For those that have followed this blog (ok, me) it is no surprise that Madoff appears again. I read with horror of the first release of these details. A forty year plus friendship, an acceptance of $250M from this dear friend and this only days before you cratered and admitted the scam? Titanium Stainless Steel Cajones on that mother. But then maybe we should not have expected anything less. Bernie seems to have melded into the prison population well, chumming up with the likes of la Cosa Nostra. But as has been written, he is a chameleon and "played" life to the fullest. He'll probably flourish there too. To many of those, the crimes he perpetrated will maybe be admired? I always like to remember though that there is also a complete cohort of winners. Those that extracted BILLIONS of dollars in "returns". The Chinese interpretation? a Rocketing Bull that pins BLM against the wall, AND its like 40ft tall!! And how really screwed up is our modern western world? Enough to place BLM's personal effects up for auction, with nothing less than a personalized baseball jacket from Bernie's fav team. Antique Rolexs, cufflinks. It was a jetset life for sure with ...well, jets, yes plural, boats, yes plural and homes (yes plural). And out of it all missius Ruthie got to keep a couple of Million, how does that work? Of course the victims of this decade long string are the real story. Suicides. Lost Wealth. Fallen Charities. Not that some of them didn't make imprudent decisions. The tentacles from this life event stretch long and far.
And today we learn of a senior manager at a bank in Europe where charges have been laid, I fully expect there will continue to be fallout from what to me is simply the most astonishing feat of deception .... or maybe it could be worse - the capital markets of the world are always known to move longer and farther than you ever expect - how deep can deceptive energy go?
Ex-Santander exec on Madoff charges
The former head of Optimal, the Geneva-based hedge fund investment arm of Spanish bank Santander, has been charged with criminal mismanagement of client funds placed with fraudulent US broker Bernard Madoff. Manuel Echeverría was charged as part of a probe by a Swiss investigating magistrate, according to a court document seen by the FT. He is one of the first and most senior wealth managers known to be facing criminal charges linked to the Madoff scandal.
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