Madoff seeks to keep NYC penthouse, $62M in assets

[Earth_First]

Source: Yahoo!

Madoff seeks to keep NYC penthouse, $62M in assets

NEW YORK (AP) -- Bernard Madoff is seeking to keep a $7 million Manhattan penthouse and an additional $62 million in assets, saying they are unrelated to the fraud that authorities say cost victims more than $50 billion. In court papers filed Monday in U.S. District Court in Manhattan, Madoff and his lawyer claim the apartment, $45 million in municipal bonds and $17 million more in a separate account all belong to Madoff's wife, Ruth.

The bonds in an account held by Ruth Madoff at COHMAD Securities Corp. and about $17 million held by her in a Wachovia Bank account "are unrelated to the alleged Madoff fraud and only Ruth Madoff has a beneficial interest in these assets," Bernard Madoff and lawyer Ira Sorkin said, according to the papers.

A court-appointed trustee overseeing the liquidation of Madoff's assets has said the apartment and other property used to secure bail was off limits for now. But if there's a conviction, those assets and possibly property of Madoff "insiders" could be seized to help pay claims by alleged victims.

Trustee Irving H. Picard has said that nearly $950 million in cash and securities has been recovered for investors so far.

Read more: http://finance.yahoo.com/news/Madoff-seeks-to-keep-NYC-apf-14520945.html

[Jackpine Radical]

1. That bastard should be stripped of everything he owns,

down to his fillings. The proceeds should be distributed to the little people who suffered the most from his crimes, and he should be left naked to shelter himself under a bridge.

Other than that, we should not be vindictive.

[mod mom]

20. everything fucking thing he owes should be auctioned off to those he defrauded!

Everythng he ever gave to his family-they need to be throuwn out of their residences and old bernie needs to do some very hard time-NOT Club Fed!

[Kalyan]

2. only 62M ... his poverty might endanger his life ... we should be reasonable ... let him have $200m

If only Madoff voted republican, Bush & Paulson would have converted Madoff Securities into a bank and given him a $25 bn cash infusion. In return, Madoff will skim $15 bn as management fee and settle $10 bn with his investors.

Since Madoff stands to lose $15 bn in cash, it is only correct that he retains his $62 mn asset as well as take a 10% cut on the $950 mn recovered by the trustee.

Otherwise, poor him would have only 1 house in NY, 1 in Florida and some $20 mn chump change and his poverty might even endanger his life.

Ofcourse :sarcasm:

Strip him of everything. Strip his family & friends of any gifts he sent in the last 12 months as well.

[grahamhgreen]

37. And make it illegal for him to engage in any financial business whatsoever.

[grahamhgreen]

39. removed

[dmosh42]

3. Since he's in a 'bargaining mode, he should have also asked for a 'bonus'...

for outwitting the a-holes handling his case!

[closeupready]

22. If it were up to Congress, they'd approve it.

Without any conditions.

[sarcasmo]

4. I Nominated this just out of the sure arrogance of this man. He claims they are

unrelated to the fraud. The fact is fraud is the only reason you have a 7million dollar penthouse, what a TOOL.

[Name removed]

16. Deleted message

Message removed by moderator. Click here to review the message board rules.

[sarcasmo]

5. On a side note, WHY IS HE NOT IN JAIL!

[Sewsojm]

44. That's what I'd like to know , Lock his sorry ass up and throw away the key!!

[ozymandius]

6. Only Texas and Florida protect the defendant's home from seizure in civil suits.

Of which: there will be plenty coming down the pike for Madoff. He might pretend to "own" this penthouse for awhile. I doubt he will spend too many days there. Otherwise, his request has no merit.

[HughBeaumont]

7. "OOOOOOH, just for that, I oughta give you a set of elephant balls!!"

The brazeness of these fucking greedy shitbag assholes has gone beyond amazing me and has descended into full-blown demands for the Guillotine's return.



YOU STOLE 50 BILLION DOLLARS, THEREFORE YOU GET NOTHING! YOU LOSE! GOOD DAY SIR!

[Name removed]

18. Deleted message

Message removed by moderator. Click here to review the message board rules.

[jb5150]

27. Not sure I see the connection?

What does this have to do with the topic?

[shanti]

28. don't worry

they're not long for this world ;)

[HughBeaumont]

41. I like acai berries as much as the next guy.

Spam is spam, howevah.

[DUlover2909]

8. Madoff and his crook wife should be renditioned to Gaza.

That's a prison to which I would love to see him sent.

[radfringe]

9. let him rent a 1 bedroom apartment and take a job as a Walmart greeter.

that's pretty much what his "investors" have left

[Festivito]

19. Let him EARN that job first. More like prison entrance greeter. /nt

[bklyncowgirl]

10. Words fail me.

The only penthouse this SOB should occupy is on the upper level of some nicely appointed federal prison.

The judge in this case has been so solicitous of Bernie's comfort, I wouldn't be surprised if he granted this request.

[no_hypocrisy]

11. I don't see how he can legally "partition" his wealth.

Whether inherited or acquired from money from another venture, it doesn't seem to matter. He has to give restitution to his victims.

This is Chutzpah at its highest. Even Ken Lay was a rank amateur.

[eilen]

12. On another related side note....

Who screws over that many powerful people (internationally) and still breathes air, walks upright and speaks? I'm impressed. He and his family must have a very competent security firm protecting them.

