Any comments about Mr Madoff?

[TheMercenary]

Dude is going to jail. His story ends but it sounds like the investigation is just beginning.

[classicman]

I hope so. I also hope they didn't "wait long enough" for everyone to hide what they already got.

[classicman]

Madoff accountant charged with fraud
David Friehling arrested, accused of helping Madoff defraud thousands

Bernard Madoff's longtime accountant was arrested on fraud charges Wednesday, accused of aiding the man who has admitted cheating thousands of investors out of billions of dollars in the past two decades.

The charges against David Friehling, 49, come as federal authorities turn their attention to those who they believe helped Madoff fool 4,800 investors into thinking that their longtime investments were growing comfortably each year. Friehling is the first person to be arrested since the Madoff scandal broke three months ago.

Friehling ran an accounting office in a nondescript suburban building north of New York City, and quickly drew scrutiny. Experts in accounting said it would be preposterous for such a tiny firm to audit properly an operation the size of Madoff's.

He had served as Madoff's auditor from 1991 through 2008 while he worked as the sole practitioner at Friehling & Horowitz. He was paid a tidy sum by Madoff: Prosecutors said he made between $12,000 and $14,500 a month from 2004 to 2007. That works out to $144,000 to $174,000 a year.

Friehling faces up to 105 years in prison if he is convicted. He is charged with securities fraud, aiding and abetting investment adviser fraud and four counts of filing false audit reports with the U.S. Securities and Exchange Commission.

Hopefully this is only the first domino to fall.

[Clodfobble]

Wow. This is a guy who could have blown the whistle at any time, who knew exactly how many millions Madoff had--and Madoff was paying him less than $175,000 a year? I wonder if he had some other kind of blackmail on the guy...

[tw]

Originally Posted by Clodfobble

Wow. This is a guy who could have blown the whistle at any time,

We don't know he did not. Many did blow the whistle on Madoff. Since the political agenda demanded deregulation and no government oversight, those numerous blown whistles were ignored.

A poltical agenda could not have been more apparent. Both Democrats and Republicans offered to double the SEC budget. Harvey Pitts (representing the George Jr adminstration's political agenda) refused to accept that money. That was the 2002(?) Enron hearings. It only got worse because the political agenda was to deregulate everything. Later, laws were passed to make regulations of derivatives illegal.

For all we know, Madoff's accountant did blow the whistle. What we do know is the George Jr administration ignored numerous Madoff whistleblowers. Even refused to prosecute Skilling and Lay for Enron until embarrassed by the state of Oklahoma. We do not yet know if this accountant tried to blow a whistle. We do know that if he did, he would have been ignored.

[classicman]

Originally Posted by tw

For all we know, Madoff's accountant did blow the whistle. What we do know is the George Jr administration ignored numerous Madoff whistleblowers.

That is true the previous administration did nothing. Perhaps that is because all the warning went to Senate Banking Committee chairman Chris Dodd or Barney Frank the Chairman of the Financial Services Committee.

Also why is it ok to blame the George Jr. Administration here whereas it is not ok to mention transparency and accountability with anyone other than Obama himself? Seems rather hypocritical albeit typical for some posters.

[tw]

Originally Posted by classicman

That is true the previous administration did nothing. Perhaps that is because all the warning went to Senate Banking Committee chairman Chris Dodd or Barney Frank the Chairman of the Financial Services Committee.

Again you are reading wacko extremist mantra. Numerous whistle blowers went to the SEC. Some SEC investigators actually did look into Madoff. But when the lowest paid regulators in Washington are also manipulated by the political agenda, then the SEC never bothered to do any serious investigation.

So the wacko extremists instead lie right here in the The Cellar. Extremists again blame Dodd and Franks. Not blame the SEC that was defanged by an extremist political agenda. Amazing. This time Obama was not blamed.

[TGRR]

Originally Posted by classicman

That is true the previous administration did nothing. Perhaps that is because all the warning went to Senate Banking Committee chairman Chris Dodd or Barney Frank the Chairman of the Financial Services Committee.

Also why is it ok to blame the George Jr. Administration here whereas it is not ok to mention transparency and accountability with anyone other than Obama himself? Seems rather hypocritical albeit typical for some posters.

Yes, yes, we know. The Bush administration danced with the angels.

[classicman]

that or he paid him millions in offshore accounts or something. :shrug:

[piercehawkeye45]

I wonder if Madoff knew the scheme was going to blow up in his face soon and told his children to turn him in to save them from jailtime?

[lookout123]

I think he'll have a terminal illness and be gone within three years. His kids turned him in so they wouldn't get charged.

[Trilby]

Originally Posted by lookout123

I think he'll have a terminal illness and be gone within three years. His kids turned him in so they wouldn't get charged.

That's a good prediction, lookout. He probably IS ill...right now.

[LabRat]

Originally Posted by lookout123

I think he'll have a terminal illness and be gone within three years.

[Church] Well, isn't that conveeeeenient. [/Lady]

[xoxoxoBruce]

Originally Posted by lookout123

I think he'll have a terminal illness and be gone within three years.

Or Bubba will give him aids.

[classicman]

at least we'll save a few bucks not having to keep him alive.