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.

Saturday, September 13, 2014

Defending Andrew Madoff's $16million estate-Dead Men Tell No Lies

Regarding the "just revealed" news that my recently-deceased son Andrew Madoff left behind an estate valued at $16 million (give or take), let me say this about that:

1. One could argue whether the estate, approximately 1/3 of which represents the value of residences he acquired courtesy of personal loans that I extended to him in the year preceding my firm's collapse, should be subject to "claw back" efforts by Irv Picard.

2. One could further debate whether the additional $11 million in "personal property" was attained via smartly investing the income he made while working for my brokerage firm. Yes, that firm was not so profitable during the 5-7 years leading up to its closing, leading some to question how he could have earned so much from his job if the firm was not really very successful, and certainly not to the extent that his out-sized compensation could be justified.

3. What many might further wonder about is how Irv Picard and Co have never been able to claw back the millions of dollars that his account at my firm grew to after an initial deposit of a few hundred thousand that I put into that account.

4. Did his side investment in a sport fishing equipment company produce outsized gains, or just some Cod? Did his foray into other private investments produce Icahn-style returns? 

4. Because Andrew insisted, up until the day he died, that I was effectively dead to him because of the shame I brought upon my house, I was still his father. And, as his father, I think its unfair to speak poorly of the deceased.

5. More important, he's leaving behind a hottie girl friend who is surely entitled to $50k a month for her living expenses. After all, she stayed by his side throughout the past 6 years without even having an understanding of what she might inherit in the event of his death. And let's face it, it costs alot of money to have a nice lifestyle these days.

6. And let's not forget his wife, who filed for divorce the day I turned myself in (thanks to the the advice of some shrewd lawyers) and who since withdrew that motion in February of this year, is surely entitled to be compensated for the embarrassment she suffered from, as should the two daughters Andrew left behind. Nobody should have to work too hard, and nobody should have to subsist on a few measly shekels, and certainly, everyone should have something to look forward to as a cushion.  

Sunday, September 7, 2014

Bernie Madoff's Next Book: Open Secret

Talk about global financial schemes!...There's only a few real investigative journalists who know how to peel back the onion and deliver a prose that is worthy of a Pulitzer. Erin Arvedlund, the gal who pushed out the only book about me that was based on old-fashioned research has done it again..

For those who haven't had the 'insider info' and advance look, below review of Arvedlund's latest, due out Sept 25, hits the bulls eye.

“Gaming the LIBOR—that is, fixing the price of money—had become just that: a game. Playing it was the price of admission to a club of men who socialized together, skied in Europe courtesy of brokers and expense accounts, and reaped million-dollar bonuses.”

In the midst of the financial crisis of 2008, rumors swirled that a sinister scandal was brewing deep in the heart of London. Some suspected that behind closed doors, a group of chummy young bankers had been cheating the system through interest rate machinations. But with most eyes focused on the crisis rippling through Wall Street and the rest of the world, the story remained an “open secret” among competitors.

Soon enough, the scandal became public and dozens of bankers and their bosses were caught red-handed. Several major banks and hedge funds were manipulating and misreporting their daily submission of the London Interbank Offered Rate, better known as the LIBOR. As the main interest rate that pulses through the banking community, the LIBOR was supposed to represent the average rate banks charge each other for loans, effectively setting short-term interest rates around the world for trillions of dollars in financial contracts.

Friday, September 5, 2014

A Note re Passing of Andrew Madoff

For those who believe that the recent passing of my youngest son Andrew, which comes after the tragic way in which my oldest son passed, is somehow "rightful punishment" for the actions that led me to a life in prison, all that I can say is Go F**k Yourself.

Andrew was a beautiful boy who, through no fault of his own, was victimized like so many others by a malady for which no cure has yet to be discovered.

I am heart broken. If it 'serves me right', then so be it. But regardless of the financial pain that my actions caused upon others, no parent should have to suffer from the loss of a child.

