Actually the cons in the club med he's at love the guy. As soon as he got there, they were taking him clothes, blankets, asking him if he needed anything etc., The cons are too dumb to know the difference between a mobster (which I guess they think he's akin to) vs. what he really is: a liar, and sociopath... He's even giving investment advice to cons who in turn tell their outside families, "hey, Bernie said do this, that, etc.," It's going to be a long, long time getting back mom and pop investor confidence thanks to such an evil hearted person.
That's a sad shame. I'd much rather have Bernie personally experience a few of the more dramatic scenes from 'Shawshank Redemption'.
Slightly changing the subject, I wonder what are the chances of this: Version A: A week or so ago Mrs. Picower gets a phonecall. On the line a guy with a Russian accent reminds her what happened to her husband (accident of course) could easily happen to her or to her relatives. Since she is rich enough anyway a few days later she decides to give back every profit from the Madoff fund. Since she is still rich that buys her and her relatives security... I might watch too many copshows, but I don't really believe in timely accidents and suicedes.... Wiki: "In June 2009, Irving Picard, the trustee liquidating Madoff's assets, filed a lawsuit against Picower in the U.S. Bankruptcy Court for the Southern District of New York (Manhattan), seeking the return of $7.2 billion in profits, alleging that Picower and his wife knew or should have known that their rates of return were "implausibly high", with some accounts showing annual returns ranging from 120% to more than 550% from 1996 through 1998, and 950% in 1999. According to a June 28, 2009, MSNBC article, that would make the Picowers the biggest beneficiaries of Madoff's scam, exceeding even Madoff himself. The Picowers' lawyer, William D. Zabel of Schulte Roth & Zabel, responded that, "They were totally shocked by his fraud and were in no way complicit in it." Again, just like Mark, they were either incredibly naive/stupid or complicit in the crime. Version B: The other version could be like this: A federal investigator had a heart to heart talk with Barbara and he said: Look Barbara, let's make it easy for both of us. I either charge you with fraud and you have a good chance to spend the rest of your life in prison, or you can rehabilitate the name of your late husband by giving back everything. Barbara made the obvious choice...
How much $$ does this picower family have to be able to liquidate 7 billion? It doesn't make Any sense. Forbes estimatedhis wealth at 1 billion in 2009. They often overestimate.
I think Picower originally invested 650 millions with Madoff and pulled a 7.2 billions profit from it. He left in his will to Barbara a minimum of 200 million that still can be paid out after the return of the 7.2 billions. Thedailybeast.com has pretty decent and extensive coverage of the case, here is the link to the Austrian woman, another interesting character, who was feeding Bernie's fund. She raised 46% of the incoming money: http://www.thedailybeast.com/blogs-and-stories/2010-12-11/sonja-kohn-madoffs-partner-in-crime/ On Mark's charity: http://www.thedailybeast.com/blogs-and-stories/2009-06-26/the-mysterious-madoff-charity
Thanks. Basically, the guy was kinda an unknowing accomplice.... Keep up the great work with the info pekelo. You may still earn an honorable mention in my book.
Has anyone been able to dig up any dirt on Picower? I know he was an investor In biotech/Med companies, supposedly. Knowing that this is a field ripe with fraud and abuse, It made me wonder if perhaps he was a stock fraudster/pump and dump scammer. It would not surprise me if his entire career was one big ponzi scheme in one form or another.
Here is somebody's else opinion, but I agree completely: "Let's assume for the sake of argument the sons didn't know. Perhaps that would mean they shouldn't be criminally charged, and they haven't been. But that doesn't make them innocent. They are still holding on to at least tens-of-millions of dollars and assets, and maybe even more we don't know about, all of it a product of the ponzi scheme. And we're not just talking salaries for their supposedly legitimate jobs on the other side of the business. Each brother took out "loans" with no interest and no payment requirements of tens-of-millions to finance their lifestyles, homes, cars, private plane travel, etc. Which means, BTW, that if they were ignorant it was either willingly or they are complete idiots to never wonder where all that free money came from, which further emphasizes that they would not have been employable outside the company business. So if they are innocent, they should give it all back. Keep just enough to live a modest middle class life unless they can earn it on their own. But instead they hire lawyers using some of the same money that was bilked from Madoff's investors to fight to hold onto money that was stolen from investors. It is the equivalent of a bank robber handing someone a bag full of money and that person claiming they have a right to keep it. So either way, regardless of what they knew about their father's scheme prior to two years ago, their subsequent actions have made them crooks. And the same can be said of the brother and the brother's daughter and many of the former employees and all of the "feeder" fund partners, etc. I don't care what they knew beforehand. When they started fighting to keep the millions in proceeds they became just as bad as Madoff." ------------------------------ So Mark instead of committing suicide could have sold most of his properties and handle over 30-40 millions to Pickard as restitution, and still have left with a few millions to live a quiet but decent life, raising his kids.
Anyone ever consider how they intended to bring this scam to a close? It seems with some planning the financial crisis would have been the perfect excuse to "wipe out" all those phony profits. The story could have been, "the huge tail event/credit crisis has devastated the even the venerable Madoff fund!". People would have cried yet unforeseen market events do sink funds, and market conditions are no recourse to the investor who has lost money (unlike fraud). If this had been pulled off the crooks would have walked away scott free. Somehow this got away from them and they could not bring it to a close in a way that fit the narrative. Make you wonder how many other funds that "lose it" suddenly are just the orchestrated end to one big ponzi scheme. ...Or does this logic apply to the entire financial sector?