Lawyer: Madoff Cooperating With Federal Probes

Bernard Madoff is cooperating with government investigations into his alleged $50 billion fraud, one of his lawyers said on Tuesday, as prosecutors sought to revoke his bail and jail him.

The New York Times reported on Tuesday that another lawyer for Madoff, Ira Sorkin, disavowed his earlier statements that Madoff was cooperating with prosecutors and the FBI in their investigations.

Read the whole story here.

Comments

[jeffp26]

Why isn't this old sob in jail???

[outnow]

The Feds need a guy like Madoff to tell them how to investigate financial crimes because they don't seem to know. Even with repeated letters from whistleblowers, the SEC had "no clue." I remember ZZ Best and J. David Dominelli Ponzi schemes. You "salt the mine," i.e., give the upfront investors a little "taste of the gold," and get them to tell all their friends. Then you keep the funds coming in. Meanwhile, you must convince everyone that you are a "financial genius" and that they wouldn't understand how smart you are - so they shouldn't even ask. Money cleans up so much, even bad Karma, at least for a while.

The question is where he stashed the money he did make (take). This man is a flight risk. He should be in custody answering questions for the protection of the investors and to preserve the appearance of honesty on Wall Street. Otherwise, it will be another Enron where a "convenient heart attack" occurs before questions are answered and assets located.

[jeffp26]

Actually the Feds have many confidential informants in the securities. Many upstanding ethical people work on wall st., and I know some who turn in information to the SEC on a regular basis.

What the SEC never does is investigate, and if they do, they are so slow the shirts usually hit the fan before they can intercede.

[Wiserone]

Madoff is the greatest liar, cheater, and thief of the last century.
It is clearly impossible for ONE person to run the logistics necessary for his operation (such as , for instance, producing on a MONTHLY basis the ten of thousands of forged documents he sent out to his (eager) victims. But even more importantly : He and his sons are the ONLY witnesses to the famous December 10 "coming out story". And doesn't the story of how the (innocent !!) sons turn their father in to authorities make those sons look innocent ??...Imagine : they turned in their own father !! Never mind, of course, the fact that the father knew very well , at that point , that he was doomed and that he only had a few days left before being caught. And what better use of those few remaining days than making up this story to exonerate their sons (and rest of the family) ?? This way, not only don't they go to jail but they can keep enjoying all the billions that the guy, obviously, stashed away in secret places and under phony names .. Isn't it time to question and rebuke anything this man , who has lied to everyone he came across the past 40 years, is saying ? Don't you see how this is the perfect storm to convince everyone that the sons are innocents ?

[AcitizenNJ]

50 billion, and the judge says go home and your not allowed out, for now.

boy thats what i call suffering. hanging around in his multi million dollar home dividing up his bounty for family and friends. does it get any better than that.

can you imagine what all the little crooks are thinking right now who are sitting in a jail cell with bubba. only if their crimes were on such a greater scale, wondering, if i'd just taken a few more millions the judge may have sent me home too.

ps... the question here i can't help but ponder, will he get help from the bailout. cause as i see it in a few years we'll read about how this to was a giant ponzi scheme but in trillions people and we are the investors.

have a great day all !!!!!!!!

[Chlowina]

My grandmother always said... if you're going to steal, make it worth your while because if it's a jar of peanut butter to feed your family, or a million dollars, you're still going to jail.

[Mahi Joe]

Where's the money? And where is he getting the money to live in a $7 million home? This guy better name names and cough up the $50 billion he bilked out of investors. Everyone who was involved in this fiasco should be investigated and that includes his employees who currently are sitting in the office still collecting paychecks.

[JZ735]

He can't do enough...JAIL, do NOT pass go.

[littlepuffycloud]

BFD..He's 'cooperating' with the probe. Does he think he deserves a medal or something? At least he'll learn cooperation when probed BEFORE he gets to prison.

[pipp]

A good BM makes anyone feel better. Be good BM, .because you already were the most monstrous s h i t.

[tomas0808]

Madoff getting probed?

Bend over Bernie

[MaximMaximus]

What's considered white collared crime should be punishable with a death sentence. If a few of these master crooks received capital punishment, I am inclined to think future Master crooks would think twice before ripping the nation off.

[JZ735]

That doesn't deter criminals, sadly...
Still, corporate crooks need to be in the worst prisons in America with the worst inmates.

[Chlowina]

That won't happen. They go to places like Allenwood in the hills of PA. Looks like a country club.

[Chlowina]

http://www.bop.gov/locations/institutions/alx/index.jsp

Allenwood

[Name Not In Use]

Why do they keep calling it a "probe" ?
That seems like a very odd term.

I think most people are looking for an "inquisition".

[zippy the cow]

You mean Spanish style, like where we tie him to the rack and pour hot wax on him? Oh wait... some of these guys like that... How about we have him torn apart by horses?

[sloreader]

Cooperate with this probe Bernie!

[Name Not In Use]

Stand up guy, that Madoff.

[harriettubman]

I'm surprised Madoff hasn't jumped out of a window or stood in front of a train yet; too chicken. I read where some people started investing with him in the 60s!!!!!

[JZ735]

Some wealthy German guy just did that. Through himself in front of a train.