Keyword: berniemadoff

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  • Bernie Madoff Is Peddling Hot Chocolate in Prison Yard

    01/14/2017 11:26:32 PM PST · by nickcarraway · 45 replies
    New York Post ^ | January 13, 2017 | Lia Eustachewich
    Ponzi king Bernie Madoff is seeking new business ventures behind bars — in the hot chocolate market. Madoff , 78, has bought up all Swiss Miss packets from the commissary at the Butner federal correction complex in North Carolina, and is reselling them for a profit, according to a report. “Bernie really was a successful businessman with quite original insights into the market, and he’s continued applying his business instincts in prison,” journalist Steve Fishman told MarketWatch after interviewing Madoff at length for his new podcast “Ponzi Supernova.” “He made it so that if you wanted any, you had to...
  • Reminder: Bernie Madoff Donated Mostly to Democrats

    02/05/2016 12:47:06 PM PST · by PJ-Comix · 1 replies
    NewsBusters ^ | February 5, 2016 | P.J. Gladnick
    Many of you have probably seen the ABC miniseries, Madoff, about disgraced Wall Street investment manager Bernie Madoff who in reality ran a massive Ponzi scheme. How accurate was his portrayal by actor Richard Dreyfuss can be up for debate but what is not debatable, but now mostly forgotten, is that Madoff invested heavily in the campaigns of mostly Democrats. Just after the Madoff scandal broke in December 2008, the extent of his political contributions to Democrats was revealed by CNN.Com:
  • Bernie Madoff 'Doing Fine' in Prison Despite Heart Issues, Few Visitors

    02/02/2016 11:48:05 AM PST · by nickcarraway · 21 replies
    Despite an issue with his heart, 77-year old Bernard Madoff is “doing as well as can be expected” serving a 150 year sentence at a federal prison in North Carolina, according to Ira Sorkin, the lawyer who represented him when he pleaded guilty to the largest financial crime in American history. “I think he’s had a little bout, little bit of a heart problem,” Sorkin told ABC News. Most troubling to Madoff, according to Sorkin and several inmates who served time with him, is that his wife Ruth stopped visiting him years ago and none of his grandchildren have come...
  • J.P. Morgan to pay $2 billion over Madoff case

    01/07/2014 11:28:05 PM PST · by chessplayer · 17 replies
    U.S. prosecutors and regulators are expected to announce this week that J.P. Morgan Chase & Co. will pay slightly more than $2 billion in penalties for alleged failures to warn about Bernard L. Madoff's massive fraud, said people familiar with the negotiations.
  • Spitzer Hit by Madoff (Article From 2008)

    07/30/2013 2:32:44 PM PDT · by nickcarraway · 2 replies
    New York Times ^ | December 18, 2008
    Eliot Spitzer, who as New York attorney general was known as the “Sheriff of Wall Street” for his crusade against investment fraud, has acknowledged that his family was swindled by the man accused of running what could be the largest Ponzi scheme in history.
  • Catching A Buzz: Melissa Harris-Perry Grabs Olbermann’s Baton, Makes Waves For MSNBC

    04/11/2013 4:47:58 PM PDT · by 2ndDivisionVet · 3 replies
    Mediaite ^ | April 10. 2013 | Joe Concha
    “Just get buzz…” That’s what a former MSNBC anchor recently told me is the primary objective of network President Phil Griffin. Create some noise, get some free press—good or bad—doesn’t matter. It’s all about drawing people to a place they otherwise wouldn’t visit. In the words of James Earl Jones, “Oh…people will come, Ray. People will most definitely come. “ When it came to getting buzz, no one did it better for MSNBC than Keith Olbermann. Sure, half the country held him in the same contempt normally reserved for a Bernie Madoff or Casey Anthony. But he got his name...
  • Who’s Worse — Al Gore or Bernie Madoff?

    01/10/2013 11:04:46 AM PST · by SeekAndFind · 6 replies
    Pajamas Media ^ | 01/10/2013 | Roger Simon
    Forgotten or semi-forgotten in the hullabaloo over Al Gore netting a cool hundred million from the sale of Current TV to Al Jazeera is that back in 2009 the ex-veep was on his way to being the first carbon billionaire off global warming. It’s unclear how close he came to accomplishing that goal, but it’s a safe bet he didn’t do badly, considering his lifestyle. (Well, this house apparently went to Tipper in the breakup.) Whatever else he is, Gore is arguably a business genius when it comes to generating massive amounts of income from dubious enterprises and, unlike Bernie...
  • Bernie Madoff's pathetic story is reminder why Wall Street protesters occupy Zuccotti Park

    10/28/2011 2:06:47 PM PDT · by presidio9 · 8 replies
    New York Daily News ^ | Friday, October 28th 2011 | Mike Lupica
    Now we are expected to believe that Bernie Madoff, once a star of the one-percenters, could run the kind of elaborate Ponzi scheme he did and steal billions under the nose of the SEC, but not know how many sleeping pills he and his wife needed to take themselves out. Like he finally forgot how to count. Apparently Madoff and his wife Ruth, who failed spectacularly at killing themselves, apparently now intend to kill the rest of us telling their pathetic story. Somehow a thief and rat like Bernie Madoff is still treated as if he should be in beer...
  • Is Social Security a Ponzi Scheme? Rick Perry thinks so.

