Shostack + Friends Blog Archive


Double-take Department, Madoff Division

The Daily Beast has a fascinating article that is a tell-all from a Madoff employee. I blinked as I read:

The employee learned the salaries of his colleagues when he secretly obtained a document listing them. “A senior computer programmer would make $350,000, where in most comparable firms they would be getting $200,000 to $250,000….”

Senior programmers getting a quarter-mil in “comparable firms”? Comparable in what way? Other multi-billion Ponzi schemes that stole from rich suckers and charities alike? Is this another thing to be angry at AIG for? (Cue rimshot.)

I know it’s a tell-all, but tell more, tell more. Another intriguing morsel can be found in:

The employee was part of a trading group, which was able to break a security code that he says led them to a site that was supposed to be seen only by the Madoff family. It showed the profits and losses of the legitimate businesses.

The group broke the code? The person broke the code? And do tell more. Perhaps the author, Lucinda Franks, has some more details for us. Or maybe she’s saving them for a second Pulitzer.

One comment on "Double-take Department, Madoff Division"

  • Ben Famod says:

    Or perhaps the former employee is having 20-20 hindsight and remembering things that might not have actually happened. If Lucinda Franks earns a Pulitzer for this, perhaps she’ll want to make sure that someone checks the facts that she reported..including the spelling of the senior henchman’s name..DiPascali…not DiPasquale…..If anyone wins an award for creative journalism, it should go to the person that’s writing Bernie’s Blog…

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