Thieves "Educate" Madoff On Stolen Goods

Pilfered Statue Returned With Scolding Message To Disgraced Investor, Who Provides List Of Assets To SEC

(CBS/AP)  Thieves calling themselves "The Educators" have returned a statue stolen from disgraced investment guru Bernie Madoff. And they hope the Wall Street money manager has learned his lesson.

CBS Affiliate WPEC reports that the $10,000 copper sculpture of two lifeguards turned up Wednesday along a bicycle path

A worker found the statue near the country club Madoff belonged to, just a few blocks from Madoff's Palm Beach home.

A note attached read: "Bernie the Swindler, Lesson: Return stolen property to rightful owners. Signed by - The Educators."

When told of the scolding missive, one woman told WPEC correspondent Ashley Glass, "New Year's is about messages, right?"

The statue was reported missing Dec. 22, about a week after he was arrested on charges he bilked investors out of more than $50 billion. His clients included major banks, charities and retirees.

The statue, which did not appear to be damaged, now sits in the evidence room of the Palm Beach Police Department.

Meanwhile, the disgraced money manager gave the Securities and Exchange Commission a list of his personal assets Wednesday, but investors may have to wait to learn whether the filing contained any clues as to the whereabouts of their missing billions.

Madoff, now under house arrest, had faced a court-ordered deadline of Dec. 31 to turn over a detailed accounting of his homes, stock holdings, bank accounts and other business interests.

The list was also supposed to include the names and locations of any bank or brokerage accounts holding whatever remains of his clients' money.

The SEC confirmed Wednesday evening that it had received the filing, but it declined to reveal details or make the documents available to journalists.

The list was not filed publicly in any of the courts handling the Madoff case, and SEC spokesmen said no decision had been made as to whether part or all of the asset disclosure would ultimately be made public.

Madoff's attorney, Ira Sorkin, said his client was abiding by the court order, but the attorney would not comment further.

Any Madoff assets disclosed in the filing or unearthed by investigators could eventually be tapped to make restitution to victims of what authorities say was a massive Ponzi scheme.

Madoff's personal wealth is said to be substantial. He had mansions in the Hamptons and Palm Beach, Fla., a penthouse in Manhattan and a handful of luxury yachts. His firm operated proprietary stock trading desks in New York and London that were supposedly investing the family's vast fortune.

Still, those assets would likely cover only a fraction of the billions of dollars that investors entrusted to Madoff.

Law firms representing Madoff's clients said they were nonetheless still eager to see what might be available to repay victims.

"Like everyone else, we expect it to be made public," said attorney Matthew Gluck, a partner at Milberg LLP. Gluck added that if the SEC refuses to disclose the documents, his law firm would consider other steps to obtain the information.

Several disgruntled investors have already filed lawsuits against either Madoff or the hedge funds that fed his business.

On Monday, a top SEC official is set to face a Congressional panel investigating the scandal.

The House Financial Services Committee, which is preparing for the most substantial rewrite of laws governing U.S. financial markets since the Great Depression, is scheduled to take testimony from SEC inspector general H. David Kotz.

A major focus of the hearing will be the inability of the SEC to unearth the scandal, said Rep. Paul Kanjorski, D-Pa., who will chair the hearing. The SEC has come under criticism for not fully investigating fraud allegations against Madoff's investment firm. SEC Chairman Christopher Cox has acknowledged that there were multiple failures by agency staff during previous inquiries.

"Sadly, Mr. Madoff's actions have further weakened the already-battered investor confidence in our securities markets," Kanjorski said in a statement. "We can, however, better understand how to reform the U.S. financial system by carefully examining this Ponzi scheme."

Madoff, 70, a former Nasdaq stock market chairman, is accused of running a scheme that paid fictitious returns to certain investors out of the principal received from others. Madoff remains under house arrest in his apartment in New York as part of an earlier bail agreement.

[unlresources]

Educate Madoff. Don''t make me laugh. The only way to get Madoff''s attention right now is to send him away to the SuperMax prison and let him fend off the anal assaults from various prison gangs. Now that would be an education for Madoff since he was used to *** investors.

[airboatboy1]

Maybe on his way to court someone will "educate" him on street justice.

[hatesthecolt]

Even if it mattered that he is Jewish, the vast majority of his victims were Jewish or Jewish-focused charities so he was preying on his own people, most of whom did not deserve it so let''s let it go.

[grvmstrj]

IF HE WAS NOT RICH---HE WOULD BE UNDER THE JAIL!

[gesca-2009]

OK! Let''s cut the racial bigotry. Jewish, Christian, or Muslim he is still a criminal. (You are beginning to sound like "Adolph Hitler".) He is a criminal and should not be given any special treatment. He deserves what the common man would get. Do you really think liquidating all his assets would mean anything to him. (Millions vs. Billions.....it is but a drop in the bucket to him.) We need the co-operation of all financial institutions world-wide to recoupe what he stole to repair the lives of all he has ruined. Shame on the SEC for overlooking this for so long. He is a criminal....treat him like one, but leave all racial slurs out of it.

Madoff made fools of millions, made off with billions, made an offul wreck of our economy, and has now had his sculpture returned. Anybody think to check inside the sculpture?

