Word: madoff
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There's a new number in the Great Madoff Rip-Off saga, and it's $850 million. That's the estimated amount of liquid assets left from Bernard Madoff's private sandbox of billions, according to Stephan Harbeck, president of the Securities Investors Protection Corp., speaking at Monday's House Financial Services Committee hearing on the $50-billion Madoff scandal...
...Madoff was supposed to come clean with his list of assets last week - it certainly should add up to more than $850 million - but so far there has been nary a public peep of the list. When, during the hearing, Representative Gary Ackerman, a New York Democrat, asked David Kotz, the Securities and Exchange Commission's inspector general, what Madoff's assets were, Kotz answered meekly, "We don't have that information." Ackerman finally badgered Kotz to agree to supply the total asset list publicly within a week. We'll see. (See the top 10 scandals...
Sure, experts say, he'll cough up the obvious brokerage accounts, client names, and offshore and numbered accounts that dealt directly with his investment company, Bernard L. Madoff Investment Securities LLC. And he'll begrudgingly concede the $7 million Park Avenue pad, the Palm Beach digs, the yachts, the French villa and the Montauk getaway. But no one believes he'll tell authorities where all the booty is stashed - not a chance, unless it saves him from walking the plank. It's the equivalent of the British government asking the infamous pirate Captain Kidd if he wouldn't mind handing...
...little bit deceitful in surrendering his books and records?" asks a former Los Angeles-based Treasury Department special agent who for decades specialized in white-collar fraud. "Of course he's hidden money; we're talking $50 or $100 million. It's a pittance to a guy like Madoff. Hiding money is a game for criminal minds, and there is no way Madoff's ever going to provide 100% of the information unless it exonerates...
...modern way of burying a treasure chest of cash, banking experts say, is to have your own bank that is funded by nameless wire transfers to Switzerland, the Caymans, Liechtenstein. It's still unclear as to whether Madoff had his own bank, but there is always the ever popular method of hidden safes and multiple, anonymously managed safety-deposit boxes loaded with cash, or even better, "bearer bonds," an old-fashioned but effective tool that is as good as cash and can be presented to banks by anyone bearing them - no questions asked. Today they are used frequently in Central...