Madoff CFO: "It Was All Fictitious"

Tuesday, August 11, 2009 , , 2 Comments

I really don't care about Madoff anymore but someone may find this relevant.

I'm waiting for the Treasury indictments myself but whatever. Madoff is nothing compared to the sins of our keepers.

BBC (yeah whatever, it's been a long day okay? You try combing the internet for this stuff day in and day out AND fueling the capitalist small business machine with awesomeness 55+ hours a week):

Frank DiPascali, the former chief financial officer of Bernard Madoff, has pleaded guilty for his role in his boss's $65bn (£40bn) fraud.

Mr DiPascali, who admitted all 10 of the fraud charges he faced, apologised to the court in Manhattan. He said he knew what he had done was "wrong".

The 52-year-old, who worked for Madoff for 33 years, added that he had followed his boss too loyally.

Madoff, 71, was jailed for 150 years at the end of June.

Last month he decided not to appeal against his sentence.

Mr DiPascali told the court that all the transactions of Madoff's business were "fake".

Surprise surprise.

Jr Deputy Accountant

Some say he’s half man half fish, others say he’s more of a seventy/thirty split. Either way he’s a fishy bastard.


Dave said...

"...a fine up to $500,000."
Really? That's all? With his cooperation the prison sentence will no doubt be substantially less than the 20 year max. I wonder how much he made over all of those years, may have actually been worth it, he may have a nice little nest egg when he gets out...

Anonymous said...

This is all too familiar an outcome.
1.) Find a scapegoat
2.) Make a big public deal about
the actions of said scapegoat
3.) Declare the problems are all
solved since the guilty party is in jail for a trillion years
4.) Go back to stealing the public blind

I can imagine the owners of the universe get mighty pissed when their theft-o-rama gets sidetracked for a month or two just to placate the mass of underlings. Think of the opportunity cost....