madoff

Thursday, January 1, 2015

2015 New Year Resolution From Bernie Madoff

First, allow me to extend New Year's greetings to all of my fans and followers. I wish all of you great health, happiness and prosperity in 2015.

Well, actually, I don't wish that upon all of you; there are a bunch of boneheads who come to this blog and are still trying to figure out whether its really me that is blogging and tweeting, or if its a muse of mine. For those idiots, I can only say "trust me" and to remind you that it really is me.

There are also a bunch of others who I wish nothing for; those who follow this blog with the hope that you might discover that I'm sick and soon-to-die. As you can see, I'm not ready to kick the bucket just yet.

My resolution for the new year is to continue to provide exclusive insight to the Madoff story, my opinions about the financial markets, along with sharing thoughts about the stupid, unethical, or just plain wacky behavior perpetrated by others, which likely includes mention of an assortment of public-profile narcissists who are convinced they are smarter or more sophisticated than the rest of us.

That's it. I won't be revealing the location of any secret stash of cash that Jeff Picower has stowed away. I won't be "walking back" and pointing fingers at any one new who might have enabled the events that led to "the greatest Ponzi Scheme in history."

I will however offer an opportunity this year for folks who would like to serve as guest contributors to this platform. I've also decided to allow corporate sponsors to promote their products and services here and in my tweets, as long as they are legal.  If you're interested, you'll be able to figure out how to contact me.

Before I forget to add, I'll continue to profile prolific journalists who actually know how to investigate and report newsworthy stories. My pick of the month is courtesy of investigative journalist Richard Behar, whose January 1 Forbes piece was very nicely done, even if Rich has an "axe" against me personally. 
Best regards,
BLM




Friday, December 19, 2014

Chanukah Brings Madoff Victims More Gelt In Recoveries; 1% Checks Delivered

From: Bernie Madoff
To: Former Customers

Happy Chanukah...Although the news media has somehow failed to jump on this story, by now you should have received a nice recovery check in the mail courtesy of bankruptcy trustee agent AxialPartners.

I'm not recommending that you invest the 1% of your net loss amount check in Oil futures, stocks, or some of those wacky-ass Energy "MLPs" that have just given up 50% of their NAV in the past 3 weeks. And if you had money with that FO in CT that is telling clients they should double down on the investments he made for them, its going to take a long time to get even.

Despite all of the obvious negatives, I'm hearing that Uber is "very interesting" to top hedge fund folks, including 2 big ones who turned down the very recent chance to exit their first round investment at a $40bil valuation. Despite their 4x return in 2 years, and despite all of the known headwinds this company is facing each day.

BLM

Friday, December 5, 2014

Anniversary Note: A Madoff Letter to Judge Swain

To: The Honorable Laura Taylor Swain
From: Bernard Madoff
re: Dec 8 Sentencing

Dear Judge Swain:

We all know that we are days away from the 6 year anniversary of my "coming out" and acknowledging being the ring leader of a scheme that swiped serious bucks from a bunch of people. The fact that the sentencing date for several members of my staff is falling 3 days shy of that 6 year anniversary is likely a coincidence, but its more than likely this milestone date will influence your decision as to the severity of whatever prison sentence(s) that you will be handing down this coming Monday.

That said, I am compelled to appeal to your compassion and to remind you of my recent letter in which I repeated that the only people who were knowingly complicit in the scheme was Dimes Dipascali. It would seem obvious that among others, Nan Bongiorno (whose picture on the above left required a wide-angle lens) would not be a good candidate for a lengthy (or even a short ) stay in any prison, if only because it would cost the government thousands of dollars to retrofit any federal facility to facilitate her needs.

Aside from the fact that Nan couldn't possibly fit into a traditional, prison cell bunk bed, whatever venue she would be sent to would certainly have to reconfigure the commodes in order to accommodate her.  Otherwise, her attorneys will have plenty of ammo to appeal any sentence you hand down on the grounds of 'cruel and unusual punishment' were "Nan" to have to serve time. And, let's not forget the additional costs to feed her. As you can easily see, this is a woman with an outsized appetite and trust me when I tell you that she could not possibly subsist on the menu that is typically available to inmates at most Federal 'camps'.

