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"Well, my cellie is Bernie Madoff, and he says..."
Old 03-27-2010, 09:21 PM   #1
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"Well, my cellie is Bernie Madoff, and he says..."

Just like the old E.F. Hutton commercials, Bernie is the man when it comes time to discuss your portfolio and you want to impress your fellow cons with how great your adviser is.
Quote:
Mr. Madoff spends free time in the prison library on the weekends and often watches movies, including "Lethal Weapon," according to the former inmate. He said he chatted with the admitted Ponzi schemer on Saturdays in the library and asked for financial advice: "He gave me ideas on my index funds."

Mr. Madoff advised him to diversify, saying he should invest in funds that track the S&P 500 index of stocks "where my money would be on all the stocks instead of putting my eggs into one basket," the former inmate said.

He said Mr. Madoff also warned him off of day trading. "I was trying to get into day trading and he's like, 'That's not for you. That's for individuals like me with millions to spare,' " he said.
Don't you love it? Bernie Madoff passing out investment advice to his fellow cons. And millions to spare? Is he speaking past-tense or does the Bernster have some off-shore accounts that are undiscovered?

Bernie is hanging out with some real class crooks as well, among his regular friends and/or dining companions are these two fine gentlemen: News from DEA, Domestic Field Divisions, New York City News Releases, 10/26/06 and Carmine Persico - Wikipedia, the free encyclopedia

And Bernie is a model con - according to the rules of cons - he ain't snitching on nobody after somebody tuned him up a while ago. "Go screw! I fell in the yard! Besides, I ain't no rat!"
Quote:
The Bureau of Prisons said it investigated the incident, a process that included an interview with Mr. Madoff.

"In December he 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."

Denise Simmons, a spokeswoman at the Butner prison, said, "We have no knowledge or information to confirm he was assaulted."
Yep, Bernie's learning the rules - looks like he aced the class titled: "Snitches Sleep in Ditches".

Full article here at WSJ: Madoff Was Beaten in Prison - WSJ.com
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Old 03-27-2010, 09:34 PM   #2
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Glad Leonidas posted this as I almost did the other day. Yup, looks like Bernie has adjusted to the can really well. And teaching his fellow cons investments? Is THAT why they call it the "college?" Yes, I am aware that is total sarcasm, Leonidas.
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Old 03-28-2010, 09:10 AM   #3
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I have no doubt it is rude awakening for him. His fellow inmates do not play by normal societal rules.

Bernie is probably going to work the crowd that is around him. It seems that his penchant is to convince people about one thing or another. Right now he is probably trying to parlay his stature as a Smart Money Guy into safety and security from the wolves.

It would not surprise me to hear that the leader of one of the gangs has a family that is getting a nice stipend protection money. His scrape could have been the sales job to convince him he needs friends inside to look out for him.
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Old 03-28-2010, 10:01 AM   #4
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Originally Posted by chinaco View Post
It would not surprise me to hear that the leader of one of the gangs has a family that is getting a nice stipend protection money. His scrape could have been the sales job to convince him he needs friends inside to look out for him.
Even John Gotti paid protection money - to the Aryan nation I think - he got a beating when he stopped paying.

I would also guess Maddoff has an offshore account somewhere. Then again he is such a head case he might never thought he would have gotten caught.
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Old 03-28-2010, 05:43 PM   #5
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I would also guess Maddoff has an offshore account somewhere. Then again he is such a head case he might never thought he would have gotten caught.
If so many investors had not been running to cash back then, I don't think Bernie would ever have been caught. Not while he was still alive and in charge. He had it down pat and the SEC was a toothless guard dog when it came to the man.
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