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Bernie Madoff’s Greatest Scam Of All [Dealbreaker]

Earlier: What Kind Of Package Is A Bernie Madoff Package?

Or maybe good news? It seems they’ll get to enjoy Labor Day weekend before any trouble hits.

Read more and discuss over at Dealbreaker.

Federal Prosecutors May Let Andy And Mark Madoff Enjoy Labor Day Weekend
[Dealbreaker]

Frank DiPascali, the former CFO — chief fraudulent officer? — for Ponzi schemer extraordinaire Bernard Madoff, pleaded guilty today to a variety of charges, including securities fraud, falsifying records, and international money laundering.

Read more and comment over at Going Concern.

Guilty Madoff CFO Update [Going Concern]

The long (inter)national Marc Dreier nightmare is almost at an end. He’s been sentenced to 20 years for defrauding his clients and investors. The Wall Street Journal Law Blog reports:

Prosecutors had asked for a 145-year sentence, which harked back to the 150-year sentence U.S. District Judge Denny Chin readily handed down to Bernie Madoff, whose massive Ponzi scheme drained the bank accounts of countless investors. In both cases defense attorneys sought a fraction of that. Dreier’s attorney sought no more than 12-and-a-half years.

But Dreier drew U.S. District Judge Jed Rakoff, who has been highly critical of the length of sentences under the federal sentencing guidelines, particularly in white collar crime cases.

Bernie Madoff gets 150 years, but Dreier only gets 20? Justice may be blind, but she’s certainly not deaf.

Breaking: Marc Dreier Sentenced to 20 Years in Prison [WSJ Law Blog]

Earlier: Is Marc Dreier Almost As Bad as Bernie Madoff?

The federal government seems to think so, based on the sentence they’re seeking. We’re kind of proud that one of our own, a lawyer, can rank up there with one of the greatest swindlers of all time.

And what does Marc Dreier think he deserves? No more than 12 1/2 years, according to his sentencing memo. More details, including excerpts from Dreier’s seemingly heartfelt letter to Judge Rakoff, over at the WSJ Law Blog.

U.S. Seeks 145-Year Sentence for Lawyer in Fraud Case [City Room]
Sentencing Looming, Dreier Asks For No More than 12 1/2 Years [WSJ Law Blog]

Bernie Madoff has been sentenced to 150 years.

Judge Denny Chin said that the sentence was necessary to deter other people from entering into these kinds of schemes

The Judge apparently said that he was struck that there was no letter written in support of Bernie Madoff. On the other hand, the judge received 141 pages of letters from Madoff victims.

Madoff allegedly said:

They have accused me and my wife of not being sympathetic. She cries every night, I am also tormented.

Umm … crying doesn’t make you sympathetic. I think instead of turning on the waterworks, Madoff should try not stealing billions of dollars.

But Madoff did apparently say: “I am sorry.”

But the pitchfork rally doesn’t have to end here. Next up: what prison will Madoff be heading to? A “club-fed” facility, or someplace where Madoff might expect “more bareback.”

For extensive and ongoing coverage of L’Affaire Madoff, surf over to our sister site, Dealbreaker.

* A Los Angeles Judge accused an asbestos litigation firm of playing “a grisly game of asbestos litigation” after they refiled a Texas case in California because it has more exacting standards for a defendant to obtain summary judgment. Perhaps, judge, you’ve lost a little perspective? [ABA Journal]

* A German court rejected a woman’s appeal to take her married name Frieda Rosemarie Thalheim-Kunz-Hallstein because it is too long. [Time.com]

* “Across Georgia, poor people accused of crimes are being abandoned by their lawyers because there is no money to pay their legal fees” (this might put deferred start dates in to perspective).[The Atlanta Journal Constitution]

* Madoff “turned his investment firm into his ‘personal piggy bank,’” using the ponzi money for his family’s expenses. Personally, I have no energy for renewed outrage. [Bloomberg.com]

* United Airlines settled a suit filed by a former pilot, who resigned after repeatedly finding porn in hidden places in her cockpit, including underneath a cap on a safety device called a “stick shaker” (no pun intended). Click to see United’s ridiculous effort to dismiss. [The Seattle Times]

* Attorney General Andrew Cuomo convinced 9 out of the top 10 bonus recipients at AIG to return their bonuses. Who is number 10? [The New York Times]

* Barney Frank called Antonin Scalia a “homophobe.” [The Associated Press]

* It turns out that Madoff has more than $1 billion worth of assets and the french authorities plan to seize his chateau in Cap d’Antibe, France, so maybe his victims can get a time share? No? [The Associated Press]

* A court battle between billionaire Wilbur Ross and hedge fund manager Bruce Rose may be the key to understanding the housing crisis. [Bloomberg]

* A sex-discrimination suit against Wal-Mart reaches the 9th Circuit Court of Appeals today. 200 female employees say women in comparable jobs don’t get paid as much as men. [The Huffington Post]

* Preservationists think a landmark case in Chicago is cause for alarm. [The New York Times]

