Daily Archives: January 6, 2009, 11:59 pm

Who is “We”??

The WSJ Law Blog has an interesting observation today about who, exactly, the “we” is who claims to be cooperating with the government in the Bernard Madoff criminal prosecution. The Law Blog notes that all along, Madoff’s lawyers have simply stated that “we are fully cooperating with the government in its investigations.” That seems like pretty standard lawyer-talk, but when…

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James Kroeker Appointed SEC’s Acting Chief Accountant

The SEC announced today the appointment of James L. Kroeker as the Acting Chief Accountant in the SEC’s Office of Chief Accountant. In this capacity, Kroeker will oversee accounting interpretations, international accounting matters, and professional practice issues. Kroeker replaces Conrad W. Hewitt, who retired from the SEC on Monday. Kroeker joined the Commission as Deputy Chief Accountant in February 2007.  …

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SEC Investigation of Madoff Pyramid Scheme Turned Into a Pyramid Scheme (Satire)

On a website called ChTONGUEeek, right after headlines including “Jets seeking older, more mature and experienced quarterback” and “Second baby of 2009 arrives to chants of ‘loser, loser, slow poke’” comes this: “Report: SEC investigation of Madoff pyramid scheme turned into a pyramid scheme.”  As ChTONGUEeek (get it?) explains, It’s now well known that the SEC, as reported by Chairman…

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Calculating the Amount of the Alleged Madoff Fraud

What is the actual amount lost in the alleged Ponzi scheme of Bernard Madoff?  How does one calculate this amount? Bloomberg reports that Yeshiva University has concluded that its previously reported profits in a fund tied to Bernard Madoff were “‘fictitious,’ underscoring how customers of the money manager may have been misled about the investment gains they had amassed” The…

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Schapiro Confirmation Hearing Expected Next Week

Mary Schapiro, selected by President-elect Obama to be the next Chairwoman of the SEC, will have her Senate confirmation hearing on Thursday, January 15, the WSJ reports.  Schapiro is presently the president of the Financial Industry Regulatory Authority (FINRA), which oversees broker-dealers. Schapiro may face tough questioning about the Madoff scandal, as FINRA and its predecessor firms examined the Bernard…

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