The irony is that Dimes is still dancing around thanks to his 'cooperation'...Based on my own knowledge of sociopathy, the fact that his "testimony" was the principal factor that brought these defendants to your court room is merely a classic example of how crazy the world is.

With those thoughts, I extend to you warm season's greetings.

BLM
Butner Camp


Friday, November 21, 2014

Best Laugh of Day: CNBC Kernen and Sorkin Square Off : SEC Staffer Personal Trading Accounts

So far, the best laugh of the day comes courtesy of CNBC aka "Stock Market's Cartoon Channel" re exchange between Andrew Sorkin and Joe Kernen on the topic of whether SEC staffers should continue to be allowed to trade in their "PAs" (personal trading account), when considering their unique access to inside information:
 Sorkin: "So, Joe...do you think that prohibiting SEC employees from trading for their personal accounts is a good or a bad idea?"

Kernen: "Hey, if we (CNBC employees) can't, and if members of Congress are now subject to new rules that prohibit their trading in their PAs, I don't think SEC staffers should be allowed to, either."

Sorkin: "Do you think if the SEC introduces rules that prohibit that type of activity, it will impact the caliber of folks that they hire?"

Kernan: "The caliber of folks that work there?? It couldn't get any worse, can it?"

Enough said on that topic..

Friday, November 14, 2014

More Millions for Madoff Trustee: What About The Victims Waiting For Payment?

...this comes from the WSJ:
 I'll preface this by posing the rhetorical question to Irv P. on behalf of those who are still communicating with me: "WHEN IS THE NEXT DISTRIBUTION TO CLAIMANTS GOING TO BE RELEASED?"

A Manhattan bankruptcy judge will consider a settlement Tuesday that raises millions of dollars for Bernard Madoff‘s cheated investors.

Under the deal, real-estate developer Edward Blumenfeld, as well as his family and company, will return $32.75 million in cash that they received from investing with Mr. Madoff before the 2008 collapse of his Ponzi scheme.
They’ll also surrender $29.35 million in claims against Mr. Madoff’s investment firm.

The settlement, the product of multiple mediation sessions, resolves litigation that trustee Irving Picard brought in December 2010 to recover $88 million that Mr. Blumenfeld and the other defendants received from Mr. Madoff in the six years before his arrest, including $27 million in false profits. The lawsuit also sought to knock out the claims the defendants brought against Mr. Madoff’s firm.

Mr. Blumenfeld and his fellow defendants disputed the lawsuit and denied that they received the payments from Mr. Madoff’s investment firm with any knowledge or suspicion of fraud.
Mr. Picard, who is overseeing the liquidation of Mr. Madoff’s firm, says the deal will avoid the need for costly and time-consuming litigation.

Mr. Picard has recovered or struck deals to recover more than $9.8 billion of the $17.3 billion in principal that Mr. Madoff was convicted of stealing from investors. More than half of the recovered funds have been returned to investors.

Tuesday, October 7, 2014

Libor Scandal Scoop..Happy Anniversary To...From Bernie Madoff

First, I need to extend kudos to my gal pal Erin Arvedlund for once again being the first to offer the most in-depth look at yet another global banking scandal.  You don't need to look far to find it..just scroll to the left!!

Erin Arvedlund
Erin's book, which is scheduled to hit the store shelves shortly (and one that I have a first edition of next to my nightstand) is head and shoulders above all of the news reports that are only now finding their way in large block trades to the front pages of the NY Times and Wall Street Journal. Were it not for Erin, this story wouldn't make it past the New York Post's Page 6. Trust me on this!

Speaking of Page 6, extending anniversary greetings to my second favorite author. I liken his style to the likes of Norb Vonnegut, David Baldacci and Scott Turow. Today apparently marks the 12th anniversary of events that led to his penning a fascinating read.
 
My Zimbio
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