* Take a look at this legal analysis of the AIG bonus fiasco [The Hartford Courant]

* A new report from the Project for Attorney Retention (sounds like something we can all get behind) shows that it makes better business sense to have attorneys work reduced hours rather than laying them off. [The American Lawyer]

* More drama in the never-ending Minnesota Senate race: Al Franken says Norm Coleman should pay for the costs of the trial if he loses. [MSNBC]

* California’s 1996 ban of affirmative action in education, public hiring, or contracting is being closely considered by the courts. [National Law Journal]

* In spite of the recent blood bath at lawfirms—law school applications are still up. [The Wall Street Journal]

* China fell short of international anti-trust standards, rejecting Coca-Cola’s $2.4 billion bid for Huiguan Juice [Reuters]

* Enough Madoff already. Madoff’s accountant was charged with fraud and surrendered. [abcnews.com]

* AIG’s $33.6 million bonuses paid last week to 418 employees will be under intense scrutiny this week in Washington. Barney Frank does not look pleased. [The New York Times]

* Obama names moderate U.S. District Judge David F. Hamilton to the U.S. Court of Appeals for the 7th Circuit. [The Washington Post]

* U.S. Supreme Court Justice Ruth Bader Ginsberg will undergo precautionary chemotherapy after her pancreatic cancer surgery. [Reuters]

* I guess my call to reform naughty judges was answered…the nation’s federal judges adopted new ethics rules yesterday. [The Associated Press]

* There is growing concern amongst some judges and lawyers that twittering jurors are threatening the integrity of cases presented in court. [CNET]

* Clifford Chance is subletting 25,000 square feet of excess office space to Kilpatrick Stockton. [The New York Observer]

* Some of the assets of Madoff’s now-defunct firm may be in Gibraltar—why is this interesting to you guys? It probably isn’t, but there are lots of lawyers involved. [Bloomberg]

* What is up with judges behaving badly? There was Nottingham, Kent (who sexually harassed court employees) and that judge who was taking bribes to send innocent juvenile delinquents to jail! Now, New York Judge James M. Peck was arrested for hitting his wife, who called 911 from their Park Avenue apartment. Get it together guys. [The New York Times]

* A New York judge threw out a lawsuit accusing “Family Guy” of copyright infringement for spoofing “When You Wish Upon a Star” with a song entitled “When You Wish Upon a Weinstein” about hiring a Jewish person to help with the family finances. The song may be anti-Semitic, but the judge said copyright does not protect against parody. Sorry guy. [The Associated Press]

* Did Madoff swindle you? You probably won’t get your money back, but you can get some free veal osso bucco. Restaurant Nino’s 208 in New York a few blocks away from Madoff’s office is giving away free meals—customers must show the restaurant manager monthly statements from Madoff to cash in. [The New York Times]

* Protesting lawyers were ecstatic yesterday when Pakistan agreed to re-instate an ousted Supreme Court Justice. [The Associated Press]

* Some laid-off lawyers and law students whose offers have been rescinded have found jobs in public works. [CNN.com]

* What’s in a name? The Obama administration announced that prisoners held at Guantanamo will no longer be called “enemy combatants,” but they still have basically the same right to hold the prisoners indefinitely. [Los Angeles Times]

* Minor spats with Sam are the least of Lilo’s worries, apparently there’s a warrant for her arrest. [The Associated Press]

* With her husband in jail, Ruth Madoff has seen better days—the feds are working hard to freeze $93 million worth of her assets. [msnbc.com]

* Remember the Minnesota Senate race? Yeah, that’s right, their Senator is still not seated. Franken and Coleman’s lawyers delivered closing arguments Friday—and now the 3 judge panel will decide, but if they choose Franken—Coleman is poised for an appeal. [The Hill]

* Washington Lawyer DeMaurice F. Smith, a partner at Patton Boggs, is the new head of the NFL Players Association—he has no previous ties to the NFL, but he is a devoted Redskins fan. [The Washington Post]

* Also, since sports are more fun to talk about than layoffs—we have created an “Above the Law” group for the NCAA tournament on ESPN. Group name: Above the Law. Password: abovethelaw. It is free and you can make multiple entries (Mr. Mystal will be making many!) Have fun. [Above the Law tournament group]

Bernie Madoff is going to prison — circa NOW. Sentencing on June 16.

For more Madoff coverage, check out our sister site, Dealbreaker.

Update: Per Am Law Daily, which also liveblogged the hearing, one of Madoff’s lawyers is Mauro Wolfe — a partner at Dickstein Shapiro, and a former colleague of ours from the U.S. Attorney’s Office. Hi Mauro! Hope you’re having fun defending Bernie.

The T.V. people are saying that there may be a plea deal in the works for Bernie Madoff:

Prosecutors have filed a motion indicating a Bernard Madoff plea deal is in the works, according to the Associated Press.

I hope the deal includes an opportunity for all the people he swindled to slap him in the face. If you charge people for it you could probably get enough for the next bank bailout.

