3/29/09

Madoff the Psychopath, Merkin the Deadbeat, and SIPC says, "Yes we have enough money"

Three noteworthy articles of late on the Madoff and Merkin criminal enterprises:

1. The Canadians are checking in with their take on the Madoff personality profile sweepstakes. "Spot the psychopath if you can," By HARRY BRUCE, makes a rather nice case for this diagonsis,
IF THERE’S a lesson in money-manager Bernard Madoff’s bilking his clients of US$65 billion in the biggest one-man fraud of all time it’s that you should never entrust your life savings to a psychopath....more...
2. We are growing to detest the Times' Dealbook writer Andrew Ross Sorkin, not only because of his pompous name, but also because of his demeanor on TV appearances, like his recent stint on the Bill Maher show. He comes off as a rank apologist for the right wing interests of Wall Street. It surprises us then that he has no sympathy for J. Ezra Merkin -- since he deems it important to allow Zachery Kouwe to inform us on Dealbook of the deadbeat's failure to pay his attorneys and their abject pleas to the judge to free up the Ascot Fund so Merkin can complete the plunder of his victims accounts. In the post "Merkin’s Lawyers Are Still Waiting to Be Paid" Dealbook's Kouwe chronicles -- along with the actual transcript before the judge -- how the Park Avenue scoundrel owes his lawyers, "$154,626 for corporate governance and other work they are doing to wind down the fund." Our heart bleads of course for the lawyers whose ploy to open the coffers was roundly rebuffed.

3. Finally, Bloomberg reports that the liquidators along with the SIPC, Securities Investor Protection Corp., claim they have enough cash to pay the claims against the crimes of Mr. Madoff. $2.6 billion ought to do it? "$2.6 billion it has on hand is enough to satisfy all legitimate claims by victims of the money manager’s $65 billion Ponzi scheme." I guess they changed the rules of mathematics since I was a math major in college.

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