[closeupready]

21. Well, his victims want to be repaid.

And probably want to see him in chains. So I imagine that's one explanation.

[Hubert Flottz]

13. K&R

Fine him that full amount for the crimes he hatched and pulled off and there won't be any back door. No leg to stand on.

[kedrys]

14. Um, NO.

:nuke: Fuck him. He can live out his days in the back of an old station wagon. :grr: IF he manages to avoid jail. :mad:

[Enthusiast]

15. Guillotine. nt

[avaistheone1]

43. I so agree. Life in prison is not enough for the damage this monster has done.

Off with his head in a public square preferably.

[pleah]

17. Why haven't his assets been frozen?

They froze Stanford's assets, why not Madoff's assets?

[JerseygirlCT]

24. "Too big to fail"?

It's amazing, isn't it?

[cali]

25. his assets were frozen in December. All of them.

[pleah]

26. Thank you cali.

I missed that somewhere along the line.:hi:

[condoleeza]

53. Wasn't there 50 Million of his $ in Stanford's bank?

I'm sitting here trying not to scream, remembering the 80's recession when I returned home after uninsured emergency surgery and got a call from my bank that the IRS had seized all but $1 of our $178 in the bank because we owed $232. in back taxes and interest...and justice for all, my ass.

[JerseygirlCT]

23. Ill-gotten gains, I'd say

And if she knew nothing of what her husband was up to - where did her money come from? And if he was supposed to be the whiz kid investor, why wasn't her money "invested" with him?

I think they ought to squeeze every penny out of every single thing he has. He's ruined people (granted, a little too trusting people) - time for him and his to live that life.

[Thor_MN]

29. Leave him with a studio apartment and a Yugo.

Let him face retirement with no assets, like his investors are doing.

[No Elephants]

38. He needs to go to jail and be left with nothing. Who says his investors even own a studio and a

Yugo free and clear? I know people around 50 and 60 who re-mortgaged their homes to invest with guys like Madoff, and put their parents ONLY money into it too. Why should a rat like Madoff be left with anything but jail time and no watch to mark it with?

[Blue_Tires]

30. ugh...what a jerkoff

[Odin2005]

31. This asshole's audacity is sickening.

:rofl:

[corpseratemedia]

32. justice is blind, sure

also she can't gauge weight either

what a f**king a$$hole entitled CRIMINAL that man is

[OneBlueSky]

33. talk about one crime compounding another . . .

why isn't this guy in jail? . . . why does he get to live in his plush penthouse apartment, while some inner city kid who shoplifted a pack of gum is no doubt cooling his heels on Riker's Island while awaiting trial? . . .

when it comes to the rich, there is no justice . . . only loopholes and special considerations . . .

oh, and he should be required to surrender everything he and/or his wife own . . . given that all of it resulted, either directly or indirectly, from his 30-year Ponzi scheme . . .

[Mari333]

34. wal mart is hiring greeters.

[Le Taz Hot]

35. Too bad he didn't have 50 marijuana plants

growing somewhere on the property. Funny how the seizure laws seem to be so sporadic.

[No Elephants]

36. If she can't prove why and how she got the money, why should anyone believe it's hers? We

all know people put money in the name of one or more family members for no reason other than to keep it safe from legitimate creditors. Why should they get away with it?

If this money was suppoosedly gifts from Bernie throughout the marriage, did he or she file any gift tax returns?

[Howardx]

42. bingo

follow that trail.

[grahamhgreen]

40. I wonder how many more Madoff's are in the system, conning money, working more complex schemes

[superconnected]

45. Man accused of stealing billions: Hands off my penthouse

Source: Associated Press

NEW YORK (AP) - Bernard Madoff is seeking to keep a $7 million Manhattan penthouse and an additional $62 million in assets, saying they are unrelated to the fraud that authorities say cost victims more than $50 billion.

In court papers filed Monday in U.S. District Court in Manhattan, Madoff and his lawyer claim the apartment, $45 million in municipal bonds and $17 million more in a separate account all belong to Madoff's wife, Ruth.

The bonds in an account held by Ruth Madoff at COHMAD Securities Corp. and about $17 million held by her in a Wachovia Bank account "are unrelated to the alleged Madoff fraud and only Ruth Madoff has a beneficial interest in these assets," Bernard Madoff and lawyer Ira Sorkin said, according to the papers.

Sorkin declined to comment Monday.


Read more: http://www.komonews.com/news/national/40645722.html

[DebbieCDC]

46. Their greed and hypocrisy knows no bounds.

[T Wolf]

47. String them BOTH up. The bullshit that the rich use to avoid any consequences is

disgusting.

[liberal N proud]

48. The audacity of GREED!

Possession is 9/10ths of the law?

[Matariki]

49. Worse than jail for this guy would be to live how most Americans live

Seize his assets and let him find an apartment and get by on social security for the rest of his life.

on edit - oh, and SERIOUS community service hours.

[WriteDown]

50. I nominate Bernie for the next Treasury Secretary....

Can't be worse than Geitner :).

[Zorra]

51. How about a starring role in a real life version of "Weekend at Bernie's?

It could even be acted out at his penthouse.

[daleo]

52. Poor grannies can get their houses confiscated

If their grandkids are discovered growing a pot plant in their house.

[avaistheone1]

54. How about setting up Bernie and Ruth in a nice FEMA mobile home?

I don't think they even deserve that much... :grr: