does Madoff have a billion stashed?

Bernard L. Madoff Investment Securities LLC


LLC, never liked the look of that. I much prefer Inc.

Losses
Lies
Corruption'
 
The real question is why the fuck is he still in the country?

Is he actually going to trial to get convicted and get sent to jail? Maybe the stashed loot is for his family.
 
Quote from Anaconda:

The real question is why the fuck is he still in the country?

Is he actually going to trial to get convicted and get sent to jail? Maybe the stashed loot is for his family.
More...

He has plenty of time before he has to go to trial. Although I imagine it is harder for him to get a good tee time these days.
 
Quote from Anaconda:

The real question is why the fuck is he still in the country?
More...

He had to relinquish his US Passport along with $10MM bail.
If he planned way ahead he should have become a dual citizen of another country.

I am sure his 55' sport fisherman "BULL" can make it to the islands.
 
<p>Interesting comment on <a href="http://www.deepcapture.com/bethany-mclean/">this Deep Capture page</a> that was linked on other thread.....</p>
<p>Says:</p>
<p>
<p style="margin-left: 40px;"><!--<small class="commentmetadata"><a href="#comment-128159" title="Tuesday, December 16th, 2008 at 5:48 pm"></a> after publication. </small>--> <small class="commentmetadata"><a title="" href="http://www.deepcapture.com/bethany-mclean/#comment-128159">December 16th, 2008 at 5:48 pm</a> </small></p>
<p style="margin-left: 40px;">More pieces fit into place . . .</p>
<p style="margin-left: 40px;">Those close to me know of my interest in the market maker BATS. Take a look at their website and you will understand why.</p>
<p style="margin-left: 40px;"><a rel="nofollow" href="http://www.batstrading.com/">http://www.batstrading.com/</a></p>
<p style="margin-left: 40px;"><a rel="nofollow" href="http://www.batstrading.com/membership.php">http://www.batstrading.com/membership.php</a></p>
<p style="margin-left: 40px;">Madoff&rsquo;s niece, Shana, was a compliance lawyer at his firm and last year married Eric Swanson, a former assistant director of compliance and examinations at the SEC. Swanson left the SEC in August 2006 and is currently the general counsel of Bats Trading Inc., the third-largest U.S. equity exchange by trading volume.</p>
<p style="margin-left: 40px;">BATS is an invisible conduit for ilicit counterparty transactions. I wish I could talk fruther but some things I just have to bring to everyone&rsquo;s attention.</p>
<p style="margin-left: 40px;">To all, happy healthy year . . . let&rsquo;s celebrate as the walls of the DTCC come a tumblin&rsquo; down . . . thanks to all. Hope that my two cents every now and then is of benefit.</p>
</p>
<p>Illicit counter party transactions sounds a lot like money laundering to me.</p>
 
Quote from flytiger:

Now this makes it interesting. We know UBS, CS, Julius Baer are specialists at this. This opens up a new can of worms.

There is a rumor among Madoff investors that he has $1 billion stashed in an overseas bank account. Sorkin, Madoff's lawyer, would not comment on this.


http://www.cnbc.com/id/28225044

Fairfield Greenwich Fund Plans to Sue Madoff

By Charlie Gasparino, CNBC | 14 Dec 2008 | 05:26 PM ET
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Fairfield Greenwich, one of the big feeder funds, is planning a lawsuit against Bernard Madoff, the New York money manager accused of running what prosecutors say was a $50 billion Ponzi scheme.

Bernard L. Madoff
CNBC.com
Bernard L. Madoff

In the lawsuit, Fairfield is expected to say it was a victim of fraud and that Bernard L. Madoff Investment Securities didn't do enough due diligence when it marketed Madoff's investment business to clients.

Fairfield did its own due diligence, hiring auditors and checking trade confirmations.

Madoff had produced the confirmations but Fairfield claims it went to third parties to make sure trades took place and found out they did.

That could mean that this scandal is much bigger than previously thought.

Part of the defense of the feeder funds will be the extent of the involvement the Securities and Exchange Commission had with Madoff's investment activity that goes beyond what the SEC stated on Friday.



Fairfield will claim that when the SEC recently looked into whether Madoff should be registered as an investment adviser, they made some inquiry into Madoff's investment activities and were fooled — as were the feeder funds.

Madoff sold himself as a solid investor who didn't shoot for huge returns, just stable returns.

He was able to capitalize on several converging forces: the tremendous amount of wealth created during the 1990s and into the current decade, how investors got burned in 1998 during the blow up of Long Term Capital Management and the implosion of dot-com stocks in 2001.

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His 8 percent to 12 percent returns were a stark contrast to high-flying returns, which later blew up.

He used that as a marketing play, as well as the fact that his funds were technically closed — the exclusivity added to the appeal. Madoff would let people in, but only only after some consultation.

The more he did that, the more people wanted to get in.

Madoff complained to officials at Tremont, another feeder fund, about mass redemptions from Europe two weeks ago according to sources. It was around that time that he began contemplating hiring an attorney, the source adds.

According to people close to Madoff he contacted Ike Sorkin after his arrest when he was in FBI custody.

There is a rumor among Madoff investors that he has $1 billion stashed in an overseas bank account. Sorkin, Madoff's lawyer, would not comment on this.
© 2008 CNBC, Inc. All Rights Reserved
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Madoff's client list was released today - Sorkin is one of Madoff's clients. Wow.
 
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