Cart (0)
VIDEOBernie Madoff, Publishing Superstar
By
Scott Reeves Jul 28, 2009 12:20 pm
Three books on the scam artist being rushed into print.
 |
|
Is there much we don’t know about Madoff’s Ponzi scheme or any devastating news in the offing?
Here’s betting the books will do moderately well before sliding into the remainder bin. But the tabloid reader in all of us now wants to know about Bernie’s life in prison: the yin and yang of making license plates; the proper etiquette when soap is dropped in the shower; how to remain healthy on a starchy prison diet; and whether this bastard has an ounce of remorse for his crime.
It would also be nice to know if Bernie thought he’d get away with it or if he lived it up, knowing the Feds would one day knock at his door, jangling handcuffs. Is it possible that Bernie’s wife and family didn’t know that he ran a criminal enterprise? Is willful ignorance a defense in a criminal case?
How Bernie’s victims put their lives back together is more interesting than his fake trades, his USDA Choice, Grade-A, Number-1 BS financial statements, and the semi-conscious regulators who didn’t catch a whiff of corruption. There’s also prurient interest in how Bernie’s wife, bounced out of her posh apartment on Manhattan’s Upper East Side, will survive with only $2.5 million in the bank. (Oh, the humanity!)
Madoff’s fraud totaled about $65 billion. The case grew into a global scheme that involved hedge funds, charities, and celebrities. He bamboozled thousands of individual investors, including US Democratic Senator from New Jersey, Frank Lautenberg, former Dodgers pitcher and Hall of Famer Sandy Koufax, and a charity run by Nobel Peace Prize winner Elie Wiesel.
About 200 investors have received legal requests to return money withdrawn from Madoff’s fund before the scheme fell apart, including the Royal Bank of Scotland (RBS), Societe General (GLE) and HSBC (HBC). Such “clawback” requests are routine. The theory: The withdrawals were paid as part of a scam and therefore should be returned and divided proportionately among those who were cheated.
Erin Arvedlund’s Too Good To Be True: The Rise and Fall of Bernie Madoff may be the best of the bunch. Arvedlund questioned Madoff’s steady returns in a story for Barron’s in 2001. Publication of her book has been moved to August 11 from September 8.
Andrew Kirtzman’s Betrayal: The Life and Lies of Bernie Madoff is also scheduled to be released August 11, up from October. A betrayal, huh? Who woulda thunk it?
Jerry Oppenheimer’s Madoff With the Money will be in bookstores August 12 rather an September 15. Cute but dumb title, no?
There are sure to be more books -- but after the first few, who cares? The good books will be well researched and tightly written. Bernie is yesterday’s news and, sad to say, the books are likely to enjoy a brief period of sales.
Luckily, a Federal judge sentenced Bernie to 150 years in prison, the maximum term. Madoff is 71, and his life now comes down to a prison cell.
Looking forward to being released in 2159, Bernie? In the meantime, you can set up an arbitrage for cigarettes, rumored to be the currency of The Big House.
And if it takes a while to get that enterprise off the ground, Madoff can always use his honorary membership in HotPrisonPals.com.
The website describes its members as “the hottest, succulent, juiciest, gorgeous, hunkiest, most muscle-throbbing, adorable, cutest, piece[s] of man meat . . . [who] happen to be behind bars.”
Yep, that's Bernie.
No positions in stocks mentioned.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
Copyright 2011 Minyanville Media, Inc. All Rights Reserved.
Copyright 2011 Minyanville Media, Inc. All Rights Reserved.