Wednesday, July 23, 2014

Open Letter to Jewish Leaders Across The Financial Community, from B.Madoff

To: ''
Subject: your email i.e. " France"

Dear Paul-

We don’t know each other, but I was forwarded the email you sent yesterday to select recipients of your DL re this week's events in Paris in which 2 synagogues have been burned by anti-Semites with Islamic backing (while French government turns their backs), and the fact that few if any media outlets are making more than a bare mention of this latest sign that the Jewish people are once again being targeted on a global basis.

Without my ‘name-dropping’ or referencing the number of folks who we both know directly or indirectly across the financial world, each of whom are like you, and each widely-recognized for their leadership within the financial industry as well as the Jewish community at large (evidenced by their out-sized philanthropy), I’m personally less puzzled by what seems to be a muted reaction by government and corporate leaders to the widely one-sided coverage of what is happening in Gaza and Israel (and France) , as I am by the muted reaction by Jewish leaders across the financial industry in response to the media’s framing of what is taking place.

Aside from less than lackluster reporting about the rise of anti-Semitism in France and other “western countries”, virtually all media outlets seem to be spotlighting the non-combatant Palestinian casualties resulting from Israel’s efforts to defend itself [by targeting missile launch sites in Gaza], and egregiously making little mention of the fact that the unprovoked attacks against Israel are being launched by terrorists who are physically situated in venues such as hospitals, schools and religious venues..and shielding themselves behind “innocent civilians”…These are actions that would typically be branded as terrorism by any modern civilization.  Yet the media puts this cowardly tactic as a footnote in their coverage.

Within the context of the financial industry,  all of the outspoken leading investment bankers, private equity and hedge fund managers always seem to embrace virtually any opportunity to appear and opine on platforms such as CNBC and Bloomberg…to advance their positions and perspectives on global markets (or to talk up their own "books"). Despite NBC’s portrayal of what is happening in Gaza and their media-typical exploitation of video footage and images of Palestinian victims, coupled with commentary that would lead viewers to infer that these casualties "..can be avoided were Israel to “behave more responsibly”, the media-friendly members of the investment community are surprisingly silent, other than emailing among each other.

The talking head hedge fund managers with billion-dollar personal checking account balances are happy to passionately debate the topic of Herbalife corporate governance and other nonsense topics as if these were battle stories of great importance, but those on your DL are noticeably silent (from a public standpoint) on the topic that impacts not only our respective legacy, but as you attempted to point out by pointing to events in France right now, the growing anti-Semitism throughout countries we consider to be allies, and what appears to be yet again, a rising threat to the future of the Jewish people.

Your group email was passionate to the extent that you are trying to raise awareness.. I’d only respectfully suggest that you and/or a consortium of other Jewish leaders from the industry will actually publicly speak to this issue and challenge the media for its shoddy reporting, if only by everyone agreeing to tell CNBC producers and other networks that you are not interested in performing like seals on air and otherwise providing free content for a network that is clearly lopsided and leverages your commentary by charging advertisers to promote themselves in between the rants and raves of "top HF managers." 

More important—you, as well as others who you consider to be peers, are often quick to pen op-eds to the NYT and WSJ to promote positions that impact regulatory, political campaigns or federal legislative initiatives. And, many of you are quicker still to write a check to a PAC in order to advance a political candidate via full page ads in major newspapers. I’d suggest that these types of public relations and cause marketing steps are critical right now….and instead of negative ads endorsing Mitt Romney or another GOP (or Democratic party) member, perhaps your financial resources should be in favor of preserving the Jewish people and the State of Israel.

Even though you and a short list of contemporaries could finance that type of awareness campaign without any concern as to the costs of placing an ad program and without having to check your checking account balance first, I’d certainly welcome any email from you soliciting a contribution to such a campaign.  If we don’t stand up and speak out now, when will we? And if we don’t, who will do it for us?

BTW- I don’t claim to know what the solution to the most recent conflict is. We all know that Hamas has no mandate or desire to “negotiate” anything other than the ultimate destruction of the Jewish people and any part of Western Civilization that does not subscribe to Hamas’ interpretation of the Koran. That said, the influence that you and the aggregation of your “network” has on governmental leaders here in the US and other leaders across the globe might include your proposing the UN take the lead with an international force sent into Gaza and let a union of world governments eradicate Hamas and allow those who want to live peaceably to do so. 

