Frank DiPascali: Madoff's Right Hand Man To Name Names

FORTUNE:

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.

Read the whole story: FORTUNE

Comments

[Melodisulli]

What Madoff has done is really actually quite brilliant. It takes someone with mastered skill, guts and the ability to constantly switch hats. Obviously I feel deep compassion for those who lost their money, but I also believe it is a lesson that should be received well by all who were in involved in the scheme. If it's too good to be true, don't do it. Sometimes greed will get the best of you. Additionally, I just don't believe that he was the only one involved. An operation such as this would require several people keeping track of all the lies. Anyone who was involved should be held accountable for their actions, including his wife who I have to believe was just as involved as he was. Hopefully, DiPascali will do the right thing by revealing the names of those who were involved. Unfortunately we as Americans now have to face the humiliation against the rest of the world as having a justice system with little or no ethics. For those future corrupt financial investors out there, you may want to re-think your plan of action as time in maximum security far out weighs the expense of maintaining a scam worth fifty billion dollars.

[sueinmn]

Anyone with close ties to Giuliani has to also be corrupt!

[Mahi Joe]

No matter how hard you try to put a human face on Madoff he still is a CROOK. I think it only appropriate that we put a life sized statue of Bernie and family in jail suits on Wall St. as a reminder to those, who in the future, wish to follow in the Madoff's footsteps.

[takeyourballandgohome]

So what. Like authorities don't know the names, ....anyone around the office, the doorman, could name names. You need proof, talk to a few of his victims, they'll give you names.

[rabiddog6708]

Nice to see Bernie won't have to take the rap all by his lonesome. We can send some of his pals to the Big House to keep him company.

[BartLA]

Not to mention his other family members who were deeply involved.

[happycat]

What the heck is taking the feds so long to secure arrest warrants for Bernie's family. What about his niece, the compliance lawyer, and his wife who claims that $62 million dollars is rightfully hers? They are GUILTY!

[alicerabbit]

Did anyone else notice that Marc Mukasey, the son of Bush's Attorney General (Michael Mukasey) is
DiPascali's attorney? Wonder what the Bush White House involvement was behind the scenes? Anybody out there able to check into this? Is there a Mukasey father-Mukasey son connection in the Madoff quagmire? just sayin....

[NevadaPatriot]

Reaching. It does not matter this case is too public. Madoff is screwed.

[AKaurora]

I just read the entire article -- a small book. It's an incredible story. It reveals a highly flawed human being with extraordinary talents. It is also another chapter in the onoing saga of highly intelligent people not necessarily sharing the same ethics and morals of the general public -- or maybe they do, they just are corrupt on a more grandiose scale. It once again brings to mind George C Scott in "The Flim-flam Man," and its ongoing theme, "You can't cheat an honest man." Many investors were up to their eyeballs in the wink, wink, nudge, nudge of getting something for nothing.

[SoCalNick]

"The Flim-flam Man," and its ongoing theme, "You can't cheat an honest man." Many investors were up to their eyeballs in the wink, wink, nudge, nudge of getting something for nothing.

That is EXACTLY why it is so hard to feel sorry for the DIRECT victims of Madoff Sure there were many who just lost through 3rd and 4th parties BUT the people at the top KNEW it was too good to be true and thus deserve what they got. They are the ones who empowered him.

[quindy]

I still cannot stop laughing when I think of the two feet long sculpture of SCREW behind Berini's desk that he dusted himself. This is just too funny.

[davidwayneosedach]

Slowly butsurely the dirt comes out. But, the money is all but gone.

[GrkAm]

After reading the in-depth piece on Madoff, I'm struck with the thought that, "if it sounds too good to be true, it usually is."

To have statements on your investments continue a climb with no real negative return in 20 yrs. seems unrealistic.

Also, why would you receive a 1099 posting a loss, when your statements indicate otherwise.

This would set off red flags with me.

[nichtviel]

The majority of Madoff's experienced investors believed that he was front-running trades or doing something else illegal to generate the high returns. Others knew no better. The gullible and clueless were victims but many got what they deserved.

