Fortune: How Bernie did it
There were other mysteries, as we shall see. But even after it detonated five months ago in a fireworks display of betrayal and recrimination, Madoff's scheme -- possibly the biggest investment fraud in the nation's history -- has remained among the hardest to penetrate. Most commonly, white-collar cases begin with a quiet, behind-the-scenes investigation, followed by a series of deals with junior employees, who are squeezed by prosecutors to cough up details about their superiors. Step by step, the prosecutors move up. Finally comes the denouement: the ringmaster hauled into court in handcuffs.
But with Madoff every aspect of that traditional narrative has been inverted. The case began with his flabbergasting confession, which set off the investigation. Madoff claimed he committed his crimes all by himself, but because they spanned decades and continents, a fog of suspicion immediately engulfed Madoff family members who worked at the firm, as well as employees and business associates.
Now that fog may be about to lift. Fortune has learned that Frank DiPascali is trying to negotiate a plea deal with federal prosecutors in which, in exchange for a reduced sentence, he would divulge his encyclopedic knowledge of Madoff's scheme. And unlike his boss, DiPascali is willing to name names.
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Related previous post: Influence in the Madoff Case
Related link: Dan Ariely offers 3 irrational lessons from the Bernie Madoff scandal
- Links
Seth Alexander and Joel Cohen of MIT Investment Management Company talk to Sanjay Bakshi's class (LINK) Warren Buffett and the Great Salad Oil Swindle [H/T Linc] (LINK) Related book: Dear Chairman: Boardroom Battles and the Rise of Shareholder...
- Mets' Investor David Einhorn Could Up Stake; Protected In Case Of Loss In Madoff Lawsuit
According to a source close to the negotiations, Einhorn is structuring the deal so that he is in effect assuming the $100 million in debt as a protection in the event of a judgment against the Mets' owners in the hotly contested Madoff litigation....
- Madoff's Curveball: Will Fred Wilpon Be Forced To Sell The Mets? - By Jeffrey Toobin
Thanks to Lincoln for passing this along. It isn’t a Brooklyn boy but, rather, a son of Queens who now threatens to undo Fred Wilpon’s life’s work: Bernard Madoff. Wilpon and Madoff had much in common. Wilpon is just a year and a half older than...
- Influence In The Madoff Case
Before getting to the two articles below, consider this quote from Warren Buffett: “An argument is made that there are just too many question marks about the near future; wouldn’t it be better to wait until things clear up a bit? You know the prose:...
- Ted Talk - Dan Ariely: Why We Think It's Ok To Cheat And Steal (sometimes)
Related book: Predictably Irrational: The Hidden Forces That Shape Our Decisions (also available in an Audio Book)Related link: Dan Ariely offers 3 irrational lessons from the Bernie Madoff scandal ...