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Law Humor

: Bernard Madoff

Madoff Shares Shorting Story: Goldman v. JPMorgan

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From: lblankf@bell.blackberry.net
To:jamie.dimon@chase.com

I don't believe for a minute that you want to lend a hand. With less than five minutes before I appear on national TV, I know that you're really salivating.

Let me explain something, aside from the fact that we know how to manage crisis better than anyone. I've got a tip for you. Two different congressional aides just told me that they're preparing an invitation for you. Seems that your firm's role in the Madoff debacle is going to become a hot topic.

Not only did you induce sophisticated investors with some wacky derivative "note" that would pay them 2x the returns reported by Madoff, but you let it be known that you had put $250 million of JP capital into the fund.

The failure to disclose that you actually took off your "hedge" within two months of Madoff blowing up , and effectively went short the fund by withdrawing the 250mil (even though it was outperforming every other hedge fund) wreaks of self-dealing on a scale that supercedes anything that we might have [inadvertently] done in the mortgage market..

Goldman and its staff can't wait to watch you testify and explain how and why JP neglected to tell your investors what inspired you to otherwise bet on Madoff's failure shortly before it happened. BLM tells me that you wouldn't have known anything without having an inside look at Bear's books when they landed in your lap.

As far as Congress is concerned, we're sending each one a copy of B. McLean's s op-ed in today's NY Times. She might have some credibility issues of her own, and she may not be nearly as smart as Arvedlund, but the column she wrote is a good one.

end of message

Full post as published by Bernard Madoff on April 27, 2010 (boomark / email).