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Ankle-Monitoring Bracelet for Madoff!
By
Jen Chung
Published Dec 17, 2008
Modified Dec 17, 2008
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By
Jen Chung
Published Dec 17, 2008
Modified Dec 17, 2008
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Photograph of Bernard Madoff after a court hearing this morning by Jason DeCrow/AP
The $50 Billion Ponzi Scheme Man Bernard Madoff is still out on bail but under home detention, which means he's got one those ankle-monitoring bracelets. Plus he has a curfew—between 7 p.m. to 9 a.m., he has to be in the apartment.
Madoff put up his East 64th Street apartment and homes in Palm Beach and the Hamptons for his $10 million bail. The NY Times reports, "The judge also modified the bail so that Mr. Madoff would not need two additional signatures to guarantee the bond, as initially required. Only his wife and his brother Peter, who worked at Mr. Madoff’s firm, had signed the guarantee as of Wednesday morning. His two sons, Mark and Andrew, had refused to sign, according to court papers."
Some more Madoff-related news:
- The Securities and Exchange Commission admitted it missed opportunities to investigate allegations against Madoff. From SEC Chairman Christopher Cox's statement: " The Commission has learned that credible and specific allegations regarding Mr. Madoff’s financial wrongdoing, going back to at least 1999, were repeatedly brought to the attention of SEC staff, but were never recommended to the Commission for action."
- One of the SEC's investigative teams was headed by Eric Swanson, whom the NY Times points out later married (after leaving the SEC) Madoff's niece.
- There was a scrum and even a shoving match when Madoff returned from court.
- One senior official at Madoff's company who is under investigation is Frank DiPascali. His lawyer is Marc Mukasey, who works at Bracewell & Giuliani (yes, that Giuliani) and whose dad is U.S. Attorney General Michael Mukasey. The senior Mukasey has recused himself from the investigation.
- The Times has a great article on how European banks are trying to figure out their Madoff-related losses. Also notable is how Societe Generale sent a team to NY "to perform some routine due diligence. What it found that March was hardly routine: Mr. Madoff’s numbers simply did not add up. Société Générale immediately put Bernard L. Madoff Investment Securities on its internal blacklist, forbidding its investment bank from doing business with him, and also strongly discouraging wealthy clients at its private bank from his investments."
- There was a shoving match between Madoff investors in Palm Beach, at Donald Trump's Mar-a-Lago golf club.
- A hedge fund wealth adviser suggests that one reason why big institutions, like universities or pension systems, didn't invest with Madoff is because Madoff's firm wouldn't have stood up to their due-diligence work.
Portfolio's Felix Salmon feels bad for the charities that invested with Madoff, there's an emerging genre of "How Madoff screwed me out of my money" stories and Gawker makes the case that Madoff is like Arrested Development's George Bluth.
Tagged
Bernard Madoff
billions
fraud
hedge fund
Madoff Securities
ponzi scheme
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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Gothamist is funded by sponsors and member donations
Gothamist is funded by sponsors and member donations
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