Charity has always been important to billionaire Mayor Mike Bloomberg—in 2009, he handed out $254 million in donations, making him the country's fourth biggest giver. And he greatly exceeded that amount in 2010: Bloomberg gave more than $553 million in donations last year. His charitable organization, The Bloomberg Family Foundation, now has more than $2.7 billion in assets, and according to IRS filings, will donate all of it by Dec. 21, 2026...unless they don't. “That was the date picked by the mayor, [but he has] the absolute discretion at any time” to either extend the date or shut down earlier, spokesman Mike Marinello told the Post. more ›

Hey, you over there in the corner barstool: Have you ever stopped backwashing into that pint glass for long enough to consider how your drinking is affecting the economy? Of course not, neither have we. But do you know who has? The CDC! And they are not happy with what your drinking habit is doing to good taxpaying Americans. more ›

The estate of Jeffry Picower, the investor who saw 950% returns from Bernard Madoff's massive Ponzi scheme, has agreed to forfeit $7,206,157,717 of Picower's ill-gotten gains and give it back to victims. U.S. Attorney Preet Bharara said, "Today’s truly historic settlement with the estate of Jeffry Picower is a game-changer for Madoff’s victims. By returning every penny of the $7.2 billion her late husband received from BLMIS to help those who have suffered most, Barbara Picower has done the right thing." This is the biggest settlement for Madoff victims thus far. more ›

Finally, it takes a prisoner to claim what everyone suspected—that Bernard Madoff has billions stashed away somewhere unbeknownst to the feds (so far). The Post reports, "Ponzi king Bernard Madoff is telling fellow jailbirds that he secretly funneled $9 billion in swiped funds to three people before he was nabbed, an inmate told [the paper]. Madoff says that his partner in crime Frank DiPascali knows who the recipients are -- and that he suspects DiPascali is using that information to cut a better deal with the feds, according to the inmate at the medium-security prison in Butner, NC." more ›

[UPDATE BELOW] BP has tentatively agreed to set aside approximately $20 billion for a fund to pay claims for the Gulf oil spill. The fund will be run by Kenneth Feinberg, who specializes in mediation and dispute resolution. Feinberg served as "special master" for the 9/11 Victim Compensation Fund, as well as cases involving compensation for victims of Agent Orange used in Vietnam, the Times reports. more ›

The estate of Bernard Madoff friend and investor Jeffry Picower has reportedly come to an agreement with the trustee dissolving the Madoff's assets. The British Times reports that Judge Burton Lifland said in a court order, "The trustee indicates that he is on the verge of a settlement with the Picower defendants that promises to achieve a substantial, multibillion-dollar sum for distribution to Madoff victims." Picower, who was found dead in his Palm Beach pool last fall, was being sued for $7 billion in clawbacks—he allegedly saw up to 950% returns from Madoff's Ponzi scheme. It's believed the settlement amount is at least $2 billion, which would more than double the $1.5 billion that Madoff trustee Irving Picard has located. more ›

Even though Mayor Bloomberg has repeatedly stated that he'll focus on philanthropy after his third mayoral term, the Daily News' Adam Lisberg writes that Bloomberg "had a taste of" a presidential aspirations in 2008 and "He liked the flavor." Plus, one source says "everyone" thinks the billionaire is eyeing a 2012 run, "Otherwise [former Deputy Mayor Kevin] Sheekey wouldn't have gone to Bloomberg L.P. Sheekey was behind Bloomberg's 2008 chatter, and Lisberg explains that Bloomberg LP "bosses would be lenient if he needed some time to play politics." Earlier this year, Bloomberg shifted his money management under a new firm he was starting, which the Times said could "fuel speculation about his political ambitions: he is considered a potential candidate in the presidential campaign of 2012." more ›

Hedge fund manager J. Ezra Merkin, who was accused by Attorney General Andrew Cuomo of funneling $2.4 billion into Bernard Madoff's Ponzi investment scheme, has agreed to turn over three of his hedge funds into receivership. Merkin, who allegedly made $470 million from the Madoff investments and was warned about Madoff, made the deal with Cuomo's office; David Markowitz, who heads the AG's office's Investor Protection Bureau, told a judge, "The purpose of this is to make sure that the victims of the fraud here have independent trustees and fiduciaries overlooking what’s left of their assets." In other hedge funds-that- invested-with-Madoff news, three hedge funds managed by the Fairfield Greenwich Group were sued by the trustee liquidating Madoff's estate; the NY Times reports, "The civil lawsuit, filed Monday in federal court in Manhattan, seeks the return of $3.2 billion that the three funds took out of their Madoff accounts from 2002 until the scheme’s collapse in December." more ›

Remember how Donald Trump was suing a NY Times business editor Timothy O'Brien and the publishers of his book, TrumpNation: The Art of Being The Donald, for $5 billion, because The Donald felt it misstated his wealth by billions (Smith's estimate: $150-250 million)? Well, as a hearing is scheduled to take place today, the Wall Street Journal pored over a 2007 deposition that Trump made about his wealth. He said, "My net worth fluctuates, and it goes up and down with markets and with attitudes and with feelings, even my own feeling," and when asked if he's "familiar with the concept of net present value?," Trump replies, "The concept of net present value to me would be the value of the land currently after debt...Well, to me, the word 'net' is an interesting word. It's really — the word 'value' is the important word." Ever the cheerleader, the real estate developer explains, "Would you like me to say, oh, gee, the building is not doing well, blah, blah, blah, come by, the building -- nobody talks that way. Who would ever talk that way?" [via Daily Intel] more ›

The trustee overseeing bankruptcy proceedings for disgraced financier Bernard Madoff has sued one Madoff client for $6.7 billion. Why? Because Jeffrey Picower, his wife, Barbara, and the Picower Foundation "knew or should have known they were benefiting from fraudulent activity or, at a minimum, failed to exercise reasonable due diligence"—they received 950% in returns one year and for a few years, returns ranged from 120% to 550%. more ›

How many billionaires does turn a third party into a contender? At least two, according to the Post, which says that Mayor Michael Bloomberg and upstate businessman Tom Golisano are working to "revamp the state Independence Party as an 'issues oriented' group focusing on government reform." more ›

Bernard Madoff better have enough coin to pay his cable bills, 'cause he'll be at home a lot more: His new bail agreement puts him under 24 hour house arrest, with security guards (that Madoff must pay), in order to "prevent harm or flight." The harm would be reports of death threats; the flight would be, oh, running from investors big and small who are upset he lost, cumulatively, billions. more ›

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. more ›

As investigators continue to look into the $50 billion Ponzi scheme that investor Bernard Madoff was running, what's interesting to note that Madoff's dealings affected the super-wealthy to the just plain-old mom-and-pop savers. Madoff (pictured, with his Park Avenue apartment building at right) was arrested after he admitted to employees (including his sons) that his successful investment firm was a "big lie" that he had used investments from clients to pay returns to earlier clients. more ›

What a different five years makes: The NY Times shares some interesting data on how Mayor Bloomberg has convinced low-earning New Yorkers he cares about them. more ›

Yesterday, it was reported that Mayor Michael Bloomberg would buy back 20% of his company, Bloomberg L.P., from Merrill Lynch for $4.5 billion. That figure finally gave the media more of an idea of his wealth. more ›