Thursday, January 12, 2017

In Prison, Bernie Madoff is Cornering the Market on Swiss Miss Hot Chocolate

From MarketWatch:
Bernie Madoff, who ran a nearly $65 billion Ponzi scheme, is one of the biggest criminals in human history. But he was also the product of a corrupt financial system, one where both clients and regulators looked the other way from cooked books in order to continue reaping the gains he so steadily delivered.

That’s one of the sure-to-be-controversial conclusions of “Ponzi Supernova,” a new Audible audio series built around extensive interviews with the now-jailed Madoff, including hours of previously unheard testimony where he discusses his crimes in his own words.

The first four episodes of the six-part series debuted on Thursday, while the final two parts will be released in coming weeks.

The host of the program is Steve Fishman, a longtime journalist who has covered and conversed with Madoff for years....MORE

... “He’s a star in prison. He stole more money than anyone in history, and to other thieves, this makes him a hero.” According to Fishman, he is frequently approached for financial advice, including by another inmate who was debating a stock purchase with his broker. “The guy later said he wished he had followed Bernie’s advice closer.”

Madoff, who opened his first business with money earned from working as a lifeguard, has even returned to entrepreneurship, albeit a crafty one.
“Bernie really was a successful businessman with quite original insights into the market, and he’s continued applying his business instincts in prison,” Fishman said. “At one point, he cornered the hot chocolate market. He bought up every package of Swiss Miss from the commissary and sold it for a profit in the prison yard. He monopolized hot chocolate! He made it so that, if you wanted any, you had to go through Bernie.”
HT: Economic Policy Journal