Tag archive for ‘Clawbacks’

• “Insider Exclusive” Discusses Madoff

  26 May 09 • 2 comments

  Recently, I joined Steve Murphy and a panel of guests on Insider Exclusive. I am not a lawyer. But I am a fan of the show and appreciate the insights from “America’s Premier Lawyers.” In these videos, Andrew Entwistle provides an excellent overview of the Madoff affair—addressing issues like whether investors will get their money back. Other panel members include Larry McShane of the NY Daily News and William Black, author of The Best Way To Rob A Bank Is To Own One. Please let me know what you think.

• One Billion and Broke

  22 May 09 • 1 comment

  

  If this were Hollywood, the courtroom would be jammed. Reporters everywhere. Rowdy audience. Distinguished lawyers snarling and prepping to rip each other a new one. Here’s how the scene would start.

  Defendant/Investor: “Your Honor, I can’t pay my lawyers.”

• Spaghetti alla Madoff

  18 May 09 • 12 comments

  

  In a large broker-dealer, mix all ingredients and simmer for thirty years or so. Stir slowly, drink fine red wine, and deliver the tangled plate to Irving Picard when the recipe sours from a bad economy. Let him figure out who eats what.

• Honey, I Shrunk the Kids’ Allowance

  2 May 09 • Comments Off

  

  rving Picard means business. He’s the trustee in the Madoff affair. On May 1, 2009 he sued the entire Chais family for return of funds invested with Bernie Madoff: spouse, children, and grandchildren.

• Ponzi Block Party

  22 April 09 • 4 comments

  PalmBeachDailyNews.com just reported a new $23 million Ponzi scheme. I’m almost surprised this one made the news. These days $23 million sounds like a rounding error. It’s .04 percent—that’s .0004—of Bernie Madoff’s $65 billion effort. It’s .29 percent of the alleged, $8 billion fraud orchestrated by Allen Stanford.

  I love to run the numbers.

  Geography, not dollar size, is the headline here. And it’s mind-numbing.

• What’s $64 Billion Among Friends?

  12 April 09 • Comments Off

  The New York Times ran a story yesterday entitled Personal Bankruptcy for Madoff More Likely. According to the article, the trustee has recovered $1 billion so far. That’s 1.54 percent of $65 billion, the gross amount of the fraud. I repeat: 1.54 percent.

  You’re kidding, right?

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