The Club No One Wanted To Join: The Madoff Victims Tell Their Story
In a previous post, I discussed the CNBC American Greed series on Madoff in prison. In that show, they mention this book put together by some of the Madoff victims. The book is called, The Club No One Wanted to Join. The book is a compilation of stories from the victims. The victims even have their own facebook page to promote the book.
“We wanted to keep the story alive because Congress hasn’t made the changes necessary to protect the average American investors,” said Tim Murray (a Madoff victim). Murray joined a number of other victims who gathered outside Madoff’s former offices in the Lipstick Building on New York City’s Third Avenue to promote the book on the one year anniversary of Madoff’s sentecing. Here is a video about the one year anniversary:
The book is published by The Doukathsan Press Of The Massachusetts School of Law. If you recall, as discussed in this post, Erin Arvedlund (who is the editor of The Club No One Wanted to Join) was featured in a video series discussing her book Too Good to be True- The Rise and Fall of Bernie Madoff with Lawrence R. Velvel, the Dean of Massachusetts School of Law at Andover and himself a Madoff victim.
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Corgentum – The Advantages of Having a Local Hedge Fund Operational Due Diligence Presence
A new paper has been released by Corgentum Consulting, the preeminent provider of the industry’s most comprehensive hedge fund operational due diligence reviews for investors, entitled Corgentum – The Advantages of Having a Local Hedge Fund Operational Due Diligence Presence .
This paper provides an overview of the benefits of Corgentum’s local presence in the heart of the New York area’s hedge fund community. Corgentum’s local knowledge and expertise provides our firm with significant insights for managers based in New York, Connecticut, New Jersey and the surrounding areas. This local presence compliments the firm’s broader global hedge fund coverage.
The paper can be found in the Research section of the www.Corgentum.com website, or via direct link here .
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Madoff CNBC’s Special Reveals His Fluffy Prison and the Gibraltar Give Up?
CNBC has put together a new version of its American Greed Series, this time focus on the Madoff scandal. The episode is titled “Madoff Behind Bars” and focuses on Madoff’s time (150 years to be exact) at the Butner Federal Corrections Complex in North Carolina, USA.
The Huffington Post is reporting that in jail Madoff applied to run the budget of the Butner Prison’s landscaping crew, he didn’t get the job. “Yeah right I’d hire him as a clerk,” remarked the inmate in charge of the crew. “All our money’d be missing!”
Nicknamed “Camp Fluffy“, Madoff’s prison even features a soundproof music room — and periodic “special treats” like popcorn and cotton candy.
Madoff apparently spends his time reading law books, John Grisham, and Dean Koontz–when he’s not working his job in the prison cafeteria. Here is a clip of the show:
I wonder who else might be joining him in prison shortly…..
In other Madoff news, it is being reported that Judge Burton Lifland (the US judge overseeing the liquidation of Madoff’s assets) has asked a court in Gibraltar to transfer seized funds to pay victims, according to a court documents.
Specifically the judge issued a a judgement ordering Vizcaya to pay 180 million dollars to government-appointed trustee Irving Picard overseeing the liquidation of Bernard L. Madoff Investment Securities (BLMIS). Vizcaya had allegedly deposited180 million dollars in off-shore accounts in the months before the Madoff scam was revealed. The judge, in perhaps an interesting letter rogatory example and display of the principles of comity , asked the Gibraltar court to release $73.08 million dollars it had seized from local Vizcaya accounts last year.
“I ask for your support to ensure the successful enforcement of the default judgement by transferring the funds… within your court’s jurisdiction to this court or to Irving H. Picard,” Burton wrote. “I believe that it would be in the best interest of the BLMIS estate to turn the Gibraltar funds over.”
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