    08/29/2011 12:58:04 PM PDT · by martosko · 45 replies
    The Daily Caller ^ | 08/29/2011 | CJ Ciaramella
    There goes Rick Perry again, saying things that make liberals’ heads explode. Speaking to a crowd in Iowa this weekend, the Texas governor and GOP presidential hopeful doubled down on statements he made in his book, Fed Up!, that Social Security is essentially a pyramid scheme. “It is a Ponzi scheme for these young people,” Perry said. “The idea that they’re working and paying into Social Security today, that the current program is going to be there for them, is a lie. It is a monstrous lie on this generation, and we can’t do that to them.” The left reacted,...
  • SEC Destroys 9000 Fraud Files

    08/18/2011 6:26:16 AM PDT · by Kaslin · 20 replies ^ | August 18, 2011 | Mike Shedlock
    Senator Chuck Grassley, Republican of Iowa, says SEC may have destroyed documents“From what I’ve seen, it looks as if the SEC might have sanctioned some level of case-related document destruction,” said Sen. Chuck Grassley, Republican of Iowa, in a letter to the agency’s chairman, Mary Schapiro. “It doesn’t make sense that an agency responsible for investigations would want to get rid of potential evidence. If these charges are true, the agency needs to explain why it destroyed documents, how many documents it destroyed over what timeframe, and to what extent its actions were consistent with the law.” Agency staff “destroyed...
  • Rupert Murdoch's media empire reveals unprecedented $8+ TRILLION SEC scandal

    06/21/2011 6:34:54 PM PDT · by dead · 28 replies ^ | June 21, 2011 | Timothy Barello
    Several days ago, Steven Jones of Dow Jones Newswires – a News Corporation company – broke what may be the story of the Millennium, literally. According to 69 recent SEC filings that have now “vanished”, a Texan by the name of Johnny Earl Satterwhite claims to hold over $8 trillion in public companies like Microsoft, Exxon Mobil and City National Bank, among others. Jones also obtained documents that show Satterwhite falsely warranting his ownership of almost one trillion shares in Microsoft. This is 100% impossible, as Jones brilliantly notes... that's more than the 8.4 billion shares Microsoft has issued in...
  • Madoff to NY magazine: Government a Ponzi scheme

    02/28/2011 7:10:17 AM PST · by mewykwistmas · 20 replies
    AP ^ | 2/28/2011 | AP
    NEW YORK (AP) -- Wall Street swindler Bernard Madoff said in a magazine interview published Sunday that new regulatory reform enacted after the recent national financial crisis is laughable and that the federal government is a Ponzi scheme. "The whole new regulatory reform is a joke," Madoff said during a telephone interview with New York magazine in which he discussed his disdain for the financial industry and for its regulators. ... Madoff did an earlier New York Times interview in which he accused banks and hedge funds of being "complicit" in his Ponzi scheme to fleece people out of billions...
  • Bernard Madoff Accuses His Investors Of Greed ['I just went along']

    02/28/2011 1:24:38 PM PST · by fight_truth_decay · 46 replies ^ | 5:12PM GMT 28 Feb 2011 | By Jon Swaine
    Bernard Madoff, the disgraced financier, accused the investors whose money he lost in a Ł40 billion Wall Street investment fund of being greedy. 'Everyone was greedy,' Bernard Madoff told New York magazine.'I just went along' Photo: AP Madoff, who is serving a 150-year prison sentence, also rubbished the financial reforms introduced by the US to prevent future corruption and claimed: "The whole government is a Ponzi scheme". He added: "These banks and these funds had to know there were problems". "It was a nightmare for me," he said. "Even the regulators felt sorry for me ... They said 'how did...
  • Bernard Madoff says running world's biggest ponzi scheme was a 'head trip'

