Politics in the Zeros

That amount is the entire amount the trustee asked for in the lawsuit and is also that entire amount that Picower withdrew. In another settlement, the family of Carl Shapiro settled for $650 million. So, if these were ill-gotten gains, is anyone going to prison? Or is that just so for the little people? The [...]

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The trustee seeks $6.4 billion in damages. Seeing JP Morgan CEO Jamie Dimon do a perp walk would be an added bonus. But let’s not forget that Obama and Dimon are buddies from way back in the Chicago days when they were both coming up.

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(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 [...]

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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 [...]

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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 [...]

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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 [...]

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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 [...]

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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 [...]

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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 [...]

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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 [...]

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