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04 Feb 2011 17:34

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Biz: Bernie Madoff trustee: The NY Mets knowingly took ill-gotten cash

  • $300
    million     the estimated amount in profits the New York Mets allegedly earned from Bernie Madoff’s ponzi scheme
  • $90
    million     the estimated amount that the team reportedly took from Bernie Madoff-related bank accounts source
  • » And now they’re being pressured to give it up: Irving Picard, the trustee in charge of the insanely massive Bernie Madoff account, claims in a lawsuit that the Mets organization, represented by Sterling Equities, turned a blind eye to Madoff’s scheme and had plenty of opportunities to see red flags pop up. “The Sterling partners were simply in too deep – having substantially supported their businesses with Madoff money – to do anything but ignore the gathering clouds,” says the complaint first made public on Friday. Officials for the team call the claims “an outrageous strong-arm effort” at getting money out of them, and deny any wrongdoing.
Posted by Ernie Smith • 0 Comments • Permalink

18 Dec 2010 11:14

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Biz: Current score: Who’s still getting screwed by Bernie Madoff?

  • 16k number of people claim to have been affected by the breakdown of Madoff’s ponzi scheme, which left many of the victims destitute
  • 60% of victims may never see any of the money because they put their money into Madoff’s care indirectly, though feeder funds
  • 400 investors were sued for taking more than they were worth from Madoff’s ponzi scheme (though some of them are broke, too) source
  • » Not every victim is getting helped: Only around $5.9 billion in losses has been recognized by the trustee so far, which much of the rest of the money owed indirectly by hedge funds that need to pay back the money they withdrew first.
Posted by Ernie Smith • 0 Comments • Permalink

17 Dec 2010 12:16

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Biz: Madoff trustee scores big settlement for victims in Ponzi scheme

  • $20B the amount investors lost because of Bernie Madoff’s massive ponzi scheme over the years
  • $2.3B the amount that had previously been gained back through auctions and other means
  • $7.2B the amount earned in a settlement with the estate of Jeffry Picower, a Madoff investor source
Posted by Ernie Smith • 0 Comments • Permalink

14 Nov 2010 01:18

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Biz: Auction of Bernard Madoff’s personal effects = $2 million

  • Three words: Bernard Madoff’s undies, last in the public eye when he crapped his pants after finally getting caught about two years ago. source
Posted by Ernie Smith • 0 Comments • Permalink

06 Jun 2010 21:40

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Biz: Bernie’s in the slammah, swagga like a ROCK STAR

  • Their impression almost unanimously was that he landed like a rock star. He was a celebrity, he had groupies, he had people clamoring for his advice, and his autograph.
  • New York magazine reporter Steve Fishman • Talking about his profile piece on Bernie Madoff, which seems to portray him like a Jay-Z like super-celeb for bilking all those rich people out of their money. Madoff reveled in his newfound infamy, and one inmate puts like so: “If I’d lived that well for 70 years, I wouldn’t care that I ended up in prison.” Let’s face it. Is he wrong? source
Posted by Ernie Smith • 0 Comments • Permalink

19 Mar 2010 08:25

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Biz: Question: Is it okay to feel bad for Bernard Madoff yet?

  • one the number of beefy men doing time for drug convictions that have beaten Bernard “Bernie” Madoff
  • one number of broken noses said beefy man gave the notorious financial scammer back in December
  • none the amount of selection Madoff has in prison movies; he’s forced to watch “Lethal Weapon” AGAIN source
Posted by Ernie Smith • 0 Comments • Permalink

15 Nov 2009 01:33

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Biz: Bernie Madoff’s crap makes a little bit of money at auction

  • $900,000 “little bit” is kinda relative source
Posted by Ernie Smith • 0 Comments • Permalink
 

30 Oct 2009 20:52

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Biz: Despite many chances, Bernie Madoff surprised he wasn’t caught sooner

  • It was a nightmare for me. I wish they caught me six years ago, eight years ago.
  • Bernard Madoff • Speaking during a June prison interview with investigators about the Securities and Exchange Commission’s constant probing of his ponzi scheme. You start to feel sympathetic until you realize that this jerk could’ve easily said something six or eight years ago and prevented some of the $21 billion in investor losses. So Bernie gets no sympathy. • source
Posted by Ernie Smith • 0 Comments • Permalink

26 Oct 2009 06:50

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Biz: Found: Dead guy in a pool. A Bernie Madoff associate. Rich.

  • Jeffry Picower was described as Bernie’s greatest beneficiary. Remember when Ken Lay of Enron died at a convenient time? Looks like he has a new golfing buddy. Picower, one of the 400 wealthiest Americans, was found dead in his multimillion-dollar mansion in Florida. While authorities aren’t suspecting foul play or suicide (he was suffering from Parkinson’s Disease and had heart problems), it’s worth noting that he was in the midst of being sued for $7.2 billion regarding funds he supposedly controlled in the Madoff case. source
Posted by Ernie Smith • 0 Comments • Permalink

27 Sep 2009 20:03

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Biz: Are you related to Bernie Madoff? If so, you’re about to get sued

  • $198 million lawsuit against Bernie’s family of execs source
Posted by Ernie Smith • 0 Comments • Permalink
 
 
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