    02/28/2011 1:49:35 PM PST · by bruinbirdman · 8 replies
    The Telegraph ^ | 2/28/2011 | Richard Blackden
    Bernard Madoff has admitted that running the biggest financial fraud in history was a "head trip" as some of the world's biggest banks threw money at him to manage. "The chairman of Banco Santander came to see me, the chairman of Credit Suisse came down, chairman of UBS came down," Mr Madoff told the New York Magazine in an interview. "It feeds your ego. All of a sudden, these banks which wouldn't give you the time of day, they're willing to give you a billion dollars." In an in-depth interview conducted over 12 telephone calls from his prison in North...
  • Madoff victims' advocate: Citigroup saw red flags. Lawsuit seeks about $425 million from bank

    02/22/2011 1:18:16 PM PST · by SeekAndFind · 4 replies
    MSNBC ^ | 02/22/2011 | Grant McCool
    Citigroup saw several red flags in the dealings of Bernard Madoff's firm years before his multibillion-dollar fraud was exposed in late 2008, the firm's liquidator said in a newly unsealed lawsuit. Irving Picard, a court-appointed trustee seeking to recover money for former Madoff clients, made the accusations in one of several complaints he has filed against big banks he says "enabled" the massive, decades-long Ponzi scheme by turning a blind eye to it. "Citi had access to and received information placing it on inquiry notice that Madoff's advisory business was potentially a fraud, and/or that Madoff was making hundreds of...
  • Madoff Had Wide Role in Mets’ Finances (Wilpon-Madoff collusion alleged)

    02/02/2011 1:39:31 PM PST · by Liz · 21 replies
    NY TIMES ^ | 2/1/11 | SERGE F. KOVALESKI and DAVID WALDSTEIN w/ Jack Begg, Toby Lyles and Jack Styczynski
    Besides Wilpon's personal relationship with Madoff---when the Mets negotiated larger contracts with star players — complex deals with signing bonuses and performance incentives — they sometimes placed deferred compensation with Madoff.....a strategy that allowed the Wilpons to make money for themselves. There was never much doubt: “Bernie was part of the business plan for the Mets,” a former employee said. Wilpon also encouraged friends to invest. A fellow LIRR commuter, Robert Tischler, came to own a piece of an apartment building with Wilpon and Wilpon’s BIL, Saul Katz. When they sold, Wilpon suggested he invest some of his profits with...
  • Madoff Trustee Sues JPMorgan Chase (primary banker sued for billions; facilitated money-launder)

    02/06/2011 6:25:43 AM PST · by Liz · 38 replies
    Accounting Today ^ | 24/11 | Michael Cohn
    The trustee liquidating Madoff’s asset management firm, has filed a complaint against JPMorgan Chase, claiming the bank had suspicions about Madoff’s Ponzi scheme going back to at least 2006, but waited until 2008 to alert authorities while it earned hundreds of millions of dollars from doing business with Madoff. The complaint seeks to recover nearly $1 billion in fees and profits, and an additional $5.4 billion in damages, for JPMorgan Chase’s decades-long role as primary banker for Bernard L. Madoff Investment Securities’ (BLMIS), allegedly aiding and abetting Madoff’s fraud. “Incredibly, the bank’s top executives were warned in blunt terms about...
  • Whoa: Madoff Trustee Says A High-Level JPM Exec Was Warned About Madoff Well In Advance

    02/03/2011 5:33:04 PM PST · by FromLori · 8 replies
    The Business Insider ^ | 2/3/2011 | Katya Wachtel
    A high-level JPMorgan risk officer was warned that Bernie Madoff had “a well-known cloud” over his head and was suspected of running a Ponzi scheme nearly 18 months before he was charged, according to the FT. The lawsuit in which it's alleged that the executive was forewarned was filed against JPMorgan by Irving Picard, the trustee responsible trying to recover as many funds as possible for Madoff. It has just been unsealed, and was filed secretly at JPMorgan’s request. The suit aims at recovering $1 billion in fees and profits that JPMorgan earned as the primary banker to Madoff’s firm...
  • Issa's First Subpoena: BofA/Countrywide

    02/16/2011 7:55:20 PM PST · by george76 · 17 replies
    FOX Business ^ | February 16, 2011 | Rich Edson
    Countrywide’s VIP program is the first subpoena target for House Oversight and Government Reform Committee Chairman Darrell Issa (R-Calif.), said a committee aide. The “Friends of Angelo” program, named for former Countrywide CEO Angelo Mozilo, has been under committee investigation since 2008 for allegedly granting generous mortgage deals to influential government officials, lawmakers and employees at Fannie Mae. “Countrywide orchestrated a deliberate and calculated effort to use relationships with people in high places in order to manipulate public policy and further their bottom line to the detriment of the American taxpayers even at the expense of its own lending standards,”...
  • From Prison, Madoff Says Banks ‘Had to Know’ of Fraud

