Here’s a stocking stuffer

Madoff Trustee recovers $7.2 billion from just one “investor”.

11 Comments

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11 responses to “Here’s a stocking stuffer

  1. Inagua

    All the direct Madoff investors will probably get back 100% of every dollar invested. But the poor folks who invested through feeders run by crooks like Walt are still SOL. Walt and the boys stole as fees about 10% of the $10 billion that is still missing. I hope Walt lives long enough to lose every lawsuit and declare bankruptcy.

    • I’m betting he strings it out long enough to die with his cash, Inagua, but maybe the Fabulous Five will be impoverished and Monica consigned to a living over a subway grate in Times Square. I’d settle for that.

  2. Out Looking In

    now you see why hedge funds were paying up to 35 cents on the dollar for certain Madoff claims….

  3. sw

    One of the fabulous five (Marisa Noel Brown, who has dropped the Noel) still manages to attend all the big society events in NY. She has been in the Sunday Times evening hours photos twice in the last few months. It’s totally unacceptable that any of the Noels or their husbands would be seen at such social events. This is the daughter that had to sell her unfinished upper east side townhouse, that she and her husband (a former FFG partner/conductor of due diligence) bought for $12+ million in ’08 and sold for $9 million something last year. By the looks of her continued lavish lifestyle, it’s as we think, there is still money coming from somewhere for these greedy fools to keep spending on themselves. losers

  4. uncle curly

    happy hanukkah

  5. peeps

    The Picower story is what Mark Madoff should have done. If he had only cashed in what he could of his possessions, and although unemployable in the financial world, just taken a simple, ordinary job. He’d have much less, but would be respected for at least trying to make amends and giving back whatever he could manage.

  6. Inagua

    Peeps,

    The Picower story is interesting. Picower was a CPA specializing in tax shelters. Through his brother-in-law Frank Avellino Picower met Madoff. Picower “invested” with Madoff for 35 years and took out $7.2 billion more than he put in. Picower was by far the biggest beneficiary of the Ponzi, and he always received specially ordered returns far greater than any other investor. The only possible explanation was that Picower figured out it was a Ponzi and was blackmailing Bernie. Picower used the extorted money to make some good investments. How much could you have made investing if someone loaned you a few billion interest fee for many years? That is in effect what Picower did. There is no evidence that Picower ever wanted to part with the stolen loot while alive, and his wife deserves credit for returning it now that he is dead.

    Mark (and) Andrew Madoff are similarly dishonest. They both made millions from phoney trades made in accounts at the firm in their names into which no money was ever deposited. Bernie just picked a stock that had gone up quite a bit in the previous months, and booked ficticious trades in the boy’s names. They knew there was fraud.

  7. geog

    The Picower foundation was one of the first ones to close in the week following Madoff’s arrest. http://www.nytimes.com/2008/12/20/business/20foundation.html . I have always found it strange that a foundation supported that a family worth more than 7Bn$ HAD TO CLOSE right away. Of course, closing RIGHT AWAY would have been additional proof positive that the P foundation was an innocent victim of the scam. Just in case the case needed to be supported.

  8. geog

    pls can you edit my post if you publish it, it should read :
    I have always found it strange that a foundation supported by a family worth more than 7Bn$ HAD TO CLOSE right away.

    thank you

  9. more

    I just read 104pages of the P settlement material on the trustee website. Additional (funny ?) twist is found in the bank holding the settlement amount in escrow. Yes, you’ve guessed it well. It is no other than BLMIS trusted bank. First class business in a first class all the way.