Madoff

This Wall Street Journal piece says New York Mets owner Fred Wilpon may have been one of them: The filing, by the court-appointed trustee handling claims for Madoff victims, is the first documentation of how deeply invested Mets principal owner Fred Wilpon was with Mr. Madoff, a longtime friend. The filing showed that the Mets Limited Partnership, which is connected with Sterling Equities Inc., owner of the Mets, deposited about $523 million into two accounts with Mr.

READ MORE >>

A long-time, old-time employee of Madoff has been indicted. This actually busts Madoff's fabrication that he acted alone. But there are more indictments to come. The crime was too big for one person to have committed...and for two. Edward Jay Epstein shows you why and how.

Two To Go

There are two sub-groups in the financial services industry that have yet to face the music. But I wouldn't be a bit surprised if executives in these groups are experiencing bouts of panic in the night. One sub-set is the auditing firms of which Ernst & Young, Peat Marwick, KPMG and Deloitte are the top four. Then there are perhaps a half dozen below them and another ten below them. Many of these accounting combines are in trouble with various legal agencies for giving tax advice to companies and executives on how actually to break or evade the laws.

READ MORE >>

It looks like the IRS is going to let victims of Madoff and other ponzi schemes deduct about 95 percent of their losses. Per the Times: [T]he I.R.S. will allow investors, including those who are suing Mr. Madoff, to claim a theft-loss deduction equal to 95 percent of their investments, minus any withdrawals, reinvested gains and payouts from Securities Investor Protection Corporation, the government-chartered fund set up to help protect investors of failed brokerage firms.

READ MORE >>

SHARE HIGHLIGHT

0 CHARACTERS SELECTED

TWEET THIS

POST TO TUMBLR