[ozarkbard]

If we truly are a democracy, then the only ones that can do something about people like Madoff is us.

As long as we continue to vote professional politicians into power, we will be doomed to many more Madoffs in the future.

[stinginrich]

Bernie Madoff, former Charman of NASDAQ and Advisor to the SEC up until the day he was arrested, stole a reported $50 Billion from investors. Anyone wonder what the true ramifications are of someone this high up on the food chain being this blatantly corrupt?
How many of the CEOs, Chairmen, CFOs, and others, who just recieved $Trillions$ in taxpayer "Bailout" cash, are just as corrupt or even worse? The fact all questions regarding the present whereabouts of these funds has either been met with silence or cannot be accounted for is quite an unsettling development.
Mark my words, Madoff is but the tiny tip of a Massive, Slimy, Iceberg of Sh*t, that will be exposed very shortly now.
Get ready, Droolers.....

[flolake]

Madoff: G.T.H., do not pass go, ad nauseum...

[gce65]

Great film, "The Edukators!" RENT IT.

I''d love to see some real life examples in the wake of all the financial scandals recently.

[gce65]

Madoff needs to be "educated" at the end of a noose!

[kno-1]

BTW, for those who are interested in the origins of the Ponzi scheme, research Charles Ponzi. Seems he was doing his scheme during the beginning of the depression.
Seems the cycle does continue.

[kno-1]

I think this has been posted already, but just for the record:
This is a wonderful example by everyday people copying from the German/Austrian Film. "THE EDUKATORS."

The film''s about 3 people who break into rich people''s mansions and carefully rearrange their furniture and goods, then leave cryptic messages like:
"Die fetten Jahre sind vorbei"; literally "the fat years are over", or "the days of plenty are numbered"

[doorgunner3]

Let''''s move on and leave this poor aging man and his family alone.

Posted by ColonieNY

He didn''t take a stapler. He stole billions -- from individulas, charities, businesses.

Poor, I think not.

Aging?

Not quickly enough.

[jsutaguy]

You''ve really got to read this article by the Washington Post. http://tinyurl.com/6emukq

This top-rated piece of investigative reporting shows that Wall Street Banks took BILLIONS out of our pockets by cornering the Oil markets in 2008, controlling 81 percent of all oil contracts in the world...and they''''re getting ready to do it again in 2009.

http://tinyurl.com/6emukq

This article was not widely reported by virtually any other major news media (NBC, ABC, FOX, CNN, etc).

Cut and paste this and pass it on to people. We have been sold out.


As the article points out, these same Wall Street firms plan to do the same thing in 2009 to the price of everything we eat or drink, using the same cheap money they are getting from our treasury to manipulate commodities markets.

Why are we paying to keep these firms in business?

Why are our taxes being used to keep them operating?

They aren''''t lending money to real businesses, they aren''t helping our economy, they simply aren''t necessary for America...they are only used by the very richest parasites who are destroying our country and dictating its policies by buying out our government and impoverishing the majority.

Our elderly are being forced into the street by these banks. Our children are being bankrupted by 29% credit card rates with taxpayer money the Fed gives the banks at zero percent.

This is obscene.

How long will we allow this to continue?

[antoniof123]

I am laughing so hard right now so many hollier than thow saying how rightous their are.

This is what we beleived for so long well welcome to the human race.

Politics only works when we all work hard at it.

LOL this is a lesson that needs to be learned but it will fall on deaf ears as always.

[colonieny]

I am not sure that allt he facts are in, but I am sure that everyone seems to be in a "gotcha" mode, and not very understanding. Who are we to judge ? Haven''t you take something from work ? like extra typing paper, pens, or even ? petty cash ? Have you ever lied ? If so ( i think very few honestly honest people can say no ) == perhaps you should be in jail as well.
When people are trying to be all things to all people, and supply happiness, financial ceilings, even "wealth" - what do you expect ? Things go wrong, and it is a bitter pill to say, hey I have failed. So, as it happens, things happen. I do not personally blame this man, who no doubt is in a state of despair. Can''t we just go on, and forget about so much BLAME, and punishment. He did not truly harm anyone, beyond what they themselves "risked" perhaps so foolishly and knowingly . Like Las Vegas.
If there is a blame here, it is for all of us, as society who demands to win, make money and live high on lobster bisque. Excuse me , while I open my can of soup for dinner, and happily so.
Let''s move on and leave this poor aging man and his family alone.

[nobdysfool]

Give it a rest, we are only on this planet a few decades, do you see anyone cold, hungry, or naked?
posted by hetup
----------------------------------------
What a crass, unfeeling thing to say. The fact of the matter is this crooked man has ruined many lives financially and is seemingly getting out of it with only a slap on the wrist!

[hetup-2009]

Money sure brings out the meanness in people.

Give it a rest, we are only on this planet a few decades, do you see anyone cold, hungry, or naked?

[tincup356]

50 billion is chump change compared to the heist that Congress is pulling off giving out bailouts......It''s the people''s money and people are letting congress give it out because they are weak party party controlled zombies who believe repeated lies. This is the direct result of what happens with uncontrolled greed......why is congress any different than Madoff? they are both mega big time thieves ,,,,,,seems like Both parties need a good public lesson in what we think of the bailouts......any solution starts with getting rid of all the crooks in congress.