(repeat chorus)
Now we're all so proud of our regulators
They've been taking this so well
See them crammed in Madoff's office
Knowing that SEC Chairman Cox will soon be sent to pink slip h-e-l-l
It won't be a Merry Christmas thanks to Madoff
Nor a Happy Hannukah as well
And we just can't help but wonder
Dosn't all of Wall Street have that pungent Ponzi smell?
(repeat chorus)
Now that Madoff's books are on the table
See all the other asset managers dance a jig (Ah!)
And the bogus billion dollar earnings
That not surprisingly had been rigged!
Be forewarned all you rich country club investors
Better watch out for yourselves!
You should not be dreaming of serial Alpha
With hedge fund goofs who play golf better than yourselves!
(repeat chorus)
This money is gone. He's still sitting on a billion or so, in some secure Euro bank, but it's unlikely he'll ever see the light of day again. Even with a light sentence, he's a geezer. He'll die in jail. If he winds up in a country-club prison, there should be riots in the streets. I'm not suggesting he be sent to SingSing and placed in population, but this guy shouldn't spend his last few years golfing.
I'd like to see the personal property seized for all these white collar crooks. All houses, cars, jewelry, investments (probably not worth much now), art, all of it. They can keep $150,000 and one property if it is paid off.
Bagel nights!!!
"It takes a tough man to tenderize his friends."
Can you imagine if he was in the poultry business?
GONIF WITH THE WIND
From childhood on he was a gonif,
His mama always said,
A rascal who would pocket stuff
As soon as he got out of bed.
A missing check, a wallet gone,
At home or on a journey,
Anything pilfered could be found
On smiling little Bernie.
But a gonif surely has his charms
And everyone was amused
So what he couldn't swipe was given,
Nothing was refused
And so he grew up to become
The crookedest and the smartest,
The fifty-billion-dollar picture
Of the Ponzi artist.
The morale of this financial tale,
Too precious to be bought,
Is, Borrow a bundle from your brood,
Before the gonif's caught.
What a megascapegoat.