Vulture Investors

Toxic Assets? What Toxic Assets?

Kit R Roane — Wed, 21 Jan 2009 03:54:16 +0000

It's always interesting to see how a company spins bad news to its investors and clients.

Madoff's Shadow

Kit R Roane — Mon, 19 Jan 2009 17:25:01 +0000

You have probably never heard of Nick Casale. But if you are an ardent Madoff watcher, you've probably seen quite a lot of him recently. The former NYPD detective has become Madoff's court-appointed shadow, tasked with both walking him to court and going through his mail. It is an enviable position for Casale, who says his firm enjoys an "excellent reputation as a premiere investigation firm noted for our tenacity in gathering information, conducting interviews and studying evidence with a discerning eye towards accurate interpretation of the facts."

But NYPD muckraker Leonard Levitt noted recently that Casale has an interesting past of his own, writing on NYPD Confidential that the self-described "hottest P.I. in town" has a curious back story himself.

Mini-Madoff

Kit R Roane — Sat, 17 Jan 2009 06:20:07 +0000

With all of the focus on Madoff's alleged mega-swindle, it's easy to lose sight of the many smaller sharps now being revealed by the low tide. But their numbers seem to grow every week.

Madoff Stays Free

Kit R Roane — Tue, 13 Jan 2009 04:40:57 +0000

Well, you can't fault those Southern District prosecutors for giving it the old college try. But today United States Magistrate Judge Ronald L. Ellis shot down their request to have Bernard L. Madoff detained pending trial. No word, of course, on whether Madoff is toasting the news from his tony hacienda on the Upper East Side, or is now headed to parts unknown. Ellis obviously thinks the alleged fraudster is happy to cool his heels. But an electronic security bracelet linked to the FBI and a few guards shadowing his every move are sure to help convince him.

1/13/20089 UPDATE: Prosecutors are readying an appeal.

To see Jude Ellis's original reply click the ipaper madoffbail2 pdf link below.

Madoff Complaint

Kit R Roane — Mon, 12 Jan 2009 18:33:36 +0000

Why prosecutors want to see Madoff cooling his heels behind bars now, not later. To see the full document click the ipaper link below.

Madoff's Silver Lining

Kit R Roane — Fri, 19 Dec 2008 07:47:33 +0000

Your favored charity may have had to close its doors. Your once-comfortable grandmother may have lost her life savings. But even Bernard L. Madoff's alleged swindle has a silver lining for some.

With little else to pull out of the hat in this dismal year of investing, some money managers are using the Madoff scandal as a calling card. It might be enough to just point out that their clients remain solvent. But some lucky managers can show how their keen insights would have kept a few client that way, if only they had listened.

Yesterday, Loren Weiss, of UBS Wealth Management, blasted an email to potential clients explaining how she tried to steer one investor away from Madoff's clutches, to no avail. The client, "moved his account (his life savings) to Madoff," she wrote. "I ...