Bernie Madoff

* Like many of the victims of Bernie Madoff’s Ponzi scheme, he and his wife contemplated suicide, too. But come on, why bother? Was career suicide just not good enough? [New York Times] * For Sale: One Illinois law license at discount price! Hasn’t been used in 15 years — almost like new. Slightly tarnished. […]

* Sorry Missouri, but your reign as the “Show Me” state is over. Thanks to its immigration law, Alabama is going to be taking over as the “Show Me Your Papers” state. [CNN] * Time to review the footage. Irving Picard stands to lose the game for the Investors if he can’t get an instant […]

Don't worry about investing in a Ponzi scheme as long as you are smart or lucky enough to recoup your money before the whole thing falls apart. That is the upshot of U.S. District Judge Jed Rakoff's decision to significantly limit the amount of money trustee Irving Picard can seek from New York Mets owner Fred Wilpon. Judge Rakoff's ruling will have a major effect on how much money is ever recovered for victims of Madoff's shenanigans, and could have an effect on the future liability for all investors in Ponzi schemes....

* Should we allow circuit judges to sit by designation on the U.S. Supreme Court? Here’s an interesting idea from Professor Gerard Magliocca. [Concurring Opinions] * Hey Yalies: Did your alma mater accidentally make your name and Social Security number available to the public? (I got a letter about this; I guess it was legit.) […]

Fortunately, you gave me so much paper. Otherwise, I would have had to watch a Mets game, which would have been a very painful process. — the eminently quotable Judge Jed Rakoff (S.D.N.Y.), praising the thorough briefing by lawyers involved in the legal battle between the Bernard Madoff trustee, Irving Picard, and the owners of […]

* The tried and true accounting method of finders keepers, losers weepers prevailed in an appeals court win for Irving Picard in the Madoff case. [Bloomberg] * Why in the world did you think it would be a good idea to file a $77M lawsuit against Kasowitz Benson? Are you out of your “superior legal […]

* A former Ropes & Gray attorney caught up in the Galleon Group insider trading scandal, Brien Santarlas, testified yesterday that he was paid thousands of dollars for tips. Then, he was told “to dispose of the phone — break it in half, submerge it in water and put it in a garbage can.” He […]

* The Supreme Court heard arguments yesterday in a lawsuit asking courts to force major companies to reduce greenhouse gas emissions. Sotomayor spent the entire oral argument asking attorneys how she could fit more Miami Sound Machine on her Zune. [New York Times] * Louisiana Governor Bobby Jindal, who can be seen every Thursday night […]

* Former Enron CEO Jeffrey Skilling’s appeal was denied by the Fifth Circuit. While he remains the smartest guy in the room, the room consists of him and a half-wit cellmate whose only discernible talent is making Prune-o. [WSJ Law Blog] * Bruce Fein, an attorney who worked on Clinton’s impeachment and called for Bush’s […]

They had to know. But the attitude was sort of, ‘If you’re doing something wrong, we don’t want to know.’ — Bernard Madoff, speaking about the banks and hedge funds that invested in his Ponzi scheme, in his first for-publication interview since his December 2008 arrest (via Dealbreaker).

I’ve been avoiding writing about Irving Picard, the trustee in charge of getting money for the victims of the Bernie Madoff Ponzi scheme, and his lawsuit against New York Mets owners Fred Wilpon and Saul Katz. It’s too painful. It’s like being close enough to see Oliver Perez’s face just as you know things are […]

Being married to a Paul Weiss partner is nice; getting divorced from a Paul Weiss partner is even nicer. Thanks to the prestigious firm’s eye-popping profits, getting divorced from a PW partner should give you a seven-figure payday (assuming the Paul Weiss partner has been a partner for a while and is the “monied spouse” […]

Rack up another win for trustee Irving Picard, the partner at Baker Hostetler who’s cleaning up the Bernard Madoff mess. On Friday, Picard and Preet Bharara, the headline-making U.S. attorney for the Southern District of New York, announced a $7.2 billion settlement with the estate of Jeffry Picower (no it’s not spelled “Jeffrey”). Picower, a […]

Mark Madoff, the oldest of Bernard Madoff’s two sons, committed suicide on Saturday, by hanging himself in his Manhattan apartment. Saturday was a significant day: the second anniversary of Bernie Madoff’s arrest for running a multibillion-dollar Ponzi scheme. Mark Madoff’s lawyer, prominent Paul Weiss partner Martin Flumenbaum, issued a statement yesterday: “Mark Madoff took his […]

You know you want to know…. Hazard a guess. Then click on the link below. 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, […]

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 […]

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 […]