Three years ago this week, Bernard Madoff was arrested for the biggest Ponzi scheme in US history. Writing in the New York Times, his biographer Diana Henriques reveals the emails of a typical corporate psychopath, firmly unrepentant, who says the others did a lot worse. He has nothing but contempt for the corporate regulator, the Securities and Exchange Commission. "It is not that they failed to uncover my fraud," he wrote on March 4. "It is the fact that for their entire existence they have spent their time and resources on the petty problems of small firms and refuse to deal with the obvious problems and outright violations of the large investment banks who had free reign to cause the eventual destruction of the financial markets. This mentality is still in evidence today."
And he seems to understand the Occupy Wall Street movement. "It is hard for anyone to imagine all the ills and corruption" he wrote on October 12. Now that he is serving 150 years in the slammer, Bernard Madoff is one of the 99 per cent.
The problem, as the Financial Times points out is that many of the people who lost their money still haven't got it back. It's all tied up in the courts. If anyone is making money out of it, it's the trustee Irving Picard. His law firm Baker Hostetler has reportedly picked up hundreds of millions of dollars in fees.
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