Tag Archive | "Madoff"

Picower estate to pay $7.2 billion in Madoff settlement

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 trustee is doing an admirable job here. Total losses for Madoff’s Ponzi scheme were $20 billion, with hundreds of lawsuits remaining to be settled.

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Madoff trustee sues JP Morgan for “enabling” fraud

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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Financial crime news

(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 pit their victims against one another,” said a judge.

Allen Stanford’s daughter must give up $1.3 million condo. He paid for it from personal account. He is being treated way harsher than Madoff, Dreier, and others were. Why?

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Madoff associate and investor Jeffry Picower found dead in swimming pool

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 dead in his swimming pool, there is absolutely zero chance that there is any foul play. Zero.

Mossad’s assassins routinely witness some of Israel’s leading forensic pathologists at work so as to better understand how to make an assassination look like an accident.

I bet is that it was the Columbians. I remember reading that they lost something like $2 Billion to Madoff. Since it was illegally earned money, they never claimed their losses. I’m sure they put together a list of people who need to be taught a lesson.

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Artist portrays what he really thinks about Madoff

Chen Wenling. What You see Might Not Be Real

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 not only refers to the end of a greedy era, but also symbolizes the danger of virtual bubbles in international financial markets. In a society based on desire and money, some people choose to create many false impressions, while others sadly fall for them.

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News 09/28

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 will cause ACORN to cease to exist. After the recent revelations, no one is charge of charitable contributions at a company will even try to defend ACORN to their board.

World Bank chief calls for Treasury, not Fed, to regulate banks

Why? because the Fed has failed to predict or deal with assegt bubbles, so how can it regulate banks. Plus, it is too secretive and not accountable.

Honduran constitution suspended: Regime plans bloodbath

The death squads are coming.

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SEC proposes the obvious to prevent next Madoff

SEC investigators hard at work tracking the evildoers

SEC investigators hard at work tracking the evildoers

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 for the Senate Banking Committee.

Tragically, this is not biting satire. It should be. After all, random sampling of data is a standard accounting audit practice. And assigning people with the proper skills to do the job should be a given. But apparently such practices were never implemented at the SEC, who now views them as being cutting edge and bold. Which is just pathetic.

Here’s what I’d like to see. Everyone involved with the SEC investigation of Madoff has their financial records and bank accounts examined to see if any of them profited personally from their stupendous and studied incompetence in investigating Madoff. This would include where they went to work after the SEC, if they changed jobs.

For Inspector Klutz to propose the obvious as a cure for what should have been done in the first place only demonstrates that he too is incompetent.

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SEC never did ‘competent’ Madoff probe says internal watchdog report

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 interfere with the inquiries. Well, they should have.

CBS

The report also notes that Madoff repeatedly intimidated SEC attorneys noting his relationships with the higher-ups at the agency even going so far as to say “that Madoff himself ‘was on the short list’ to be the next Chairman of the SEC.” However, when SEC attorneys reported Madoff’s repeated pushbacks to their superiors “they received no support.”

Presumably among those higher-ups was SEC Enforcement attorney Eric Swanson who later married Madoff’s niece.

Worse, the pretend regulators dropped off resumes with Madoff when they were supposed to be investigating him.

By sending the equivalent of a high school junior varsity football team up against Superbowl champions, the outcome was preordained.

Posted in News

SEC to release major report on their botched investigation of Madoff

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 4 pm on Friday before a big three day weekend and hope no one notices it.” Heh. Seriously though, let’s hope it is substantive and not a cover up or whitewash.

Now go check Simon’s fine blog, which I just added to my feed reader

Simon Owens is a 25-year-old social media consultant and online journalist who writes regularly for PBS’s Media Shift. He is a former newspaper journalist and currently lives in the Washington, DC area.

Bloggasm
was launched in late 2005 and focuses on the intersection of new and old media.

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Michael Jackson, Madoff, the CIA

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 Madoff lied to everyone for decades. Inmates in prisons have been known to fib a time or two themselves. Yet the original bogus story went everywhere with no one apparently thinking they might have been gamed.

And finally, some hard news!

US prosecutor named to probe CIA prisoner abuses

Too much of the mainstream media is spinning this as problematic for Obama, but really, it’s more problematic for me that we’ve had psychos torturing people in the name of our freedom.

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