    02/16/2011 6:24:51 AM PST · by safetysign · 40 replies
    New York Times ^ | 02/16/2011 | DIANA B. HENRIQUES
    Bernard L. Madoff said he never thought the collapse of his Ponzi scheme would cause the sort of destruction that has befallen his family. In his first interview for publication since his arrest in December 2008, Mr. Madoff — looking noticeably thinner and rumpled in khaki prison garb — maintained that family members knew nothing about his crimes. But during a private two-hour interview in a visitor room here on Tuesday, and in earlier e-mail exchanges, he asserted that unidentified banks and hedge funds were somehow “complicit” in his elaborate fraud, an about-face from earlier claims that he was the...
  • Wait A Minute, Why Should I Hate Bernie Madoff? (There's a Ponzi Scheme we should hate but don't)

    02/09/2011 7:16:30 AM PST · by SeekAndFind · 15 replies
    Forbes ^ | 02/09/2011 | Kyle Smith
    When Bernie Madoff popped up in the news again last week, this time when it was alleged that his bankers at JP Morgan Chase saw red flags in his actions but failed to tell the authorities, I felt that familiar feeling again--nothing. Because I don't hate Bernie Madoff. Why should I? SNIP I shed no tears for Madoff, but nor do I clench a fist. Madoff didn't do anything to me. However, if I were forced to join an investment fund that I knew to be a Ponzi scheme and made to watch helplessly as my dollars were sucked out...
  • Bernie Madoff bank J.P. Morgan Chase accused in $6.4B lawsuit of ignoring his ponzi scheme

    02/05/2011 11:37:55 AM PST · by SeekAndFind · 11 replies
    New York Daily News ^ | 02/04/2011 | Scott Shifrell
    The overseer trying to recover funds for Bernie Madoff's victims slapped J.P. Morgan Chase with a $6.4 billion suit Thursday, claiming the bank turned a blind eye to the mega-fraudster's swindling. Trustee Irving Picard says officials at J.P. Morgan, Madoff's longtime banker, should have spotted red flags alerting them to the Ponzi scheme. "Just as in the children's fable, they knew the 'Emperor had no clothes,' but looked the other way, allowing the fraud to continue," Picard's lawyer, Deborah Renner, said Thursday. The bank "admitted in the months before Madoff's arrest that ... returns were too good - especially in...
  • Meet the debts; Wilpons' dire money woes hobble Mets' sale (insider deal with Madoff?)

    02/01/2011 6:35:26 AM PST · by Liz · 26 replies
    NY Post ^ | JOSH KOSMAN
    Mets owners are in a much tighter squeeze than they are letting on. Sterling Equities, which is controlled by Wilpon and son, Jeff, is supposedly worth some $750M and $1B. The Wilpons want to replace roughly $750M,...their losses with convicted Ponzi schemer Bernie Madoff.....and are now in settlement talks with the Madoff estate trustee, who claims they withdrew $48M more than they invested. They are opposing a move to unseal legal papers, saying the papers are attempted "character assassination"..... painting [Mets owners] as persons who should have known that Madoff did no trading".........
  • Madoff Investors Brace for Lawsuits (Look who dupes daily American Citizens...)

    07/26/2010 7:33:38 AM PDT · by yoe · 19 replies · 1+ views
    WSJ ^ | July 26, 2010 | MICHAEL ROTHFELD
    The court-appointed trustee recovering money for Bernard L. Madoff's victims is preparing a wave of new lawsuits seeking to wrest funds away from investors who also were duped by the Ponzi scheme. In an interview, Irving Picard said he could wind up suing about half the estimated 2,000 individual investors he has called "net winners" from their dealings with Mr. Madoff. Such investors withdrew more from Mr. Madoff's firm than the amount of principal they invested. "The people who made money, who got more, have made money at the expense of the people who didn't," said Mr. Picard, who has...
  • Bernard Madoff: 'I carried my victims for 20 years'

    06/07/2010 2:50:34 PM PDT · by bruinbirdman · 14 replies · 26+ views
    The Telegraph ^ | 6/7/2010 | James Quinn
    Bernard Madoff has mocked the investors he swindled out of $65bn (Ł45bn), reportedly saying that he "carried them" for 20 years and that he took money from "greedy" rich people who wanted more. The revelations come from an extended piece in New York Magazine, in which fellow inmates discussed Madoff's behaviour and actions during his time at New York's Metropolitan Correctional Centre (MCC) and the federal prison in Butner, North Carolina, where he is serving his sentence. During his time at the MCC, he reportedly told one fellow prisoner that the crime was not fully of his own making, and...
  • The $10 Trillion Climate Fraud

