Bernard Madoff, awaiting trial for securities fraud, remained free on bail while a federal judge considered a request by prosecutors to send him to prison for mailing $1 million of valuables in violation of an asset freeze.
The items included cuff links, watches, a pin and a pair of mittens, Sorkin said. The cuff links are worth $25 and the watches are worth more, he added, without being more specific. He told the Madoffs on Dec. 30 to get the items back, Sorkin said.
The items were mailed to his brother Peter Madoff, his two sons, a daughter-in-law and an unnamed New York City couple now vacationing in Florida, Sorkin and Litt said. [Read more]
This is insane. Lock Madoff up already. I wonder if they haven’t put him in jail in hopes that someone would have fed him to the fishes by now.
Did you hear? We are bailing out hedge funds now. GMAC got $5 billion from U.S. taxpayers.
Cerberus Capital Management (a hedge fund) owns 51% of GMAC. A few days ago there was talk that Cerberus would give up some of Chrysler so it could receive federal bailout funds. Our government gives them our $5 billion dollars through GMAC instead. No need to worry. I’m sure Chrysler will still get our $4 billion.
Steve Feinberg’s Cerberus, a vast hedge fund that’s snapping up companies — lots of them.
I am LIVID! I am now going to find the addresses & phone numbers of every rich stupid Cerberus executive. The masses may not be smart, but they do know how to find Greenwich, CT and they’re googling billionaires.
Two weeks ago,Bernard Madoff stopped by the Everglades Barber Shop off Worth Avenue in Palm Beach, Florida, for the usual: a $65 haircut, a $40 shave, a $50 pedicure and a $22 manicure.
Tremont’s Rye Investment Management unit had $3.1 billion, virtually all of its assets, invested with Madoff, said the person, who declined to be identified because the information is private.
For info on what’s happening with the leftovers of Madoff’s business: Madoff.com
On December 15, 2008, the Honorable Louis L. Stanton, a Federal Judge in the United States District Court for the Southern District of New York, appointed Irving Picard as Trustee for the liquidation of Bernard L. Madoff Investments Securities LLC (“BMIS”) pursuant to the Securities Investor Protection Act (“SIPA”) as set forth in the attached order. LINK
Mr. Picard supersedes Lee S. Richards, the previously appointed Receiver for BMIS and all claims by customers of BMIS will be processed by Mr. Picard as SIPA Trustee. Customers and claimants should refer to the website of the Securities Investor Protection Corporation for information about the processing of claims. SIPC.ORG
Mr. Richards continues to serve as Receiver for Madoff Securities International Ltd. pursuant to the attached order. LINK
Should you have further questions, please contact the Trustee at the following number: 888-727-8695.
Bernard Madoff, former NASDAQ chaiman now implicated in a $50 billion Ponzi scheme, at a 2007 roundtable discussion with Justin Fox, Ailsa Roell, Robert A. Schwartz, Muriel Seibert, and Josh Stampfli.
These are some excerpts featuring Madoff, recently implicated in a $50 billion Ponzi scheme.
The date of the confererence was Oct. 20, 2007, shortly after the sub-prime crisis started to become evident in August, although world markets were still riding high.
There are far more losers in the Bernie Madoff Affair than just those wealthy individuals, banks and hedge funds whose money he apparently squandered. His scam threatens to damage the entire investment business. [Read more]
With Madoff, Dreier, and oh, yeah the economy sinking, I believe the Dow will find a new bottom and I think that bottom is 4000. Oh, no.
So what will the rich do now? Even if they can get their money back from the hedge funds, where will they put it? In Treasury bills? I think they’re already doing that.
At the exclusive Palm Beach Country Club, trust extended to a fellow member turns to angst after the collapse of Bernard L. Madoff’s suspected $50 billion Ponzi scheme.
The tally of reported losses climbed through the weekend to nearly $20 billion, with a giant Spanish bank, Banco Santander, reporting on Sunday that clients of one of its Swiss subsidiaries have lost $3 billion. Some of the biggest losers were members of the Palm Beach Country Club, where many of Mr. Madoff’s wealthy clients were recruited.
Madoff Remains Free as Judge Considers Prison Request (Bloomberg)
Two weeks ago,
There are far more losers in the Bernie Madoff Affair than just those wealthy individuals, banks and hedge funds whose money he apparently squandered. His scam threatens to damage the entire investment business. [
From The New York Times: 
