The Noose Tightens For Madoff's Accomplices
A "person familiar with the investigation" into Bernie Madoff has tells the AP that the government is pursuing charges against 10 more people who allegedly played a role in carrying out the biggest Ponzi scheme ever. Who are they? No names were mentioned, unfortunately. But if one of the people on the list is hedge fund manager Ezra Merkin, that won't be the only piece of bad news he receives this week. Attorney General Andrew Cuomo unveiled a deal this morning to sell off a collection of Merkin's Rothko paintings and Giacometti sculptures, items that will go to repay people who lost money as part of the scheme. An anonymous buyer has already stepped up and agreed to pay $310 million for the works, and when various liens, commissions and legal fees are subtracted, an estimated $191 million will eventually be left over for Madoff's victims. What will Merkin do with the bare walls of his mammoth apartment at 740 Park? Well, this painting is still for sale, as far as we know, and would be rather fitting, wouldn't it? [AP, WSJ]