More Hot Links: Madoff Insider

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More Hot Links for Weekend Reading

No one on the interwebs has had more big scoops on the Madoff Scandal than Lucinda Franks of The Daily Beast.  I just got around to reading her interview with an ex-Madoff employee who breaks down the whole organization and who did what.

Some Highlights:

  • The “legit” parts of the business, like prop trading and market making were only hit-or-miss in terms of profitability.
  • Peter and Shana Madoff were more like HR people than compliance officers.
  • The office’s physical appearance was relentlessly and anal-retentively perfected.
  • Sons Andy and Mark were nice guys but gone fishin’ a lot.
  • Ponzi HQ on the 17th floor was filled with strange people and decades old computers, kind of like The Hatch from Lost.
  • Everyone was grossly overpaid to keep them loyal, happy and possibly, complicit.

These are the first real details to have emerged about what really went on day to day from the inside.

Read it here:  Madoff Employee Breaks Silence (TDB)