Bernie's Accomplice Admits Facilitating Fraud (With 'Others')
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- Bear Stearns Fraud Case - The Verdict (11/11/2009)
Reading from a prepared statement, DiPascalli told a US judge Tuesday: 'I'm standing here today to tell you that from the early 1990s to 2008, I helped Bernie Madoff and other people carry out a fraud'. He admitted lying to US regulator The Securities and Exchange Commission, and said that he would 'dedicate myself to explaining what happened'. The judge wasn't impressive, and surprised everyone by refusing DiPascalli bail and dispatching him to jail immediately pending sentencing.
In the meantime, Bloomberg reports that brokers over at Merrill Lynch will be pleased to learn that new boss Sallie Krawcheck has no plans to turn the unit into a mirror image of Citi. Speaking to her new colleagues via video conferencing last week, Ms Krawcheck said: 'What I'm not going to do is turn this into a place I've been before'. She also said that she didn't like hearing all the stuff doing the rounds that the merger with Bank of America 'means the end of the Merrill Lynch culture'.
And The Times reports that seven towns in Norway's Arctic Circle have sued Citi for over $200m for losses and damages in respect of the sale of, you guessed it, 'complex mortgage-backed investments'. Citi has described the lawsuit as 'without merit'.
Reuters reports that Atticus Capital, a hedge fund which it says 'suffered some of the hedge fund industry's steepest losses last year', is to close two of its three funds, and return $3bn to shareholders.
Finally, the news agency also reports that Bank of Nw York Mellon is to acquire Insight Investment from Lloyds Banking Group in a deal worth $386.2m.
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