Walter can breath a (small) sigh of relief

Madoff’s lieutenant, Frank DiPascali, is spilling the beans in exchange for a lighter sentence but apparently can’t come up with any dirt on Walter, Ruth, or the boys. I’m sure that will make the Noel’s last days at 175 Round Hill more pleasurable, knowing that, while they’ll be losing the cottage to creditors, Walter won’t be exchanging his digs for federal concrete, but what value is this guy? I mean, great, he’s providing details of how the fraud worked, but big deal: Bernie’s plead guilty and who cares, really, how he did it? If I were a federal prosecutor I’d want names and dates from this slimeball before agreeing to any plea deal otherwise, why bother? Come on, Frank, make something up if you have to – we’re starving out here in Greenwich.

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2 responses to “Walter can breath a (small) sigh of relief

  1. Wally

    Chris, you’re exactly right. Walt and gang were probably not in on the fraud, but they sure dropped the ball on due diligence, and they will be held to account for that. And the fees (more than $1b) that FFG took out will all have to be returned to the Madoff trustee, since they were not earned. These two factors (the negligence and the false fees) will be in the billions, so the FGG partners are toast.

  2. Walt

    Chris, Chris, Chris:
    I want whatever it is you and Wally are smoking.
    I was paid to manage peoples money. And I did. I managed to give it to Bernie.
    OOP’S!!! So it was a bad investment. SHI& HAPPENS. Just like that overpriced McMansion you sold to the out of town relocating IB’er. Does he get a refund? NO!!!
    And a lot of other folks gave their money to Bernie as well. I relied on them. I did my job and charged my standard commission. Less than yours, I might add. No refunds, I did my job. And did it well I might add.
    So, my friend, there will be no clawback (just saying that word pains me). Will you folks make me piss away some scratch on nuisance suits? Sure. But so be it. It will be less than I spend on carrots and hay (HEY!!!) for Pete’s sake.
    And make it French Toast Wally. With some of that white powder stuff sprinkled on it. Not THAT white powder, CHRIS!!!
    OFF TO WORM!!!
    Your Pal,
    Walt