[lbo-talk] Taibbi's latest on Wall Street rip-off

Ferenc Molnar ferenc_molnar at hotmail.com
Wed Feb 23 09:05:27 PST 2011



>From today's New York Post:

TOP SEC LAWYER AND HIS BROS INHERITED $1.5M IN MADOFF PROFITS

The top lawyer at the Securities and Exchange Commission and his two brothers inherited more than $1.5 million in phony profits from their mother's investment in Bernard Madoff's epic Ponzi scheme, according to a startling suit filed by bankruptcy trustee Irving Picard.David Becker -- who was named SEC general counsel and senior policy director less than two months after Madoff's arrest in December 2008 -- was served with legal papers demanding return of the dirty money earlier this month, court records show.

Picard's "clawback" suit claims that Becker's mother's estate -- of which he and his brothers are co-executors -- received more than $2 million from Madoff's crooked investment firm. .......

Becker, who's slated to leave the SEC next week for a private-sector job, insisted he had no "absolutely" no idea Madoff had been running a fraud.

"This is about my parents' investments. I had nothing to do with my parents' investments," Becker said.Asked if he had told his bosses at the SEC -- which has been harshly criticized for failing to uncover Madoff's $65 billion scam -- he replied, "I don't discuss internal conversations with the SEC."

http://www.nypost.com/f/print/news/local/top_sec_lawyer_and_his_bros_inherited_vHLtc4soe2eUF1o8FegzPJ



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