Sunday, 14 September 2014
Last updated 2 days ago
Sep 1 2011 | 8:24pm ET
Bernard Madoff isn't a Charlie Gasparino fan anymore.
The convicted Ponzi schemer is unhappy with the Fox Business Network reporter's article last week, based on weeks of phone calls and e-mails with the arch-fraudster. Madoff called Gasparino a "typical hatchet job reporter," the latter revealed, rather than a journalist Madoff "truly respected in the past."
The problem, it seems, is that Gasparino sought to corroborate Madoff's claims, including that SAC Capital Advisors sought to do business with his firm in exchange for insider tips and that the Harvard Business School was building a course around Madoff's career. Both claims, SAC and Harvard say, are false.
But the problem, Madoff said in what Gasparino called a series of "lengthy and somewhat rambling e-mails," is that he misspoke. While Gasparino reported that Madoff claimed that he once spoke with SAC's Steven Cohen "to stop his managers from approaching my traders with their offer to give them info if we let SAC execute our commission business."
"After reviewing my language to you, I realized I mistakenly said they offered to execute MY orders. It should have read We could execute SAC's orders and earn the commissions which was his standard offer to market makers who would provide him with information regarding the market makers order flow," Madoff wrote. "Surely you had to be familiar with his procedure, which was widely rumored in the press."
"His managers, like everyone else were of the opinion that we had access to huge orders from our hedge fund as well as our market making flow which was hundred's of thousands of orders daily that they could run in front of and visa versa with SAC's orders [all sic]."
SAC—again—told Gasparino that Madoff's new claims are "absolutely false," but that's not likely to assuage his correspondent.
"Did you really expect SAC Capital to confirm the illegal conversation they had with my firm while they are currently under investigation for insider trading?" Madoff asked, referring to SAC's earlier denial.
Madoff also took issue with Harvard's denial, saying that he received Gasparino's story from the "Harvard Business School professor I have been working with." While he didn't identify the academic, he claimed he has a "letter and numerous e-mails concerning Harvard Business School's professor's course project with me."
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
The Federal Reserve keeps baby-stepping toward a “normalization” of monetary policy. But just what is normal?