Bad news for Madoff fleecees – trading unit’s worth just $15 million

That’s the highest (and only) bid received for the trading arm of Madoff’s phony empire – the one run by the boys, Andy and Mark. For reasons that escaped me, the receiver and other experts had estimated its worth at $400,000,000 and had included a large part of that figure in determining that there was $800 million available to pay creditors. Yet, it turned out, the operation never made money and was subsidized by Bernie’s thefts from his own investors. The one bright spot? Andy and Mark have been fired and now have time to go fishing with Hooper.

 

Who needs money, Andy, when we can live on love and bonefish?

Who needs money, Andy, when we can live on love and bonefish?

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One response to “Bad news for Madoff fleecees – trading unit’s worth just $15 million

  1. We're all bozos on this bus

    I read the article you linked to and still can’t figure out … what’s there to BUY in the first place? If you were to buy a trading operation, wouldn’t you be looking for things along the lines of established order flow and relationships, talented people, proprietary models, whizzbang support systems? I wonder what’s there that’s even worth $15 million?

    Sort of reminds me of when Drexel decided to close down its branch retail brokerage business in the spring of ’89, about 10 months before the s**t hit the fan there. They were claiming they could sell it for millions. Needless to say, that didn’t happen; the talent fled and the brand name was less than worthless. Nuttin’ there to sell but office leases and furniture.