Monday, January 05, 2009

Million dollar mittens

Bernie Madoff will remain free on bail even though prosecutors said he has been mailing out items worth $1mn, including a pair of mittens.
The mittens were given to Madoff by his granddaughter, Sorkin said. Peter Madoff’s lawyer, John Wing, didn’t immediately return a call seeking comment.
Also, it was disclosed that:
Harley International Ltd., a hedge fund run by Cayman Islands-based Euro-Dutch Management Ltd., invested all of its assets with Madoff, a person familiar with the matter said today. The fund managed $2.76 billion as of Oct. 31.
That's a hell of a hedge fund, we're asked to believe that they invested all of their investor's money with Madoff, and that the money is now all gone. Madoff may prove to be an excuse that will allow many, many more billions to disappear into seeming nothingness. Why should such useful people have to go to jail?

UPDATE: Courageous congresscritters are now calling for “a statutory and regulatory structure for the 21st century,” which, of course, can mean just about whatever you want it to mean. And though the SEC is now investigating itself, I've yet to hear calls for an independent investigation of the SEC. Don't hold your breath while waiting for one.


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