Madoff Received $250 Million Ten Days Before Firm's Crash

Ten days before his arrest, Bernard Madoff received $250 million from a man who helped give him his start on Wall Street, a move that shows how the investment manager tried to raise cash to stave off his firm's collapse.

Mr. Madoff received $250 million around Dec. 1 from Carl Shapiro, a 95-year-old Palm Beach, Fla., philanthropist and entrepreneur who is one of Mr. Madoff's oldest friends and biggest financial backers, according to people familiar with the matter.

Read the whole story here.

Comments

[lisakaz2]

At least it wasn't govt money.

[Contributed]

This is just another game Dems play when it comes the them being crooks. That's why he's not in jail. Look at the judge that's letting him being punished in his pent house.

[ThinkLiberal]

I don't get it: A kid grabs a woman's pocketbook from her shoulders and is caught and sent away for a good stretch of time. There probably wasn't even any money in it, but he paid the price anyway. Now comes Madoff and other of his ilk. These criminals take people for BILLIONS, and he they are still walking the streets, still living the good life. Getting caught for him and his kind is just a minor inconvenience.

Liberty and justice for all? Liberty if you are supremely wealthy, regardless of how ill-gotten; swift and unrelenting justice if you are poor and hungry. Being poor in America is a real-life, real-time Les Miserables.

[Telemachus]

Please, please, please put him in the local lockup.

[Wiserone]

Madoff's tentacles reach far and wide, with higher ups in not only banking but I'm sure in law too. I'm sure there are several if not many NY judges who don't want the taint of doing business with Bernie to come out and why he is still walking the streets. There could be questions as to how a judge on his salary invested so much money with Bernie.

[Wiserone]

Madoff's tentacles reach far and wide, with higher ups in not only banking but I'm sure in law too. I'm sure there are several if not many NY judges who don't want the taint of doing business Bernie to come out and why he is still walking the streets. I'm sure Bernie has lot's of stories to tell as to HOW the judges got the money to invest with Bernie.

[Cheesemelt]

Revoke his bail immediately. He violated the terms of his release.
It's an absolute outrage that he remains free.

[Wiserone]

Madoff's tentacles reach far and wide, with higher ups in not only banking but I'm sure in law too. I'm sure there are several if not many NY judges who don't want the taint of doing business with Bernie to come out and why he is still walking the streets. There could be questions as to how a judge on his salary invested so much money with Bernie.

[Cheesemelt]

I'm sorry, but without ANY documentary evidence to support these allegations, it reads as just another vacuous conspiracy theory; something the Internet does not need any more of.

[MadeOffModel]

I have been building a model of the Made Off scheme based on the limited info available. $250 million at the end of the game would not have been enough to fund the distribtions. See
http://canantconsulting.com/madeoffmodel.html
for more detail.
The model will evolve as we learn more.

[gizbud]

why is this man allowed to stay in his palatial & million dollar condo
he should be thrown in jail so he cannot do any more harm.
it is so true that for that the rich have their own set of laws.
people without money have no rights. If a young teenager stole
from a grocery store or department store he would be put in jail.
enough with the double standard.

[Quotidien]

Madoff can fill the vacant Secretary of Commerce position.

He's obviously very crafty.

[BPCentrisAmerican]

This guy is a real sweet heart.

[BinIndy]

He and Bush should share an 8x8 cell in prison.

[Bulbul]

250 millions, this is a very recent transaction. Where is it now ?
Pardon me , not understanding the intricate details of finance. Now, it looks like all the jazzy finance guru`s does not understand it either !

[alted1663]

Just a little cash to help him get to Israel.

[bulfinch]

There is an old saying-" With friends like this who needs enemies". Send Madoff to prison.