[Updated] Payday: Bernie Gets a Buck Fifty
|U.S. Department of Justice|
|Careful trying your Ponzi act with inmates' cigarettes, Bern.|
Barring a sudden, 11th-hour willingness by Madoff to rat out his associates in the fraud, you can bet on the latter. [UPDATE: And the latters have it!] Hell, if I were Madoff, I'd rather die in prison than deal with the avenging angels who would stalk me on the outside.
With Madoff taken care of, the angry mob can now go looking for fresher meat. In that spirit, check out a report last week from ProPublica, which investigated Palm Beach resident Jeffry Picower, the Madoff investor who made a $5 billion profit by pulling out his money before the fraud was exposed. Picower's Palm Beach home is his single most valuable asset, but its $28 billion value is still a tiny fraction of his wealth from Madoff investments alone, which begs the question of exactly where that money went. Adding more intrigue is the fact that Picower's investments with Madoff paid an extremely high return. So much that the court-appointed trustee makes a circumstantial case that Picower knew of Madoff's scheme.