Bernie Madoff's Son Found Dead
- Thread starter Range Rover
- Start date
Of course they dealt in bullets for their own accounts and those of their clients. They had about 50 Ivy League prop traders on the 17th floor. But none of that really matters at all. They sold naked short 24/7
Although I thought earlier you were correct, but not quite:
Michael Ocrant who later became one of HM's investigating team member published something back in 2001:
http://business.timesonline.co.uk/t...ectors/banking_and_finance/article5375374.ece
"My story, under the headline âMadoff tops charts; sceptics ask howâ appeared in May 2001. Bernie continued to pull in investors for the next seven years.
Michael Ocrant is a former financial journalist and now works at Institutional Investor"
Here is an interesting piece from the article:
"During the course of our two-hour interview one of Madoffâs sons who, like much of his immediate and extended family, worked for the firm, passed by the window of his office. Madoff waved him in and introduced him to me."
It is quite unlikely that the article and its criticism wasn't read by Mark. Unless incredible naive/stupid or guilty, he should have asked a few questions from dad...
Here is the original article from MARHedge:
http://nakedshorts.typepad.com/files/madoff.pdf
They did.*
There are a few differences between the 2 HFs:
1. Unlike Madoff, Cohen actually have a verified trading trackrecord. Now his HF might don't use his trading expertise, but at least there is evidence that he knew in the past how to trade.
2. Cohen's HF employs a shitload of quants and traders and not just a few family members and back office workers.
* In 2003:
http://query.nytimes.com/gst/fullpage.html?res=9D03E7D61131F935A25752C0A9659C8B63
"But the disclosure yesterday that a stock trader at SAC Capital Advisors, Mr. Cohen's fund, is being investigated by securities regulators for possible insider trading may put Mr. Cohen and SAC under a spotlight that by all accounts he would rather avoid.
Other managers have complained that because of the enormous commissions it pays each year, SAC receives the first call from brokerage firms with information about the stocks it is trading."
Also:
http://en.wikipedia.org/wiki/SAC_Capital_Advisors#SEC_Investigations
I found the last paragraph particularly interesting. Madoff was quoted as saying "The strategy is the strategy and the returns are the returns". <b>Anyone else notice how bullshitters/con men tend to favor speaking in tautologies of that sort?</b> Right after they show off their $10,000 rolexes and call you 'buddy' repeatedly. Just another red-flag bullshitter trait to look out for when dealing with people. God, I hope his poor tender old anus gets a vigorous workout in the joint. Fucking scumbag...