Prosecutors indicate Madoff plea deal in works [MSNBC]

* Legal experts write a letter to Congress suggesting term limits for Supreme Court justices. [The Washington Post]

* SCOTUS will discuss whether judges should excuse themselves from voting in cases involving big campaign contributors when they hear a case involving a West Virginia judge. [Detroit Free Press]

* 3 jurors who convicted Alfred Trenkler of a bombing that killed a Boston Police officer wrote letters begging the judge for a new trial, after a book about the case convinced them of his innocence. [The Boston Globe]

* Today in Houston, U.S. District Judge Samuel Kent will go on trial, facing accusations that he fondled two female court employees. [The Associated Press]

* Madoff’s investors wont have an easy time in court; securities law is not on their side. [The Washington Post]

* Mississippi Circuit Judge Bobby Delaughter, known for prosecuting a white supremacist, pleaded not guilty. He was accused of ruling in favor of Tobacco attorney Dickie Scruggs (Trent Lott’s brother in law) in exchange for a seat on the federal bench. [The Associated Press]

* Damn, I miss the 90’s (and not just because I loved Pauly Shore movies). yesterday. [Bloomberg]

* Will there be more? Yes. $*%&$. [The National Law Journal]

* Meanwhile — two Pennsylvania judges were caught getting $2.6 million in kick backs for sending innocent teenagers to two private juvenile detention facilities. [Reuters]

* A special federal court of three judges or “special masters” (is this a video game?) decided that the measles-mumps-rubella vaccine does not cause autism. [Los Angeles Times]

*Madoff’s defense attorney Ira Sorkin may have a conflict of interest because his parents invested with Madoff. [Bloomberg]

* NBC was criticized by the Department of Homeland Security for a series on war criminals that enforcers say could interfere with their investigations. [The New York Times]

* Raising questions about human rights, the State Department expressed concern about a Chinese blogger who has been indefinitely detained. [CNN.com]

* The artist of highly popular Obama posters Shepard Fairey filed a pre-emptive lawsuit against the AP, which accused him of copyright infringement. [The International Herald Tribune]

* Investors suing feeder funds that invested their money with Madoff will be fighting an uphill legal battle. [Bloomberg.com]

* Alan Dershowitz on bringing Israel before the International Criminal Court. [The Huffington Post]

* The Senate Judiciary Committee will discuss Obama’s nomination of Harvard law school dean Elena Kagan as solicitor general. [The Washington Post]

* Three federal judges in California ruled that the state must reduce its prison population by a third. [Los Angeles Times]

* Lawyers for the Obama administration surprised San Francisco by making the same state-secrets argument as Bush in the extraordinary rendition case. [The New York Times]

* The SEC makes a deal with Madoff. [The Washington Post]

* Meanwhile, the SEC chairman steps down after falling to the 50 billion dollar thief. [Bloomberg]

* 50 cent won a lawsuit against his ex-girlfriend. “…this is a complete and total victory for 50,” one of his lawyers said. [Punk.BZ]

* Lawyers are winning in the long rivalry between lawyers and bankers. Endless financial fraud cases make lawyers look ethical. There is another fraud charge in Philadelphia against money manager Joseph Forte. [The Philadelphia Inquirer]

* The SEC is investigating Apple’s disclosures about CEO Steve Jobs’ health, to make sure the company did not mislead investors. [Bloomberg]

* The point man for Madoff’s investor Frank DiPascali will now be the go-to guy for prosecutors investigating the scheme. [The Wall Street Journal]

* Former Enron CEO Jeff Skilling asked the 5th U.S. Circuit Court of Apeals to review his 19 convictions. [The Houston Chronicle]

* A Czech businessman settled a suit filed against him by hedge fund Omega advisors, after he alegedly bribed government officials in Azerbaijan, defrauding investors hundreds of millions. [The New York Times]

* In the aftermath of India’s Enron—the Satyam scandal, the Indian government will likely rescue Satyam’s workers from losing their jobs. [Time.com]

* SEC chairman Christopher Cox resigned in the wake of scrutiny of the SEC for failing to investigate allegations in the Madoff scandal. [The Associated Press]

* The Madoff case will garner lawyers lots of money in fees. “This is a financial 9/11 for our clients” said a Proskauer Rose litigation partner, licking his lips. [Bloomberg.com]

* Meanwhile, the U.S. is challenging the New York Judge’s decision to keep Madoff free on bail. [Bloomberg.com]

* Legislators in Maine are introducing a bill that would recognize same-sex marriage. [The Boston Globe]

* Obama and Biden will visit the Supreme Court this afternoon to meet with the Justices and get a tour. The elephant in the chambers: Obama and Biden voted against Roberts’ confirmation. [The Washington Post]

* Al Franken asked the Minnesota Supreme Court to let him get to the Senate without waiting for the resolution of opponent Norm Coleman’s legal challenge. His lawyers argue that Senator’s will need Franken for comic relief in the midst of our trying times (just kidding). [The Associated Press]

* Dozens of suspected terrorists released from Guantanamo have returned to terrorism says the Pentagon (gulp). [CNN]