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Dec

18

 One notes in the hagiography about the Madoff son's suicide that he had made 35 million or so in proprietary trading and that it represented a above market return. One would hope that these "revenues" would be returned to the victims as they were doubtless part and parcel of the total melange of moneys going back and forth. When asked whether I thought he was guilty, I made two speculative general observations. When you're involved in a crooked enterprise, you are always victimized by the fellow crooks, who extort and blackmail you knowing you cant get legal retribution. Since the son was in charge of the business during the hundreds of days a year the father was pretending to be a man of respect in the riviera, palm beach, the catskills, ( where I might have played him paddle ball), and Long Island, the son might doubtless have been subjected to these thousands of extortions from the secretary, the computer people, et al. And he would have had to pay all these people off. "Dad, x wants another million to pay for his college." Also, with the thousands of customers, they would have had to receive a million special requests a week for special returns and analyses of what's happening their account during the turbulent times. He would have had to be chief winger in telling them how they "did it".

Vince Fulco writes:

It has been years since I dealt with the technicalities as it relates to G.P./L.P. responsibilities but one of the ongoing tragedies is genuinely joe sixpack like folks who invested in Madoff and took nominal amounts out over the years then lost everything. My family has distant friends of friends, both groups who invested with the madman, now being sued by the trustee. They face the prospect of filing for personal bankruptcy after facing the earlier indignities. Brings to mind the scenes of Bosch's triptych with no escape.

Anatoly Veltman writes:

All family and long-time employees had to have known, as much as all Kerviel superiors had to have known, but current results only have Bernie behind bars. Any lessons here for the kids? 


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