The Talented Mr. Madoff By JULIE CRESWELL and LANDON THOMAS Jr. January 25, 2009
TO some, Bernard L. Madoff was an affable, charismatic man who moved comfortably among power brokers on Wall Street and in Washington, a winning financier who had all the toys: the penthouse apartment in Manhattan, the shares in two private jets, the yacht moored off the French Riviera. Although hardly a household name, he secured a longstanding role as an elder statesman on Wall Street, allowing him to land on important boards and commissions where his opinions helped shape securities regulations. Along the way, he snared a coveted spot as the chairman of a major stock exchange, Nasdaq. And his employees say he treated them like family. There was, of course, another side to Mr. Madoff, who is 70. Reclusive, at times standoffish and aloof, this Bernie rarely rubbed elbows in Manhattan's cocktail circuit or at Palm Beach balls. This Bernie was quiet, controlled and closely attuned to his image, down to the most minute details. He was, for instance, an avid collector of vintage watches and took time each morning to match his wedding ring - he owned at least two - to the platinum or gold watch band he was wearing that day. Per his directives, the décor in his firm's New York and London offices was stark. Black, white and gray - or "icily cold modern," as one frequent visitor to the New York operation described it. Despite nurturing a familial atmosphere in his offices, he installed two cameras on the small trading floor of the firm's London operations so he could monitor the unit remotely from New York. This Bernie also ran a money management business on the side for decades that he kept hidden far from colleagues, competitors and regulators. While he managed billions of dollars for individuals and foundations, he shunned one-on-one meetings with most of his investors, wrapping himself in an Oz-like aura, making him even more desirable to those seeking access. So who was the real Bernie Madoff? And what could have driven him to choreograph a $50 billion Ponzi scheme, to which he is said to have confessed? ... http://www.nytimes.com/2009/01/25/business/25bernie.html *********************************** * POST TO [email protected] * *********************************** Medianews mailing list [email protected] http://lists.etskywarn.net/mailman/listinfo/medianews