    04/28/2010 5:50:50 PM PDT · by raptor22 · 33 replies · 1,227+ views ^ | April 28, 2010 | INVESTOR'S BUSINESS DAILY Staff
    Cap-And-Trade: While senators froth over Goldman Sachs and derivatives, a climate trading scheme being run out of the Chicago Climate Exchange would make Bernie Madoff blush. Its trail leads to the White House. Lost in the recent headlines was Al Gore's appearance Monday in Denver at the annual meeting of the Council of Foundations, an association of the nation's philanthropic leaders. "Time's running out (on climate change)," Gore told them. "We have to get our act together. You have a unique role in getting our act together." Gore was right that foundations will play a key role in keeping the...
  • Madoff Beaten in Prison

    03/17/2010 11:34:32 PM PDT · by myknowledge · 43 replies · 1,285+ views
    The Wall Street Journal ^ | March 18, 2010 | Dionne Searcey and Amir Efrati
    Bernard Madoff, who is serving a 150-year sentence in North Carolina for running a fraud scheme that cost investors billions of dollars, was physically assaulted by another inmate in December, according to three people familiar with the matter. After the attack, Mr. Madoff, who pleaded guilty a year ago and was sent to a federal prison in Butner, N.C., was moved on Dec. 18 to the prison's low-security medical center for treatment. At the time, the Bureau of Prisons said that rumors of an assault were false and that Mr. Madoff suffered from dizziness and hypertension. One of his lawyers,...
  • Bernie Madoff bashed by ripped-off inmate - report

    03/17/2010 11:11:04 PM PDT · by myknowledge · 29 replies · 679+ views
    The Daily Telegraph ^ | March 18, 2010 | Staff writers
    CONVICTED fraudster Bernie Madoff, who is currently serving a 150-year sentence in a US jail, was bashed by a fellow inmate in December, a report says. A former inmate told The Wall Street Journal said the fight was centered on money the attacker thought he was owed by Madoff. He said a prison officer found Madoff lying wounded on a floor. Madoff was treated for a broken nose, fractured ribs and cuts to his head and face, according to another prisoner currently serving time on drug charges. Madoff pleaded guilty last year to tricking thousands of people out of billions...
  • $1.2 billion swindle 'was like Madoff on crack'

    02/21/2010 12:25:01 AM PST · by freedomfighter256 · 14 replies · 949+ views
    Fort Lauderdale, Florida (CNN) -- The photographs on the walls of Scott Rothstein's office at his law firm in Fort Lauderdale, Florida, were a who's who of Washington. There were photos of Rothstein shaking hands with former President George W. Bush and Rothstein with Bush's brother, Jeb, who is Florida's former governor. More photos showed Rothstein glad-handing Sarah Palin, Arnold Schwarzenegger and Bill Richardson. And then there were the senators: Joe Lieberman, Mel Martinez, Arlen Specter and John McCain. All appeared happy to be in the company of a man who by some estimates contributed at least $1.9 million to...
  • Madoffs' gravy drain; Bernie's family members lose access to assets

    02/06/2010 7:42:28 AM PST · by Liz · 23 replies · 587+ views
    NY POST ^ | 2/6/10 | PAUL THARP
    None of them has been prosecuted yet in connection with Madoff’s massive swindle: brother Peter was chief compliance officer; Peter's daughter, Shana Madoff Swanson, was compliance officer; sons Andrew and Mark were co-directors of trading. Last month, a lawyer for Peter Madoff disclosed in a NJ civil suit that he was under federal criminal investigation. All have agreed to a court-ordered freeze on assets......the latest effort to squeeze Madoff family holdings, which once included three yachts, posh penthouses, summer mansions, artworks -- from Madoff's $65B Ponzi scheme. They “will incur no debt, obligation, or other liability, directly or indirectly, beneficially...
  • Third-Rail Shocker (Social Security Going Bankrupt Sooner)

    01/08/2010 5:17:09 PM PST · by raptor22 · 36 replies · 1,422+ views ^ | January 8, 2009 | Investor's business Daily staff
    Entitlements: While a massive health care entitlement is fashioned in secret, another one, Social Security, is running deficits decades earlier than expected. We've been kicking the can down the road. We're out of road. As Bernie Madoff found out, any Ponzi scheme depends on a continuous inflow of new cash and new customers or the ever-expanding pyramid will totter and collapse. Social Security, dependent as it was on new workers paying the expanding benefits of retirees, is about to, much sooner than expected. As Ed Morrissey over at reminds us, Peter Orszag, now director of the Office of Management...
  • Bernie Madoff Being Treated for Serious Facial Injuries after "Falling Out of Bed" in Prison - Video

    12/25/2009 11:50:58 AM PST · by Federalist Patriot · 13 replies · 760+ views
    Freedom's Lighthouse ^ | December 25, 2009 | Brian
    Here is a video report saying disgraced financier Bernie Madoff is being treated for serious "facial injuries," broken ribs and a collapsed lung after he supposedly "fell out of bed" in a North Carolina Federal Prison. Other reports had said Madoff had injuries "consistent with an assault." But officials now are saying the injuries are the result of him falling out of bed. . . . (VIDEO)
  • Health Bill Hoax ...

