Is Bernie Madoff hiding $9 billion?

Is there a hidden $9 billion for prosecutors to go after in the Bernie Madoff case?

The New York Post is reporting that Madoff told fellow inmates that he secretly funneled $9 billion in swiped funds to three people before he was caught.

The Post says Madoff told an inmate in the Butner, NC, prison that his partner, Frank DiPascali, knows who the recipients are — and that he suspects DiPascali is using that information to cut a better deal with federal prosecutors.

DiPascali, 52, pleaded guilty last year to 10 felonies in connection with helping Madoff swindle investors out of more than $60 billion at his Manhattan financial firm.

Madoff, 72, is serving a life sentence, but DiPascali has reportedly been trying to avoid that fate by cooperating with prosecutors, the Post reports.

DiPascali remains locked up awaiting sentencing, unable to post a $10 million bond, the Post writes.

For instant updates, follow me on Twitter.


24 comments Add your comment

All I'm Saying Is...

June 21st, 2010
11:05 am

Hmmm….my read between the lines infers that Madoff not only told an inmate that he secretly funneled $9 Billion to three people but also revealed the name of one of the three and that one of the three is using that info to cut a better deal because Madoff wants some harm to befall DiPascali, a circumstance Bernie thinks the inmate can help him with…Be afraid Frank, be very afraid.

Richard L.

June 21st, 2010
11:54 am

There are so many people that are having such a difficult time just trying to get by, scraping and saving as best they can, and the arrogance and greed of one man has created trouble for so many people. I don’t care who the money was funneled to, whether it was his wife, or some other family member or friend, but the government needs to search for and sieze every single penny they can. I don’t care if that forces people out on the street to live under boxes. They can always go to Bernie and ask for a loan!

Rich

June 21st, 2010
12:29 pm

Bernie’s clients were greeding also. If it to good to be true, it probably is.

David S

June 21st, 2010
12:46 pm

When the people eventually find out what the actions of the Federal Reserve have cost them since its creation in 1913 it will be even more staggering. I would think totals like 200 Trillion dollars would not be out of the question. And then when they find out that all that money was funneled into the pockets of the large american and foreign banks, into the pockets of tin-pot dictators all around the world, into Wall Street, and every component of the Military Industrial Complex, and when they find out that none of the american government debt would have been possible without the presence of the Fed in our economy, they will come unglued. But of course the Fed and its flunkies in Congress will make sure that a real audit never happens so the citizens don’t ever find out how they were enslaved by the global banking establishment back in 1913. Heck, they won’t even be able to find out whether or not there is really any gold left in Fort Knox, or if the United States even owns any of it.

Good job congress.

Oh, and good job with the Federal Reserve policies that made Bernie Madoff’s scheme such an enticing propect for so many.

Yes, greed will always be with us, but it takes government action to really give it the power it needs to steal from us all.

jim

June 21st, 2010
2:04 pm

Greed wins again. And all of those private enterprise types will continue to say we don’t need regulation in this country. Pathetic. De-regulation helped get us here. But god knows we just do not want govt. involved – let big business do what it does best – screw everyone for more profit. Unbelievable.

KILJOY

June 21st, 2010
2:15 pm

Why not bring back the Cheney/Rumsfeld administration and waterboard this rascal until we get the truth?

jim

June 21st, 2010
2:29 pm

The Cheney/Rumsfield crowd are too busy slopping at the trough of big business. Ain’t deregulation wonderful? Just ask the people down on the gulf coast how neat that has worked out for them.

Jonh

June 21st, 2010
2:48 pm

Jim, I have a great idea. Let the government make a rule for everything in our lives. Regulation must be the key to happiness. We don’t need those terrible profit hunting capitalists running our country. We need government to tell everyone how to be happy and it will just happen. It is that easy right??? You make me want to puke you liberal retard.

say what?

June 21st, 2010
3:22 pm

So just how would regulations have prevented a gas explosion? Did Cheney/Rumsfield/Bush light the gas?

