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Madoff to Magazine: 'Government Is a Ponzi Scheme'
By not in system - AOL NewsNEW YORK -- Wall Street swindler Bernard Madoff said in a magazine interview published Sunday that new regulatory reform enacted after the recent national financial crisis is laughable and that the federal government is a Ponzi scheme. "The whole new regulatory reform is a joke," Madoff said during a telephone interview with New York magazine in which he discussed his disdain for the financial industry and for its regulators. Timothy A. Clary, AFP / Getty Images Bernard Madoff says in an interview with New York magazine that new regulatory reform enacted after the recent national ...
Bernie Madoff Interview: Were the Banks and the Mets' Owners in the Know?
By Torie Bosch - AOL NewsWhat did the banks know? In Bernard Madoff's recent interview with a New York Times journalist -- the first interview he's granted from prison -- the Ponzi-schemer says that the banks "had to know" he was presiding over an enormous fraud. The accusatory statement is reverberating around the Internet today. What's new? At Forbes, Walter Pavlo says that the interview essentially gives no new information, writing, "Madoff's own words have no value any longer, and the more he says, the more we will fail to understand." Pavlo also notes the neat contradiction between Madoff's biting remarks ...
Bernie Madoff Says Banks Were 'Complicit' in His Ponzi Scheme
By not in system - AOL NewsNEW YORK - Disgraced Wall Street financier Bernard Madoff said in an interview published online Tuesday that banks and hedge funds were "complicit" in his scheme to fleece victims out of billions of dollars. Madoff did not name any institutions in his series of interviews with The New York Times but said banks and hedge funds "were complicit in one form or another." He said they failed to scrutinize the discrepancies between his regulatory filings and other information. "They had to know," he said in his first interviews for publication since his 2008 arrest. "But the attitude was sort of, ...
Bernie Madoff's Son Dead in Apparent Suicide
By Hugh Collins - AOL News
(Dec. 11) – Exactly two years after his father's arrest, the eldest son of convicted Ponzi schemer Bernie Madoff was found dead this morning, his body hanging from a dog leash in his living room as his own young son slept in the next room, according to reports. Mark Madoff, 46, was under investigation about his possible involvement in his father's multi-billion dollar fraud, but had never faced any criminal charges. Security Traders Association of New York / AP Mark Madoff, seen in this undated photograph, killed himself on the second anniversary of his father's arrest. "Mark Madoff ...
Madoff Son Found Dead in NYC in Apparent Suicide
By not in system - AOL News
NEW YORK (Dec. 11) - One of Bernard Madoff's sons was found dead of an apparent suicide Saturday on the second anniversary of his father's arrest, according to police and a lawyer for the family. Mark Madoff, 46, was found dead in his apartment in Manhattan's fashionable SoHo section, according to police department spokesman Paul Browne. A relative notified police around 7:30 a.m. "Mark Madoff took his own life today. This is a terrible and unnecessary tragedy," his lawyer, Martin Flumenbaum, said in a written statement. His body was found hanging from a dog leash that had been fashioned ...
S.E.C. Bungled Multiple Madoff Investigations, Report Says
By David Sessions - Politics DailyThe Securities and Exchange Commission consistently mishandled its investigations of Bernie Madoff despite warnings of multi-billion-dollar fraud. A report by the commission's internal watchdog concluded that three examinations and two investigations of Madoff's business were incompetent. But the report found no evidence that anyone in the SEC tried to improperly influence the investigations. SEC examinations "almost immediately" caught Madoff in "lies and misrepresentations," but did not follow up on the inconsistencies and turned down whistleblowers' offers to provide more evidence, the ...
Ruth Madoff Asks for Fur Coat
By Emily Miller - Politics DailyRuth Madoff makes Marie "Let them Eat Cake" Antoinette look like Mother Teresa. Thursday, when U.S. marshals forced Ruth Madoff out of the $7 million Manhattan penthouse paid for by money her husband, convicted felon Bernie Madoff, stole from his investors, she asked to take a fur coat with her. Go figure how she thought walking around the Upper East Side in a fur coat in July would not not be obvious. ...
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