The only other option, one being advocated by the right-wing of Israel supporters (of which I am not a member) is contradictory and counter-intuitive to what the Jewish people have long (as in more than hundreds of years) been envied for by the entire world: we have always been a people of reason, we have always been the first to defend the liberties and civil rights of others who are oppressed by bad actors, we have always helped underwrite and provide solutions to an array of technology and health care initiatives, and we have never allowed ourselves to be subjugated, persecuted or intimidated by anyone who has sought to take away the same freedoms by which the United States was founded on hundreds of years later.

I "repeat the bid"..if those within our tribe who have accumulated great wealth and positions of influence are not going to stand up to defend not only our legacy, but the freedoms that the United States stands for, are we to stand idly by and hope that the current political administration will do what's right, right now?  If your decision to defer to Washington is the option and hope for the best, (one that we now know is the wrong one), how do we explain to our children and our grandchildren that we had the ability to defend our heritage and the right to exist, but we were too busy shopping in East Hampton? 

Mike Bloomberg...if you're listening..this message is for you as well.
Bernie Madoff

Tuesday, July 15, 2014

Andrew Madoff Up At Bat

To: Irv Picard
From: Andrew Madoff
cc: Scott Cohn
cc: B. Madoff
Dear Irv: 
In reply and response to your latest mis-guided missile, the one in which you have upped the ante on your seemingly never-ceasing litigation campaign to not only recover money that I don't have, but to discredit both me and my deceased brother in the eyes of the world, please consider this my retort to you. 
Before I get to that, a shout out to Scott Cohn at CNBC, who could easily be mistaken for an ambulance-chasing lawyer, but instead, is nothing more than a bit player from the "5th Estate" (not to be confused with the 4th Estate), and dances like a puppet for a one-time news and now exclusively "entertainment" network that prides itself on half truths, ranting and raving, and worse still, a silo of a larger network that has taken great pride in broadcasting photo and video images of 'innocent Palestinians" who, as we all know and regret, are serving as human shields for terrorists who are launching hundreds of real missiles into highly-populated cities in Israel with the immediate goal of murdering several million Jewish people, and the ultimate goal of wiping out western civilization. 

With that thought in mind, Scott has proven that he is very adept at lurking outside of court houses and police dept booking desks, hoping to spin a new story that will keep advertisers interested in his line of jibber jabber and his current place of employment. Within the context of reporting fairly about me, as well as my family members, I would certainly not expect a 2nd rate muckracking outlet such as CNBC to report anything that was accurate, other than perhaps the closing prices well after the markets are closed. 

Any child who knows how to read need only read this line of the news reports discussing Picard's latest overreaching:  "Citing testimony from Frank DiPascali, the firm's former finance chief who is cooperating with prosecutors, Picard also accused...."

So, Picard's claims are being driven by Dimes Dipascali, a serial sycophant (Scott, you know what that word means, right??) who, in his wet dreams, aspires to be Frank Sinatra. And, what a surprise, it would appear that Dimes has equally-influenced his Keystone Kop masters; those boneheads from the FBI who couldn't find a hole in a whorehouse if it had hair on it without first waterboarding the doorman. Yes, I am aware that the FBI Director lives a tony town that is a short distance from my mom's house in Greenwich, and my being so outspoken puts me at risk of his wrath when considering his notoriety for exploiting government resources in order to exact revenge on those who disparage him...or those who raise questions about his former employer, the world's biggest and arguably, most secretive hedge fund. Funny how that shit happens, right?

Let me be perfectly clear...I'll likely be dead before anyone could prove beyond a reasonable doubt that I (or my brother, now dead) had any knowledge, or in any way helped to carry out the crazy scheme that my father pleaded guilty to. More important, the notion that I have tens of millions of dollars is as ludicrous as the most recent allegations made by Mr. Picard, and as ludicrous as the allegations I am told the federal government plans to file against me.

Any further statement from me will be courtesy of my next appearance on 60 Minutes.

Andrew Madoff
My Zimbio
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