House of Shame
In the midst of running their elaborate Ponzi scheme, the Madoff family invested money in some actual investments—namely, real estate in Manhattan, Long Island and Greenwich.
The government came for Ruth and Bernie Madoff’s penthouse years ago, but the real estate holdings of the rest of the family have taken a little longer to claim, as the courts untangle the many complications of recovering cash stolen by the clan.
Squeeze play: JPMorgan has been selling profitable securities to prop up second-quarter results after the bank’s chief investment office and the trader known as the London Whale incurred billions in losses. The asset sales may be tax inefficient, and will deprive the lender of future gains, which is just too bad for Jamie Dimon’s firm. With its share price down 18 percent from the day before the trading losses were first reported, JPMorgan is under pressure to generate earnings.
The campaign to demonize the Wilpon family continues. To read some press reports, particularly in the New York Post, you’d think that Fred Wilpon, his son, Jeff, and their business partner, Saul Katz, were plotting with Mr. Madoff to steal the retirement savings of working people and the endowments of charitable organizations.
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