Goldman keep secrets while Madoff’s no snitch and Markopolos writes a book – No one Would Listen
Apparently not even prison is kind to Bernie Madoff. It is being reported that Madoff had his nose broken by another inmate last December. After the attack, Mr. Madoff, who pleaded guilty a year ago and was sent to a federal prison in Butner, N.C., was moved on Dec. 18 to the prison’s low-security medical center for treatment. At the time, the Bureau of Prisons said that rumors of an assault were false and that Mr. Madoff suffered from dizziness and hypertension. Here is a previous post about Madoff’s reported prison injury.
The Wall St. Journal reports that Mr. Madoff was treated for a broken nose, fractured ribs and cuts to his head and face, according to a felon currently at Butner serving time on drug charges who was familiar with his condition at the time. The former inmate said the dispute centered on money the assailant thought he was owed by Mr. Madoff.
“In December he [Madoff] told staff he was not assaulted, and an investigation was completed following his statements, which corroborated his statements,” said Traci Billingsley, a Bureau of Prisons spokeswoman. “Not one inmate has told staff he was assaulted.” It’s not uncommon for prisoners to deny being beaten because they don’t want to risk a reputation as a snitch, according to prison experts and prisoner advocates. It’s good to know Madoff’s not a snitch…
In other news Law.com is reporting that an investor, Jermore Goodman, is suing Goldman Sachs over Mad
off investments. Goodman alleges that Goldman had an internal ban in place on investing with Madoff since 1999 but didn’t think it was important to share with its investors like Goodman. Assuming these allegations are true, this is just another example of the imperfect nature of operational risk data in the hedge fund market.
Finally, the reportedly shy Harry Markopolos has written a book about his Madoff experiences appropriately entitled, “No One Would Listen.” Here is a video about the book:
Other reported key highlights from the book include:
- The Madoff case is just the tip of the iceberg of his multiple probes of financial shenanigans
- The health care industry “makes Wall Street look honest”
- If he felt threatened, he was prepared to kill Madoff himself
- Markopolos claims he tried to give his Madoff file to then-New York Attorney General Eliot Spitzer; Spitzer says he didn’t get it
- Markopolos slams the media, expressing his incredulity at their lack of initiative and says reporters ignored the story he told them about
- He was devastated by the suicide of friend and french money manager Thierry de la Villehuchet, who remained heavily invested in Madoff despite Markopolos’ warnings
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