Banker Faces 45 Years In Clink / Madoff & The Ladies
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- Banker Gets Eight Years For Death Of Wife (16/10/2009)
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The fraud, which is said to have accounted for securities worth over $1bn, helped Butler generate significant commissions. He now faces a maximum sentence of 45 years. He will be sentenced in October, as will co-defendant Julian Tzolov, a former work colleague who jumped bail, was picked up in Spain, pleased guilty to fraud, and then testified as a prosecution witness (What a piece of work he is).
In the meantime, The New York Times reports that all the recent criticism of Goldman Sachs is having no impact on the firm (Nor should it, as most of it is BS). The firm apparently told CreditSights analysts that it remains focused on delivering returns to shareholders in the most appropriate manner. In other words, it's water off a duck's back.
The Times reports that UK market regulator The Financial Services Authority has started an investigation into whether Royal Bank of Scotland should have been more transparent about the risk that was on its books at the time it launched a $19.5bn rights issue in early 2008, which, in the end, was not enough to save the bank having to be bailed out by the UK government.
Finally, The New York Post reports that, according to a new book about the Madoff affair (Madoff With The Money by Jerry Oppenheimer), Bernie was one for the ladies in his office. One Madoff office worker told Oppenheimer: 'He had affairs in the office. There were two women I know of. They were gorgeous. They were blonde. They were young'. Whatever did they see in Bernie ? $65bn perhaps ?
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