    11/19/2009 5:29:17 PM PST · by Kaslin · 19 replies · 1,236+ views ^ | November 19, 2009 | INVESTORS BUSINESS DAILY staff
    Reform: Only a Bernie Madoff could believe the Senate's health care bill will extend coverage to 31 million Americans while cutting deficits by $127 billion over 10 years. It would be the first profitable entitlement. But that's what Majority Leader Harry Reid, citing Congressional Budget Office estimates, tells us the 2,074-page bill — said to cost only $849 billion over a decade — would do. Like House Speaker Nancy Pelosi, he seems to be following Vice President Joe Biden's admonition at an AARP town hall meeting that "we've got to spend money to keep from going bankrupt." We suspect Reid's...
  • Gore's Profits Of Doom

    11/03/2009 5:59:25 PM PST · by Kaslin · 8 replies · 1,176+ views ^ | November 3, 2009 | INVESTORS BUSINESS DAILY Staff
    Junk Science: The oracle of climate disaster has a new book out on global warming that should be on the fiction list. He asks us to commit economic suicide while he rakes in millions from his green investments. 'Our Choice: A Plan to Solve the Climate Crisis," Al Gore's sequel to his 2006 tome "An Inconvenient Truth," came out Tuesday. Printed on recycled paper using low-VOC (volatile organic compound) ink, it will undoubtedly be a best-seller and on the desk of every attendee at next month's climate change conference in Copenhagen. In a press release announcing the book, the Oscar-...
  • Police: Madoff associate Jeffry Picower dies at 67

    10/25/2009 2:28:00 PM PDT · by Free ThinkerNY · 43 replies · 2,858+ views
    Associated Press ^ | Oct. 25, 2009
    PALM BEACH, Fla. (AP) - Jeffry Picower, a Florida philanthropist alleged to have extracted billions from Bernard Madoff's investment scheme, drowned in his pool Sunday, police said. He was 67. The former New York lawyer and accountant had been a friend of Madoff for decades. A statement from Palm Beach police said Picower's wife and a maid found the body at the bottom of the pool Sunday afternoon and rescue workers could not revive him. Picower was transported to Good Samaritan Medical Center where he was pronounced dead at about 1:30 p.m.
  • Top SEC Officials Were Unaware of Madoff Probes: Report

    09/05/2009 6:18:18 PM PDT · by CutePuppy · 19 replies · 1,782+ views
    Reuters via CNBC ^ | September 05, 2009 | Reuters
    Former U.S. Securities and Exchange Commission chairmen and directors were generally unaware that staff were probing Bernard Madoff until the former financier was arrested in December 2008 for running a $65 billion Ponzi scheme, a federal watchdog said in a report released on Friday. The report underscores the disconnection between senior officials and their employees, who often lacked the experience necessary to follow up on leads and understand the magnitude of their investigation. Former Chairmen Christopher Cox, William Donaldson and Arthur Levitt, former director of enforcement Linda Thomsen and former director of examinations and compliance, Lori Richards, did not play...

    08/09/2009 6:57:18 AM PDT · by Liz · 36 replies · 2,278+ views
    NY POST ^ | 8/9/09 | Madoff with the Money, BY JERRY OPPENHEIMER
    Excerpted with permission of publisher John Wiley & Sons Inc "Madoff with the Money," by JERRY OPPENHEIMER. Long before Madoff became Ponzi king, he was scamming his way through Queens and LI, tricking suburban moms into buying overpriced sprinkler systems, inflating his golf score and taking the easy way out at school. HIS PARENTS Bernie Madoff was a born operator who always seemed to know his way around the system, even when he was a young punk growing up in Laurelton, Queens. Schoolboy Bernie was too busy thinking of ways to make money -- an endeavor impressed upon him at...
  • Why They Really Want to Kill Off the Elderly and Disabled

    08/08/2009 10:33:34 AM PDT · by FromLori · 37 replies · 1,873+ views
    Economic Policy Journal ^ | 8/8/09 | Robert Wenzel
    What's really behind the push in the healthcare bill to limit, by government decree, healthcare options? It's because of the government's medicare Ponzi scheme that makes Bernie Madoff look like just a simple short-game grifter. As Gary North points out, Medicare's hospital fund is already bankrupt: This is taken from a March 25, 2008 press release from the U.S. government's Department of Health and Human Services. This year the HI Trust Fund will spend more than its income, and from 2009 through 2017, about $342 billion will need to be transferred from the Federal treasury to cover beneficiaries' hospital insurance...
  • Bernard Madoff hires help to survive hard time(prison consultant to pick the best jail for him?)

