Investigators Continue Probe, Scrutinize Madoff’s Remaining Assets
Jan 5th, 2009 • Posted in: NewsOne of the more popular pastimes among pundits is analyzing the mind and motives behind the scandal
NEW YORK and PALM BEACH, Fla.
Federal investigators last week began sorting through the assets of disgraced Wall Street guru Bernard Madoff in hopes of returning some assets to investors.
Madoff, accused of masterminding one of the biggest investment frauds in history, met a court-ordered deadline to provide a list of what remains of his assets, reports Agence France-Presse.
It is unclear how much Madoff actually has left, according to the U.K. Guardian. The only clues to Madoff’s personal wealth so far came in his confession to his sons, when he said there was only $200 million to $300 million remaining in the firm.
There was no immediate indication whether or when the list of assets would be made public.
Meanwhile, speculation continues into the ethics and personality traits that lie behind the alleged scheme. TIME magazine reports that forensic psychologists put narcissism at the top of the list of Madoff-type personality traits. “These people get real enjoyment from doing what they do,” forensic psychologist Michele Galietta of John Jay College of Criminal Justice in New York City told TIME. “They feel good pulling the wool over other people’s eyes.”
Pundits last week also were busy analyzing bilked investors. A psychiatrist who studies investor behavior told the Washington Post that Madoff’s clients may have almost literally become intoxicated by the regular returns.
“It’s like a slot machine that pays you a little each time,” said Dr. Richard Peterson. “Over time you kind of fall in love with that machine. You’ll actually have the hormones and strong attachment and bonding. You trust it. You want more satisfaction from these gains.”
In related news, thieves last week did what Madoff likely won’t: returned some stolen goods. According to the Palm Beach Post, crooks stole a $10,000 statue from Madoff’s Florida estate. They left it near the Palm Beach Country Club, where Madoff was a member, with a note: “Bernie the Swindler, Lesson: Return Stolen Property to rightful owners.” The note was signed “The Educators” — likely an allusion to a 2004 German film in which a team of idealistic young people break into the homes of wealthy people, rearranging their furniture in an attempt to shock them into recognizing the extravagances of their lifestyle.
Sources: Washington Post, Jan. 3 — Guardian, Jan. 1 — AFP, Jan. 1 — TIME, Dec. 31, 2008 — Palm Beach Post, Dec. 31, 2008.
For more information, see: Related Newsline story, Dec. 22, 2008 — Related Newsline Commentary, Dec. 15, 2008 — Related Newsline story, Dec. 15, 2008 — Related Newsline Commentary, Aug. 25, 2008 — Related Newsline story, Aug. 25, 2008.
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