[GrkAm]

It's the only way it makes sense.

[soapington]

"The majority"? "Others"? "Many"? Your high moral tone doesn't quite jive with your dismal ignorance.

[BartLA]

"According to a person familiar with the matter, DiPascali has no evidence that other Madoff family members were participants in the fraud."

Bullcrap. DiPascali is obviously still protecting the Madoff family who were deeply involved. They shouldn't cut a deal with him unless he reveals their part in this.

[GrkAm]

I agree--they ALL knew. Even though he had a "secret floor" where all of the fraud was done, it's virtually impossible to be constantly "on" 24/7 with family members who are also involved in the family business.

[Zen0469]

My bet is that DiPascali will sing loudly, clearly, and accurately.

Reason: If he does not do so, he (DiPascali) will be put away for twice as long as Madoff himself. There is a wee modicum of comfort in that observation.

In addition, I anticipate that various members of the family will be joining Big Bernie.

[Neoptolomus]

How about arresting Hank Paulson, Alan Greenspan, Ben Bernacke, Tim Geithner and every other person involved in the financial collapse. They'll never get to the bottom of the Madoff case or financial collapse. These jerks all cover each other's butts.

[nichtviel]

These are a much more sophisticated group of criminals. You will never touch them. Well maybe not never. If there were a major collapse of society; people starving, begging in the streets, etc. a few might be chased down in Argentina or wherever, returned and shot.

[runforfun54]

Which.is.exac.tly why we'll never know who at the SEC was taking bribe $$$ from Sokin and Bernie.

[takeyourballandgohome]

Think you fogot a big name.....like, let me see, Bush!!!! Oh, John McCain quote "our economy is fundamentally sound" and "our economy is fine".....wake up, you are so blinded by your outdated party with no connection to reality. Go Newt!!! Leader of tomorrow....just ask Lee Atwater's family!

[Coyote2]

Those torture memos, 4BJ:

There is something precious and virginal about the torture debate in the United States. As if that nation never knew torture before the shock of 9/11, and had to play catch-up, stumbling understandably as it felt its way.

The notion that torture is foreign to U.S. policy would leave people in Latin America laughing bitterly. For 63 years - first in Panama, then in Georgia - the School of the Americas (now renamed) has trained Latin American security forces using manuals frequently found to violate human rights.

The most interesting revelation in newly released documents there shows that the "enhanced interrogation" methods of late 2001 were due to official "frustration" in "establishing a link between al-Qaeda and Iraq," in order to rationalize a war against Iraq that the Bush administration had already decided on. They needed proof of a terrorist tie, not fresh information!

And they got it, through torture. Colin Powell used it at the United Nations, although it was later debunked and repudiated.

RICK SALUTIN
http://www.theglobeandmail.com/servlet/story/RTGAM.20090423.wcosalutin24/BNStory/specialComment/home

[johnyquest]

madoff did not invest any of the cash...

OK, he spent a lot of it

but where's the rest of it?

Why no MSM focus on that?

could it be because it is all stashed in israeli banks? (check Wayne Madsen)

I know elie wiesel and other jews have also been supposedly scammed by madoff...

how convenient...

the perpetrator, the criminal, is portrayed as the victim.

just like the protocols of zion, which of course are fake, lest you be a conspiracy theorist and antisemite, explained how to handle - spin this kind of situation.

since we're on the conspiracy bit...

since it is now clearly established that the "we don't totrure" bush criminal gang did in fact torture...

could someone again explain to me why,

assuming I am sane,

I should believe what the bush neocon criminal gang wanted me to believe about 9-11

and how structural steel, in effet, can in certain circumstances melt at ambient room temperature (I am exagerating, but only slightly)

I mean if I were to believe the alternate reality 9-11 fairytale bush line today, now that it clearly is established that anything bush told America with a straight face (Iraq, torture, etc) was in fact a lie,

by believing such idiocy

would I not, in fact

be displaying signs of mental illness?

Would it be too much to ask you to regain your collective sanity

and connect the dots?

[Alvin4NY]

Preach....!

[Ohsherri]

Wall Street is a scam.