The politics of progress; cleantech, the economy, antiwar
(Meant to post this earlier. It’s a little old)
Madoff sons assets frozen. What took so long?
7 charged in Galleon insider trading case agree to assist investigators. Rajaratnam must be getting a teensy bit nervous by now
Settlements reached in Dreier liquidation case. “”an under-appreciated evil of substantial frauds like those of Marc Dreier is how they [...]
Picower was being sued by the Madoff trustee because he should have known the returns he was getting, sometimes 950%, were obviously phony.
From the comments at Clusterstock, a financial blog that tilts to the right politically, hardly a hot bed of conspiracy theories.
When a man who knows where Bernie’s billions are stashed is found floating [...]
The sculpture “What You see Might Not Be Real,” by Chen Wenling, was displayed at a Beijing gallery Sunday. A bull, meant to represent Wall Street, is seen ramming the biggest con man of all time, Bernie Madoff, into a wall. Totally deserving, if you ask me.
The huge cloud coming out of the bull’s rear [...]
Madoff trustee suing brother and sons
Madoff trustee Irving Picard will file massive lawsuits against Madoff’s sons and brother saying as officers of the companies, they should have known about the fraud and if the civil suit bankrupts them, oh well.
Bank Of America pulls funding from ACORN
More than anything, the loss of corporate funding is what [...]
SEC Inspector General H. David Kotz, who reviewed the agency’s Madoff probes for eight months, said he might propose that staff be required to verify random samples of trading data to ensure money managers are conducting transactions. SEC managers also should assign employees with “appropriate skills and expertise” to exams, Kotz said today in testimony [...]
SEC never did ‘competent’ Madoff probe says internal watchdog report
Bloomberg
The U.S. Securities and Exchange Commission never undertook a “thorough and competent” probe of Bernard Madoff amid at least six complaints that he was running a Ponzi scheme, the agency’s internal watchdog said.
But the report primarly blames inexperienced junior staff and says senior officials didn’t [...]
Simon at Blogasm emails:
There’s a 400 page report coming out this week reporting that the SEC over the years ignored dozens of reports and tips that Madoff was committing fraud
From the WSJ article about the report
It’s expected to be made public by the end of the week.
I suspect this translates to “Let’s dump it at [...]
Michael Jackson’s death ruled homicide by LA coroner
And not manslaughter? Yikes.
Prison denies Madoff dying of cancer.
I mean, Lordy folks, The NY Post quoted unnamed sources quoting inmates who say Madoff told them he has cancer, and they didn’t even ask the prison for confirmation. This is just garbage journalism. Let me spell it out. Bernie [...]
Wow, I bet those regulators were doing a heck of a job of regulating.
Yet of the same regulators, rather than being fired or disciplined, were sent back even after it was apparent Madoff was a crook. At the very least, the SEC should have sent those with actual competence and no compromised ethics.
The SEC [...]
Some suspect that others at the firm or other Madoff family members could be implicated by DiPascali. But far more explosive would be evidence pointing to the complicity of outside investment managers, such as Ezra Merkin and Walter Noel. It seems likely that the feds are cutting a plea deal with DiPascali to go after [...]
Barron’s exclusive. A book excerpt from
One of Madoff’s early Wall Street mentors, who supplied him with over-the-counter business, reputedly had close ties to the Chicago mob — “the genesis of Bernie’s career,” adds a source.
Apparently the MSU method of accounting isn’t always the best of ideas after all
Madoff’s accountant, David Friehling, will probably plead guilty to various charges of Making Sh*t Up due to his fantasy audits of Madoff’s businesses. Prosecutors aren’t saying that he knew about the Ponzi scheme, but rather that he did virtually nothing but “rubber-stamp [...]
From the May/June issue of Fraud Magazine, the magazine for the Association of Certified Fraud Examiners, comes this interview with Harry Markopolos, who spotted in 1999 that Madoff was running a Ponzi scheme.
What events led you to investigate Madoff’s business?
In late 1999, I was a portfolio manager for a multibillion-dollar equity derivatives asset management firm [...]
As in, “that thieving weasel Madoff’ed me, he swindled me out of my money.”
It could be a noun too. “Be careful of him, he’s a Madoff.”
Hey, it happened to “Ponzi,” so why not “Madoff.”