Of course Bernie hid money. I hope they find it and return as much principle as possible to the investors. We already had financial regulations that should have prevented Bernie’s mess. People didn’t do their jobs and they should be fired – at the SEC, at the auditing firms, etc. More people should definitely go to jail that were connected to Madoff. They knew.

ricket

June 21st, 2010
3:22 pm

Thanks @David. It’s refreshing to see other people catching on to the scam that is the Federal Reserve and fractional reserve banking.

Fred

June 21st, 2010
3:24 pm

DavidS,

I love your terms: like- Military Industrial Complex, global banking establishment and so on. I’ll bet you just wish you had the secret decoder ring that would give you access to the secret banker codes that they all have to manipulate us all along with the secret Masonic handshake.

You better check, I think there is a little hole in your tinfoil hat………….

Paddy

June 21st, 2010
3:57 pm

jim….that kind of thinking is scary! Hope you are just kidding. Glad the founding fathers didn’t think crazy thoughts like that.

Road Scholar

June 21st, 2010
4:06 pm

Cut Madoff’s B@lls off, and then waterboard him. Then ask DiPascali if he wants the same. If he still doesn’t talk, imbed him into Afghanastan. Scum!

Mike

June 21st, 2010
4:12 pm

Who goes to jail once the American public realizes that the biggest Ponzi scheme of all time is actually being run by their government. When Social Security goes belly up, do we put all of the elected officials who are currently serving as well as those who have served in the past and been oblivious in jail? The amount of hypocrisy that exists in Washington is amazing. At least in Bernie’s case the individuals made the decision where their money was invested. The rest of us unfortunately don’t have that freedom.

“History, in general, only informs us of what bad government is.”
-Thomas Jefferson

S

June 21st, 2010
4:15 pm

Capitalism only works if you share, when are the Capitalist going to figure that out?

Chains

June 21st, 2010
4:26 pm

At S…. That would be socialism……HELLO……

Dietrich spille

June 21st, 2010
4:41 pm

In light of the present financial crisis, it’s interesting to read what Thomas Jefferson said in1802:

‘I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around the banks will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered.

M

June 21st, 2010
5:12 pm

unregulated capitalism does not work, has never worked, will never work. Every modern nation in the world seems to get this except us. Not hard to understand why we are so well respected by the rest of the planet.

Mike S.

June 21st, 2010
5:30 pm

David S…… did you escape or do they give you access to the internet at your hospital?

JackT

June 21st, 2010
5:40 pm

A lot of outrageous statements made here. And, a few years back I would have said that they were ALL just nut cases. But, here’s the thing. Just for an example:

Here we are, what, 2-5 years after the Madoff fiasco. He is convicted and in jail for a year now? And, the Federal Government has not convicted anyone else. Now, they have Frank DiPascali dead to rights. Why hasn’t he been tried, convicted and sentenced? BETTER yet, why haven’t a dozen or two dozen or MORE staffers been tried, convicted and sentenced? Not even the Son’s have been indicted!!! So, we are supposed to believe that this old man, 72 now, ran a 52-60 BILLION DOLLAR scam by himself and Frank DiPascali????? The government really thinks that their citizens are STUPID. And, you know what? Maybe YOU are. But, I am NOT! I say, indict the Prosecuters handling this case. But, thieves don’t go after other thieves, they protect each other.

Jason

June 21st, 2010
8:30 pm

Are we all to believe that this one person”Madoff” simply did this by himself. There were people in position to realize what was going on and they turned a blind eye. This is going on everyday and the American people need to wake up and see this. The officials that we elect are running circles around us and telling us what we want to hear! We all should know the policies of back door politics. We are given a bait and switch by most elected officials. We need to realize that cutting spending is the only way to help our economy! People of America have to make those choices everyday and the government should do the same. If we do not make them then shame on us!

Betty

June 21st, 2010
9:48 pm

You need to stay current if you’re writing about this. Dipascali posted bond a few months ago & is
under house arrest in NJ. Family members posted bond.

Longprong

June 21st, 2010
11:38 pm

Hey, ol Bernie got a bunch of greedy fools to buy into something that was too good to be true. You know the rest…………………………

Glenn Beck

June 22nd, 2010
8:10 am

That “type” has a crafty and sneaky mind. Especially with money.

You can’t bet he has some hid and you can guess what type is hiding it for him.