Tuesday, March 3, 2009

Madoff papers all over LIC

From the New Yorker:

For the past few weeks, forty-six cardboard boxes sat moldering on the waterfront in Long Island City, not far from where workers were reassembling the seventy-two-year-old neon Pepsi sign. The boxes were on Fifth Street, which dead-ends in Anable Basin, where a mastodon bone was dredged up more than a century ago when a creek was transformed into a barge slip. On a blustery day last week, old paperbacks, videotapes, and financial papers were spilling out of the boxes onto the street, to be scattered by the winds.

Among the pale-green ledger sheets and torn paperbacks were wads of “trade confirmations” from Bernard L. Madoff Investment Securities, most of them dated 1993. They all appeared to document sales and purchases of blue-chip stocks (three hundred and eighty-five shares of Exxon Corp. for $24,062.50; a hundred and seventy-five shares of “Disney Walt Prodtns” for $7,284.38), but some described purchases of shares in companies, like American International Group (a hundred and five shares for $9,423.75) and General Motors (a hundred and forty-five shares for $7,956.88), that nearly joined the mastodon in recent months.

The Madoff materials were discovered on February 16th by Matt Quigley, Muller’s landlord, who, fed up with the mess outside his building, decided to investigate. “I was looking for a name on the papers, to see if it was one of our tenants who dumped the garbage on the street,” Quigley said. When he saw the letterhead reading “Bernard L. Madoff,” he said, “I thought, I’ve heard that guy’s name before.”

11 comments:

Anonymous said...

Madoff must be the proud recipient of J. Edgar Hoover's files. What does he have on our elite and when will we shut him down?

faster340 said...

So what does that mean? Do these papers have any bearing on the ponzi scheme? Have the newspapers or the DA's office gotten a hold of this if it is relevant?

Anonymous said...

This is evidence; bag it!

-Joe said...

200 people in Great Neck affected by Madoff.
I sort of have a birds eye view and was just talking to my friend LES on Shadow road

According to him almost ALL the people involved were not idiots but VERY educated people.
They knew Madoff had a pyramid scheme going. They closed their eyes and just went for the $$ and didn’t want to call it what it was.

Remember the 3 characters See no Evil, Hear no Evil, and Speak no Evil?
Why do people feel sorry for all these people, most had dirty hands and were in on this pyramid scam.
WORSE they dragged their own friends and family’s into it.
Thats whats likley in those files !

Whats with the News and this "Ponzi" term
Is there a difference between Ponze, Pyramid and "Multi level marketing”?

Anonymous said...

>>Is there a difference between Ponze, Pyramid and "Multi level marketing”?>>

or "sales" or "insurance" for that matter?

Anonymous said...

If Madoff does not lose his personal assets, I will lose faith in our justice system.

Anonymous said...

Yes. There is a difference between "multi-level marketing and Ponzi schemes. While multi-level marketing deals may be lousy, they have to have some economic value, selling a soap that actually cleans or a vitamin that is nontoxic and efficacious.

When money is spun entirely out of air, that's when the cuffs have to be applied.

no $$$$ said...

GREED is the best bait in the world to trap an "investor" and shortly part him from his money!

Happy poverty you greedy f---s!

I hope you all enjoyed the ride
while it lasted!

Anonymous said...

One thing's for sure...
Bernie will be spending any money he's got left protecting himself from some of the angry powerful folks he's bilked millions from.

Watch-ya back Mista "B"!

Better take a shower with your shotgun toting guard standing right next to you (ha, ha).

-Joe said...

Faith in our justice system ?
We no longer have a justice system- - We have a legel system.

Mostly appointed and paid for people like the mayor who live in in another world and there god.

Lawyers, DA and Judges are assh*les, I dont know one who isnt !

Anonymous said...

I don't understand why everyone is certain that only greed was involved. You cannot see why someone who had his credentials and personality would be a trusted adviser?

If I had known a man with his learning, apparent accomplishments, and warm personality I certainly would have been honored to have him as my adviser and esteemed friend.

People have been driven out of homes that they had for decades. Only a heartless wretch could fail to see the personal betrayal, as well as the financial loss.

I hope that he is put under the jail, instead of in it and as much money as can be recovered is recovered and returned.