Quote from Diamond Geezer:
If I were the son of a Madoff and having been in the business for so long I believe I would have said something along the lines of "Dad, being that you are managing large sums for clients including charities, endowments and retirees don't you think we should insert a custodial role here? How's about a prime broker that's trully at arm's length, a brand name auditor? Just for the right appearances huh dad?."
"Uh, no way you say? Why not?"
The sons may or may not be guilty under the law but experienced people on these boards don't buy it I'm sure.
Anyway I'm on the beach in Mexico as I type. I should be drinking a Margherita and not thinking about this.
And indeed, there's my wife calling : )