Madoff's exit strategy?

Investigators found 100 signed checks worth $173 million in Bernie’s desk that apparently were ready to be sent to family members and friends on the day of his arrest. Prosecutors say it's another reason why the guy needs to be kept in jail. From the NYT:

“What the defendant failed to highlight for the court in his rendition of events is the fact that, prior to his arrest, he announced his intention to transfer $200-$300 million of the remaining investor’s assets to selected family, friends and employees,” Assistant United States Attorney Marc Litt said in the filing. “The only thing that prevented the defendant from executing the plan to dissipate those assets was his arrest by the F.B.I. on Dec. 11,” Mr. Litt writes.

All this comes on top of news that Madoff mailed valuable jewelry and watches to relatives and friends shortly after his arrest. He's currently out on $10 million bail, but confined to his NY apartment.


More by Mark Lacter:
American-US Air settlement with DOJ includes small tweak at LAX
Socal housing market going nowhere fast
Amazon keeps pushing for faster L.A. delivery
Another rugged quarter for Tribune Co. papers
How does Stanford compete with the big boys?
Those awful infographics that promise to explain and only distort
Best to low-ball today's employment report
Further fallout from airport shootings
Crazy opening for Twitter*
Should Twitter be valued at $18 billion?
Recent stories:
Letter from Down Under: Welcome to the Homogenocene
One last Florida photo
Signs of Saturday: No refund
'I Am Woman,' hear them roar
Bobcat crossing

New at LA Observed
On the Media Page
Go to Media

On the Politics Page
Go to Politics
Arts and culture

Sign up for daily email from LA Observed

Enter your email address:

Delivered by FeedBurner


Advertisement
Mark Lacter
Mark Lacter created the LA Biz Observed blog in 2006. He posted until the day before his death on Nov. 13, 2013.
 
Mark Lacter, business writer and editor was 59
The multi-talented Mark Lacter
LA Observed on Twitter and Facebook