    07/05/2009 2:17:35 AM PDT · by TigerLikesRooster · 41 replies · 1,484+ views
    The Times (UK) ^ | 07/04/09 | James Bone
    Bernard Madoff hires help to survive hard time (Bob Daemmrich/Polaris/eyevine) The 'Supermax' jail in Colorado where Madoff could find himself James Bone in New York Bernard Madoff has hired a veteran prison consultant to help him to find the best possible jail in which to serve his 150-year sentence for Wall Street’s biggest fraud. After his sentencing this week Madoff, now Prisoner No 1727-054, met Herb Hoelter, of the National Centre for Institutions and Alternatives, whose previous clients include the jailed Sotheby’s chairman Alfred Taubman and the financiers Michael Milken and Ivan Boesky. The draconian maximum sentence imposed by the...
  • GRIPPED BY GREED: MADOFF PAYS THE PRICE (now let's get bigger thieves--Obama, Pelosi, Dems)

    07/03/2009 8:48:13 AM PDT · by Liz · 25 replies · 660+ views
    NY POST ^ | 7/3/09 | VOX POPULI
    *** Madoff's victims know their tormentor will never be released from prison. Judge Denny Chin's sentence was appropriate.....Madoff was one of the most vile and disgusting individuals to ever enter the criminal-justice system. NAMES REDACTED Upper Saint Clair, Pa. *** Now we can go after even bigger thieves, like Obama, House Speaker Nancy Pelosi and all the other social Democrats. Pine Bush *** The possibility of his wife and sons being convicted would be icing on the cake. Manhattan *** The very wealthy who lost money were victims only to our culture's most unattractive traits: greed and snobbery. You can't...
  • Madoff Kickbacks Alleged in Austria (ut, oh--on the run from big, bad Russian oligarchs?)

    07/03/2009 5:24:54 AM PDT · by Liz · 13 replies · 775+ views
    The Wall Street Journal, page C1 ^ | 7/3/09 | DAVID CRAWFORD
    US, UK and Austrian prosecutors are investigating former Austrian fund manager Sonja Kohn, chair of Austria's Bank Medici, they believe was paid more than $40M in kickbacks to funnel billions of dollars to Madoff via separate companies she controlled, according to affidavits reviewed by The WSJ. Ms. Kohn apparently turned three Bank Medici funds into "feeder funds" that supplied Madoff with an estimated $3.5B from European investors. Kohn, a 60-year-old Viennese former Wall Street penny-stock broker, has repeatedly denied prior knowledge of Madoff's fraud or any wrongdoing. According to an April affidavit from DOJ filed with Vienna prosecutors, Kohn is...
  • Bye, Bye, Bernie

    06/29/2009 10:10:10 AM PDT · by fiscon1 · 3 replies · 350+ views
    Fox News ^ | 06/29/2009 | AP
    Historic swindler Bernard Madoff was sentenced to 150 years in prison Monday for a fraud so extensive that the judge said he needed to send a symbolic message to potential imitators and to victims who demanded harsh punishment. Scattered applause and
  • IT'S THE HOUSE THAT RUTH LOST ($171B passed thru Bernie's crooked hands)

    06/27/2009 5:10:46 AM PDT · by Liz · 16 replies · 1,112+ views
    NY POST ^ | 6/27/09 | BRUCE GOLDING
    MRS. MADOFF SUFFERS $UITE REVENGE--agreed to surrender more than $80M in cash and property to cover billions looted by her scheming hubby....the jet-setters will have to cough up more than $46M in securities and $13M in cash---a $7M Montauk, LI beachfront home, a $7.5M Palm Beach property, tens of millions in loans to family members and a 55-foot yacht. Feds let her have $2.5M they couldn't tie directly to the $65B mega-fraud. But the agreement offers no protection from collection efforts, including bankruptcy trustees seeking funds for wiped-out investors. US Marshals will "facilitate the expeditious disposition of personal property" including...
  • Citing Cooperation, Madoff's Attorneys Seek 12-Year Sentence

