Was denying DiPascali bail a dumb move?

John Carney thinks so - if Frank’s cooped up in jail he can’t cooperate very well with the investigation into the Madoff matter and, worse, other conspirators will realize that they have nothing to gain by speaking up. Carney makes some good points – follow the link and read them – but I’m not so sure he’s right. True, if DiPascali is held in jail until his sentencing next May 10, he’ll be of little use to the prosecution and judging from their arguments in favor of bail, there is still much that DiPascali can tell them. But if, as the judge hinted, he can get sprung when something better than a $2.5 million bond, secured by $750,000 in real estate is offered, then maybe a few weeks contemplating what the rest of his life could look like will serve as a further incentive. Guess we’ll find out.

5 Comments

Filed under Uncategorized

5 responses to “Was denying DiPascali bail a dumb move?

  1. Inagua

    DiPasquali has had over seven months to tell his story. How much more is there to tell? And what difference does it make where he tells it from?

    • christopherfountain

      Well the prosecution said they need him to go over various documents which admittedly are hard to deal with through a plexiglass/wire window, but I’m with you – if they couldn’t get that done in 7 months, they’ll never do it. Maybe they just wanted to look like they were upholding their end of the deal.

  2. Inagua

    The prosecutors are primarily interested in their own convience — they would rather Frank come to their office than they go to Rikers.

    And if Frank can testify against some bigger crooks like Picower, Chais, or Cohn, then he will be a more credible witness if he is already inside.

    • christopherfountain

      Actually, Inagua, Rikers is for state prisoners. the feds stash their perps in the Metropolitan Correctional Center in Foley Square (downtown) right across from the federal court house. So they shouldn’t be too inconvenienced. But while you mention some west coast scammers, I do hope they’ll have time to go after Robert Jaffe and, oh I hope I hope, Walter M. Noel.

  3. Inagua

    Right, Chris, I confused Rikers with the Tombs. As for other folks actually in on the Ponzi, I doubt if Jaffe and Walt make the cut. They were both just dumb salesmen who didn’t understand what they were selling, and in Walt’s case lied about doing due diligence. I hope civil fraud trials strip Jaffe, Walt, Merkin, Manzke, and all the other feeders of all the stolen money Madoff gave them.