Depth of Madoff Mess Continues to Astound

Jan 19th, 2009 • Posted in: News

It appears that his firm may never have executed a single real trade, according to press reports; also, there is considerable outrage over the decision that allows him to remain free on bail

NEW YORK
There were several new developments in the unfolding story of what appears to be one of the biggest swindles in history. Among the Bernard Madoff coverage:

• The extent of the fabrications engineered by Bernard Madoff became more clear last week after it was revealed that authorities believe he may never have executed even a single trade with his supposed investment fund. The New York Daily News reports that if this is true, statements sent to investors were complete fabrications — something perhaps not surprising given the underlying structure of the alleged Ponzi scheme.
• A judge’s decision to allow Madoff to remain free on bail comes with strings attached, CBS News reports. He cannot transfer assets, must provide an inventory of everything in his Manhattan apartment, and must let authorities open and review all his mail.
• The fact that Madoff was allowed to stay in his luxury apartment outraged many who want him jailed — or worse. According to Boston Globe columnist Scott Burns, more than 3,000 readers have contacted him with suggested punishments, ranging from enforced poverty, imprisonment in Guantánamo, and even the death penalty. Many readers posited that it was unfair for someone to receive five to 10 years in prison for robbing a store while a white-collar crime can incur a lighter penalty yet be much more devastating. According to Burns’s calculations, the dollar value of Madoff’s alleged crime is equal to three full years’ worth of property crimes in America.

Sources: New York Daily News, Jan. 17 — CBS, Jan. 16 — Boston Globe, Jan. 15.

For more information, see: Related Newsline Commentary, Jan.12 — Related Newsline story, Jan. 12 — Related Newsline Commentary, Jan. 5 — Related Newsline story, Jan. 5 — Related Newsline story, Dec. 22, 2008.

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2 Responses »

1. Ethics Newsline® » News » Religious Leaders See Ethics Crisis: Reuters on January 26th, 2009 at 7:19 pm:

   [...] more information, see: Related Newsline story, Jan. 19 — Related Newsline Commentary, Jan. 19 — Related Newsline story, Dec. 8, [...]

2. Ethics Newsline® » News » Madoff Probe Widens, and Other Ponzi Schemes Come Crashing Down on January 26th, 2009 at 7:26 pm:

   [...] more information, see: Related Newsline story, Jan. 19 — Related Newsline story, Jan. 12 — Related Newsline story, Jan. 5 [...]

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