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: Bernard Madoff

Sorry, FIFO Accounting Only!! BTW- BMIS's New Art Fund

To quell the latest idiotic news story (with whining from an investor that invested in a special arb fund with us on Dec 5), everyone needs to know that in accordance with GAAP, (and as the former Chairman of NASDAQ, you should appreciate that I know all about accounting standards), we consistently used First In First Out accounting practices.

That means that the first investors in Madoff Securities and the related managed accounts received their money first when Jodi was sending out the dividend distributions. Yes, Jodi Crupi! What other Jodi do you know?

Now I'm going to defer to Judge Lifland on the latest claim from the lawyers representing my new friend Marty, but, Jesus, Marty--there's alot of people ahead of you in line, including a couple of accounts that my two sons had. Sure they weren't as big as your's, but if you've been reading the news, our business was based on paying the first in, and the last people in would be paid by the next people.

Instead of hiring shmancy lawyers to waste their time filing lawsuits, join the group that's knocking on doors in DC so that we can get this TARP bailout in place before Bush rides off into the sunset. Ask former Soly economist Henry Kaufman...He was an investor too!...And, he's agreeing with me on this!! Think "TARP"...All we need is a measly $7 bil...And we could probably make it work with 5. Read my previous comments on this plan. Its bullet proof!

By the way..now that Walter has rented his fucking compound in Mustique, he and the boys are re-focusing on a new fund. We think art, and specifically, statue pieces are going to be BIG in '09. Lots of turnover, so we'll be brokering them through a new electronic platform called Unified Markets. We're pretty much oversubscribed, but for special friends, we have a few slots open in the fund. Minimum is $1 mil, and we're not charging any management fees this time. Nice and clean!

Call Walter at FGG, or if you prefer, Sonny Cohn can handle any inquiries. Sonny should be back from Boca next Monday.

Full post as published by Bernard Madoff on January 02, 2009 (boomark / email).