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Betting on #Bernie's Futures

To: Adam Moskowitz, ASM Capital
From: Mark Madoff
cc: Uncle Pete
cc: J.Picower

Dear Adam:

Thank you for contacting us. Your proposal to partner up and use our trading software to create an exchange by which people can trade futures contracts on the Picard Portfolio, and otherwise allow people to hedge positions, and/or speculate on the amounts that claimants might ultimately recover is obviously an interesting idea.

Regrettably, and notwithstanding how many trades your firm might have already executed to date, or how many market-makers you might be able to bring to the table, we're already way ahead of you.

The futures platform has already been created using the software that I invented for my old firm. We'll be linked into the Cantor Movie Futures Exchange, as well as BATS. Jeff Picower has appointed April Freilich to sit on the board, and Konigsberg's firm is the appointed auditor.

My cousin Shana has been appointed head of compliance for the new market, and her husband Eric, has necessarily greased the wheels so that we can get expedited approval from the CFTC. We decided to make this a futures exchange, as opposed to an options exchange simply because the CFTC is much more friendly, and the people at the SEC still don't understand squat about anything.


Please be aware that we've already patented this product, and Bloomberg has agreed to create a tracking index by which investors will be able to trade outright futures, as well as options on futures.

Based on Mr. Picard's famous "Second of Never" payment projections, contract months that can be traded will extend out to 2080. If you would like to become a participant, we do have electronic memberships available for $1 million; you can contact Nan Bongiorno or Jodi Crupi for the membership application.

Mark Madoff

Full post as published by Bernard Madoff on June 05, 2010 (boomark / email).