Feds probe Madoff's elderly pals Shapiro, Picower, Chais
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They're now rounding up the unusual suspects in the Bernie Madoff swindle: ancient financier Carl Shapiro and somewhat less elderly "philanthropists" (as the Wall Street Journal describes them) Jeffry Picower and Stanley Chais.
Picower and Chais have said they were bilked by Madoff. Feds now claim that they were in on the bilking. (Both deny wrongdoing.) The numbers are pretty awesome — and not just the fact that while Picower is only 67, Chais is a ripe 82.
The WSJ's story yesterday has some other big numbers:
In some cases, their returns reached 300% or 950% a year, Mr. Picard has alleged. The two men made withdrawals from Mr. Madoff's firm of more than $6 billion in supposed profits above and beyond the principal they deposited for themselves, family members and foundations, the lawsuits allege.
Even you could afford to be a philanthropist with those numbers.
Shapiro should have known better than to leave his blinkers on. At 96, he's the only alleged Madoff plunderer who was around when Charles Ponzi himself was scheming. Then and now, 23 fucking skidoo!
