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#Madoff Hot Potato: Picard and Preet Pishing Match

To: Preet
From: Irv Picard

Needless to say, we were shocked to read the below complaint. Your office's attempt to seize close to $3 million in cash assets from Nan Bongiorno is in direct conflict with the authority and rights of reclamation (a/k/a clawback) that have been afforded to us by the US Bankruptcy Court.

We have attempted to cooperate with your office for more weeks than I can count, but you seem to overlook the fact that any booty that's recovered is the property of my office, and said booty is to be used to replenish the SIPC coffers.

At some time in the future; perhaps even sooner than the Second of Never, the booty is to be used to satisfy claims presented by legitimate claimants.

Its marvelous that, after 18 months, your people have finally figured out who the complicit culprits are, but Chuck Schumer and Eliot Pisher have both told me that your job is to prosecute them, and our job is to recover ill-gotten assets. Yes, young Pisher is conflicted in many ways, but now that he's got himself a pedestal over at CNN, he's got the power of the media behind him to protect his Dad's interests.


We'd be happy to share more information on assets that we've located, but it would have to me in the spirit of cooperation; you cuff 'em and we clawback.

BongiornoComplaint20100622

Full post as published by Bernard Madoff on June 25, 2010 (boomark / email).