Bernie Madoff Tells Gasparino He’s a Victim of Wall Street

On Madoff’s claims he is helping Harvard Business School develop a course on business ethics: ‘At least in his mind, he’s getting ready to help the prestigious Harvard Business School develop course work for its students from his jail cell at Butner. Madoff said that Harvard is interested in his input to develop a course business ethics. Now he tells Fox Business that the school’s focus is in building an Entrepreneurial course.’ The course, according to Madoff, will focus around my experiences building my market making and Prop trading business and my role in NASDAQ and electronic trading. I have been approached by number of other business schools but have only committed to Harvard.’ Some strange turn of events, HUH!’ he writes about academia’s interest in what he has to say. Yes, if they were true.’

Bernard Madoff

Bernard Madoff

On Harvard’s response to whether Bernie Madoff is helping them design a course for business school students: ‘The entire matter is not true,’ a spokesman for the Harvard Business School told the Fox Business Network. ‘The business school is not working with Bernard Madoff on anything.’

On Madoff’s allegations that SAC capital is guilty of insider trading: ‘SAC, which is being investigated by Justice Department as part of its probe, says it has done nothing wrong, and neither the firm nor Cohen has been charged with civil or criminal securities law violations. But Madoff says SAC along with its major competitors have been relying on insider tips for years. The only reason the regulators are addressing it now is because of the uproar in Congress (about insider trading abuses) How did Geithner and Paulson escape as they did?,’ he writes referring to the former Treasury Secretary Hank Paulson and the current on Tim Geithner, though it’s unclear what they have to do with insider trading.’ The worst kept secret was Steve Cohn’s trading as well as most other hedge funds.”

On Madoff’s interactions with SAC Capital Chief Steve Cohen: ‘How does he know SAC relies on insider information? Madoff says that while he never met Steve Cohen,’ he once called Cohen and told ‘him to stop his managers from approaching my traders with their offer to give them info if we let SAC execute our commission business”

On SAC Capital’s response: ‘A spokesman for SAC Capital counters that Steven Cohen has never met or spoken with Bernard Madoff and any such assertion is absolutely false.”

‘Madoff contends he’s not really the world’s greatest swindler who with the help of a few clerks and back office people carried out a 2-decade long white collar crime spree. Rather, he’s somewhat of a victim who turned to crime as a way of dealing with unscrupulous Wall Street types that are found all over the financial services business.’

Dr. Keith Ablow on Madoff’s psychological state: ”Madoff developed an artificial sense of reality. Now even in prison he is trying to do the same thing.’

Ablow also says that enticing the media to believe he is still important with places like Harvard, or has inside knowledge into how Wall Street really works fills a pathological need for Madoff to make people believe he is special and capable of extraordinary talents as he has done for so long in his life.’ Ablow believes it’s that pathological narcissism’ that drove Madoff to prove to the world he was a great investor even if he had to lie and cheat his way to the top.’

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TCI Own Bernard Madoff and David Smith

Doug Parnell is only one person. Doug Parnell is his own person; with his own standards and morals. Doug Parnell decide what is best for Doug Parnell; and we as readers, should not second or third guess his moral and ethical decisions. We, as TCIs, must now decide if Doug Parnell is the leader to take TCI to the next level.

Bernard Madoff

Bernard Madoff

Sometimes it is better to give up the battles that you sure that you cannot win and concentrate on those that you are sure of. In this case Doug Parnell may have done what he thought was prudent, unethical and forthright, though it may have been.

Without having full knowledge of Mr. Parnell’s case, as the original article writer may have had; if the cost to litigate was more than that to conciliate, and the outcome very uncertain, then, it may have behove Mr. Parnell to negotiate.

Unless Mr. Parnell wanted a moral victory and a non-felon record, then all arms should have been out to fight! But who knows what Mr. Parnell’s intent was, and why should we second guessed him?

And in all honesty, if Mr. Parnell was to fight, and source quality defense, as he is rightfully entitled to, then I am sure that the hourly rates for Federal defense would had been much more than then the rates ($850.00) charged by our local inexperienced recent law graduates.

But in hindsight, the $200,000 at assumed hourly rates of $1,000 would had gotten 24 days of research and defense counsel. So Mr. Parnell may have taken the sure route, plea-bargain, a fine and no jail time. A deal for $200,000!

Was it worth the risk of taking a case to trail of which Mr. Parnell was not guaranteed the outcome, be it not guilty, or guilty and get jail time; or just make a deal negotiate, as he did.

How does this effect Doug Parnell here in the TCI? Is it a question of jurisdiction or just ethics? Surely US law is not binding here in the TCI; and how much does ethics play?

Hey Ed. I understand wanting to give him the benefit of the doubt because of expense and hassle. I do. But here, here! He had his day and made a decision on the allegations against him. Why do we give Doug and others the benefit of the doubt, even when they had their day? The people accused of corruption in TCI haven’t had their day but still nobody is giving them the benefit of the doubt. They are the ones who are owed it. If Doug gets a pass even after pleading guilty, how unfair is it that everyone is jumping leaps and bounds to guilt for those only accused of corruption, the same pending charges that are keeping us under the thumb on the British punishment? Let’s be rational.

Hey Ed, I don’t care what it behoved Doug to do, the fact is he is a swindling, defrauding, deal making criminal. Additionally the fact that he tried to bury this is all the proof I need to convict the fraudster.

I respect anyone who makes mistakes and admits them, after all we are all human, but I have absolutely no respect for people like Doug who parades around acting all sanctimonous, and hollier than thou when all along they are hiding their criminal activites.

Did anyone else noticed that Doug Parnell, pleaded guilty but was still able to have the charges dropped/dismissed? Or should it be, he had the charges settled ?.

Because pleading guilty, and also having the charges dismissed, technically, says that he does not have a conviction; therefore, he is not a felon, and no police record!

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