    06/26/2009 9:13:39 PM PDT · by CutePuppy · 8 replies · 342+ views
    Washington Post ^ | June 24, 2009
    Attorneys for Bernard L. Madoff, who confessed to running a $65 billion Ponzi scheme, have asked a federal judge to show him leniency at sentencing, citing cooperation with federal officials. Madoff, 71, faces up to 150 years in prison when he is sentenced June 29. He pleaded guilty in March to a massive fraud, in which he paid off old investors with money from new clients. In the weeks before the fraud came to light, his clients were told they had as much as $65 billion. "We seek neither mercy nor sympathy," defense attorney Ira Sorkin wrote in a letter...
  • S.P.A.M.M.E.D (Everyone do your part before she suffers more) - VANITY

    05/10/2009 6:31:46 PM PDT · by Gordon Greene · 22 replies · 744+ views ^ | May 10, 2009 | Gordon Greene
    Friends... Please help me. Millions of people in the world suffer from a dread disease, but most don't even realize they are infected. The disease is Sao Paulo Afybrillitis-Macrodegenerative-Molaral-Ephedryl-Diticularism (or S.P.A.M.M.E.D). Each day children and some well meaning adults in third-world countries and remote places such as Hot Coffee, Mississippi come into contact with the Sao Paulo Kidney Rat and don't even know it. This results in exposure to the S.P.A.M.M.E.D virus which almost always ends in hundreds of people suffering with severe pain of the lower posterior region. Please do what you can to stop the spread of...
  • Claw & Disorder (Madoff)

    05/04/2009 7:59:13 PM PDT · by CutePuppy · 5 replies · 484+ views
    NY Post ^ | May 3, 2009 | James Doran
    Hundreds of victims of Ponzi scamster Bernie Madoff are spitting mad at Irving Picard, the court-appointed trustee of Madoff's estate, over what they claim is the capricious way he is moving to clawback money. The group of 350 victims claims: * Picard -- whose job is to collect as much of the $23 billion lost during the decades-long Madoff fraud -- is demanding repayment from victims facing an "undue hardship," even though he promised not to do so. * The trustee refuses to speak with them when they reach out to him with questions or problems * They are being...
  • What a difference recession makes to the business of luxury

    04/24/2009 3:19:25 PM PDT · by 2ndDivisionVet · 7 replies · 678+ views
    The Fort Worth Star-Telegram ^ | April 22, 2009 | J.R. Labbe
    Retailing wonder-woman Karen Katz was featured as a "magical thinker" in the Sept. 21, 2007, edition of Time magazine. The Neiman Marcus president and CEO said that the number of U.S. households worth more than $5 million was greater than ever before, and consumers had an increased appetite for all things luxe. "Many other retailers have jumped on the luxury bandwagon, wanting to get their piece of the action. It's forced us to say, 'Where do we go?' And we're kind of moving up," Katz told Time. "We've decided there's this category we've named 'high luxury.' It's even more luxurious,...
  • Bernie Madoff would rather be known as a crook than as a Democrat, media agrees.

    03/17/2009 5:02:38 PM PDT · by slomark · 13 replies · 664+ views
    Remember Jack Abramoff, the lobbyist who spread money around as if it were peanut butter and Washington, DC were a slice of white bread? The media felt it was their patriotic duty to expose the recipients of his largess, especially since most of them were Republicans. Have you seen any headlines announcing that Bernie Madoff, the perpetrator of the biggest Ponzi scheme in history, was a huge Democrat donor? Well, he was. Here’s how reports it:......
  • Madoff made off to prison

    03/12/2009 8:13:22 PM PDT · by TheDailyChange · 21 replies · 652+ views
    The Daily Change ^ | 03122009 | TDC
    Disgraced financial terrorist Bernard Madoff pleaded guilty to 11 felony charges and was sentenced to life in prison. He ripped off individuals, charitable organizations, trusts, pension funds and hedge funds. Madoff ran a broad Ponzi scheme that swindled investors out of at least $50 billion dollars.
  • Comedian Bernie Mac accused of stealing $50 billion

    03/11/2009 8:09:45 PM PDT · by slomark · 10 replies · 727+ views
    [WATCH VIDEO]Telling the difference between Bernie Mac and Bernie Madoff seems pretty simple to us. One lost his life, the other lost $50 billion. One never stole more than a punch line, but the other stole a fortune from widows and orphans. One was black, the other is white. Nevertheless, an MSBNC anchor had a bit of trouble telling one from the other while reporting that prosecutors will be seeking $170 Billion from Madoff. The older, whiter, more crooked of the two is expected to plead guilty to 11 criminal counts and could spend up to 150 years in the...