Wednesday, March 18, 2009


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  1. Responding to the article in your twitter about the Madoff accountant's knowledge.
    The lawyer for Mr. Horowitz statement that there is no evidence of his client's knowledge of the fraud is incredible. It would be interesting to know if there was any evidence of trading or investing that the accounting firm reviewed.

    Personally, I believe that like many of Madoff investors, there had to be a belief that what Madoff was doing was illegal. I am sure that people felt that Madoff was front running or taking other actions that allowed him to beat the market. They just thought that they were the beneficiaries of the illegalities. Of course, you could not ask too many questions because you would not knowledge of anything nefarious-- just the profits.

  2. Your point on Madoff's investors knowing something was up has been by others. I think you are on to something. Some of those investors probably thought Madoff was front running and they were getting the benefit.

    They were using the Sgt. Schultz defense. "I see nothing, hear nothing and know nothing."

    So, should they get such good tax treatment?

    Cheers, Mike