Posted on 03/16/2009 9:26:43 AM PDT by TigerLikesRooster
U.S. goes after Madoffs homes, boats, piano
By Grant McCool
NEW YORK (Reuters) – U.S. prosecutors want swindler Bernard Madoff and his wife Ruth to forfeit more than $100 million worth of homes, cars, boats, securities, silverware and a piano following his March 12 guilty plea, according to court papers.
Homes in Manhattan, Palm Beach, Florida, Cap d'Antibes, France and on New York's Long Island, valued at a total of $22 million, $17 million in a bank account and at least $45 million in COHMAD Securities Corp, a brokerage part-owned by Bernard Madoff, are on the government's list seen on Monday.
The 70-year-old Madoff, a former Nasdaq stock market chairman, was jailed Thursday after a dramatic courtroom guilty plea in Manhattan federal court to running the biggest investment fraud in Wall Street history that drew in as much as $65 billion over 20 years.
His sentencing on 11 criminal charges is scheduled for June 16, when he could be imprisoned for the rest of his life.
(Excerpt) Read more at news.yahoo.com ...
Ping!
Kick them into the streets.
Can I have some of that?
I’d like to get the piano.
Time for Ruthie to practice ‘Do you want fries with that?’
Not a defense of Madoff but asset seizure is a favorite of governments large and small. When, if ever, and how do they divest themselves of this property? Would not an auction, sale or other conversion of the assets be better off than retaining them? And if they are not sold or auctioned publicly who ends up with the physical goodies?
What about his hide? I’m sure someone would want that.
And the dividends paid to those "invested" in this scheme over the past 20 years.
The government is playing games here. $100 million out of $60 Billion? You don’t get your hands on that kind of money without help from the inside. The court system needs to dig deeper and find out who, what politicans, are involved.
If his net worth is over $800 million then why are they only going after a eighth of that?
Now go after every politician who got a campaign contribution...http://blogs.dailymail.com/donsurber/2009/03/03/bernie-madoff-d-ny/
LOL Honest to God I was going to include a reference to ‘top men’ in my first post.
Good, when is the auction?
I read a fascinating comment, here or maybe some other board, it was about the attention and focus given Mexican drug lords v. the Wall Street fraud kings. These drug lords are pursued to the death while these fraudsters continue on.
The nexus of apparent legitimacy and money must provide a lot of cover where just money alone doesn’t. Although, in Madoff’s case being Jewish was a major shield.
I’ve been to that warehouse. Friend of mine took me there late at night, hush, hush and all. It is located under the Lincoln Memorial and you get there through a service shaft in the Metro. One guard at the desk. Looked surprised to see us, but said nothing.
It really looks like a lot of stuff, but it really is a muslin screen painted to look like a giant warehouse.
I wonder which top men in government got the rest of those crates?
no no no..that is his wife’s money..she earned it..thru selling her kosher cookbook don’t you know..I need to write a cookbook..”HOW TO MAKE POP-TARTS WARM VOLUME 1”...should make a fortune..
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