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Photograph of Bernard Madoff after a court hearing this morning by Jason DeCrow/AP
The $50 Billion Ponzi Scheme Man Bernard Madoff is still out on bail but under home detention, which means he's got one those ankle-monitoring bracelets. Plus he has a curfew—between 7 p.m. to 9 a.m., he has to be in the apartment.
Madoff put up his East 64th Street apartment and homes in Palm Beach and the Hamptons for his $10 million bail. The NY Times reports, "The judge also modified the bail so that Mr. Madoff would not need two additional signatures to guarantee the bond, as initially required. Only his wife and his brother Peter, who worked at Mr. Madoff’s firm, had signed the guarantee as of Wednesday morning. His two sons, Mark and Andrew, had refused to sign, according to court papers."
Some more Madoff-related news:
- The Securities and Exchange Commission admitted it missed opportunities to investigate allegations against Madoff. From SEC Chairman Christopher Cox's statement: " The Commission has learned that credible and specific allegations regarding Mr. Madoff’s financial wrongdoing, going back to at least 1999, were repeatedly brought to the attention of SEC staff, but were never recommended to the Commission for action."
- One of the SEC's investigative teams was headed by Eric Swanson, whom the NY Times points out later married (after leaving the SEC) Madoff's niece.
- There was a scrum and even a shoving match when Madoff returned from court.
- One senior official at Madoff's company who is under investigation is Frank DiPascali. His lawyer is Marc Mukasey, who works at Bracewell & Giuliani (yes, that Giuliani) and whose dad is U.S. Attorney General Michael Mukasey. The senior Mukasey has recused himself from the investigation.
- The Times has a great article on how European banks are trying to figure out their Madoff-related losses. Also notable is how Societe Generale sent a team to NY "to perform some routine due diligence. What it found that March was hardly routine: Mr. Madoff’s numbers simply did not add up. Société Générale immediately put Bernard L. Madoff Investment Securities on its internal blacklist, forbidding its investment bank from doing business with him, and also strongly discouraging wealthy clients at its private bank from his investments."
- There was a shoving match between Madoff investors in Palm Beach, at Donald Trump's Mar-a-Lago golf club.
- A hedge fund wealth adviser suggests that one reason why big institutions, like universities or pension systems, didn't invest with Madoff is because Madoff's firm wouldn't have stood up to their due-diligence work.
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Aside from Madoff's sons, not one redeemable soul in this hideous logpile.
Surprised no one has capped him on the street yet.
I'd be willing to be that his crimes usually took place between 9 AM and 7 PM, so I think he shouldn't be allowed in public for those hours.
What a prick. I hope a bus runs him over.
move over trump, new ultimate douchebag wants to sit on the throne now
shouldn't nyc citizens be paint balling this guy every time he steps out into public or at least using super soakers to spray his face? c'mon now, get inventive!
There are always con men. The part about the SEC is the interesting part. That's where the undiscovered rats are hiding. But I expect it all to be glossed over once a few sacrificial victim-perps have been sent off.
Things Bernie Madoff has in common with Lindsay Lohan:
1) Ankle monitoring bracelet
2) ?
I figure that he'll shoot himself soon.
2) worthless twat?
Remember the exploding collars used in the movie 'The Running Man'? Give him one of those.
What pisses me off is this:
His crimes were known since 1999. The SEC DID NOTHING. McCain said to fire Cox, Bush never did. The crimes continued till just recently.
Now he gets sent to a federal system of prisons controlled by Team Bush which will after Jan 20th finally change hands.
After Jan 20th then hopefully real justice will be served. Considering he has not even been sent to trial yet, it doesn't look like he will be sent to prison while Bush is in power which is the only good news here.
http://www.usdoj.gov/usao/nys/madoff/criminalcomplaint.pdf
After the new administration changes hands, then things will be looking a lot better.
Its interesting we went from a Spitzer indictment of which he was then released to the prosecution of Madoff who was former nasdaq chairman.
Jim Cramer commented about Madoff : Right back at ya pal.
With the democrats in power and with the changing of the guard after Jan 20th, the house committee is likely going to commence with hearings and the like.
Come 2009 maybe we can finally have a fair and just and equitable system.
Come 2009 maybe we can finally have a fair and just and equitable system.
I wouldn't get my hopes up too high. The idea that financial institutions can self-regulate wasn't just Bush and co's ideological position but the actual policy of the SEC itself whose stated purpose is to regulate but in reality is toothless by design.
Considering the guy screwed people out of 50 big ones wouldn't you think he would at least put on a tie for his hearing? Did he roll some homeless guy and steal his quilted shipping blanket to make that jacket?
Obviously this guy's a scumbag, but lets put everything in perspective:
Madoff screwed a few thousand greedy or lazy people.
Now compare that to what Bush has cost all of us over the last eight years.
Makes Madoff seem penny-ante now, doesn't it.
he looks like he works at the postal service
doowop that combination of words does not exist in the Yiddish or Hebrew language.
Fucking douche bag
and they say white people don't rob people
"McCain said to fire Cox, Bush never did."
The President cannot fire an SEC Commissioner. However, Cox has been planning to resign in January.