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VIDEOMadoff Piggy Bank: Money Goes In, Never Comes Out
By
Scott Reeves Mar 09, 2009 3:50 pm
Brief scrutiny of today's headlines.
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Palmer Murphy has made a fake bronze bust of Madoff that doubles as a piggybank, the New York Post reports.
The catch: You drop money through the slot in the top of Bernie’s noggin, but you never see it again because the plug at the bottom is fake. Some call it “the gift that keeps on taking.”
The visual representation of Madoff’s alleged Ponzi scheme is called -- you guessed it -- the Ponz.
Murphy says he devoted 3 weeks to the project and consumed many pints of Guinness to get it right.
Murphy says he plans to sell the piggybank on eBay.
Madoff’s alleged fraud cost investors about $50 billion. He’s charged with securities fraud after he allegedly used cash from new investors to pay off early investors. Investigators say Madoff created phony statements to show consistent gains - but no investments were made.
Madoff may plead guilty on Thursday in Manhattan Federal Court. In the meantime, Madoff has petitioned the court to keep his $7 million penthouse, $17 million in cash stashed in his wife’s name and $45 million in municipal bonds.
Knowing Bernie’s proclivities, he’ll probably sue Murphy for a chunk of the profits.
No positions in stocks mentioned.
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