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Posts Tagged ‘Frank DiPascali’

Judge Rakoff: “Truth is Confined to Secretive, Fearful Whispers”

Posted by Larry Doyle on November 28th, 2011 6:53 PM |

Many participants in our financial markets and political circles clearly have little interest in allowing a full exposition of facts and figures on a wide array of topics. Why let those trifling principles get in the way of maximizing profits and currying favor for political gain, right?

“That’s not how we roll” here at Sense on Cents.  Truth, transparency, and integrity are ALWAYS the order of the day.

Our prized virtues may not be embraced in our nation and the world at large, but that does not mean we should or will ever forsake them.  (more…)

Sense on Cents 2009 Halls of Fame and Shame

Posted by Larry Doyle on January 4th, 2010 9:47 AM |

For those who missed last evening’s No Quarter Radio’s Sense on Cents with Larry Doyle Hall of Fame and Shame Induction, I am compelled to provide a recap and listing of all those honored or dishonored — depending on one’s perspective. What was the measuring stick to make these assessments? Very simply, the pursuit and promotion of truth, transparency and integrity as we navigate the economic landscape.

Some names you will immediately recognize, others you may not. Additional information about these individuals can be found via the search window (located above the right sidebar) at Sense on Cents. The names appear in no specific order of priority or importance. With no further adieu . . .

Sense on Cents 2009 Hall of Shame Inductees

1. Bernie Madoff
2. Nicholas Cosmo: ran financial scam at Agape World
3. Tim Geithner: tax cheat amongst other things
4. Larry Summers: arrogant, condescending, and sleep deprived
5. Auction-Rate Securities dealers and managers, especially Oppenheimer Holdings, E-Trade, Schwab, Pimco, Van-Kampen, Blackrock
6. The Wall Street Journal
7. George Soros
8. Chris Dodd (D-CT): reasons too numerous to mention
9. The Board of FINRA
10. Franklin Raines and Leland Brendsel: former CEOs of Fannie and Freddie
11. Wall Street management, especially Lloyd Blankfein of Goldman Sachs
12. Frank Dipascali: a special place in hell for Madoff’s CFO
13. Rahm Emanuel
14. Jimmy Cayne: CEO of Bear Stearns
15. Dick Fuld: CEO of Lehman Bros.
16. Congress collectively
17. Barney Frank (D-MA): reasons too numerous to mention, but start with “I want to roll the dice…”
18. Bank Stress Tests: a total sham
19. Allen Stanford
20. Steven Rattner: car czar
21. Bruce Malkenhorst: receiving a 500k pension from Vernon, CA
22. Barack Obama: just another politician (more…)

Madoff CFO, Frank DiPascali, Singing Like a Canary

Posted by Larry Doyle on August 9th, 2009 11:54 AM |

Frank DiPascali, CFO for Bernie Madoff, is widely expected to plead guilty this Tuesday. DiPascali has waived his right to be indicted by a grand jury in a sign that he is looking to cut the best deal possible.

How high a pitch and how many tunes will investigators receive from the canary known as Frank DiPascali? Do you think there are a whole host of people not sleeping very well lately wondering what notes Mr. DiPascali may reach?

Who might some of these people be?

1. Walter Noel: head of Madoff’s largest feeder fund, Fairfield Greenwich.

2. Sandra Manzke: formerly headed Tremont Advisors, another large feeder fund. Manzke left Tremont in 2006 and launched a money management firm Maxam.

3. Andrew and Mark Madoff: Bernie’s sons ran the Madoff broker-dealer operation.

4. Peter Madoff: Bernie’s brother and general counsel.

5. Shana Madoff and husband Eric Swanson: Shana, Bernie’s niece, married former SEC lawyer Swanson in 2007. Swanson was with the SEC for ten years prior to departing in 2006. Ms. Madoff served on a committee at the Wall Street regulator FINRA.

6. Robert Jaffe: vice-president of Cohmad Securities. Jaffe was instrumental in signing up a multitude of investors with Madoff.

7. Sonny and Marcia Cohn: this father-daughter team owned Cohmad Securities, which was physically located within the same space as Madoff’s operations.

8. Certain large Madoff investors with whom DiPascali had regular contact. How much did they know?

9. Who were the regulators from FINRA and the SEC responsible for monitoring the Madoff operation? Are they nervous as well? Will investigators dare to pursue this angle?

Obviously, if any of these individuals (and any others) are implicated by DiPascali, they are entitled to due process.

I would love to see Mr. Harry Markopolos reintroduced into this equation. Mr. Markopolos clearly knew the inner workings of the Madoff operation. Will investigators have the courage to engage him and expose the shortcomings in our regulatory oversight?

No stone should be left unturned!!


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