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December 10, 2013

Stuff you may have missed: December 10, 2013

A few months ago, New Yorker Leo Grand, who has been homeless since he lost his job in 2011, was presented with an unusual proposition by a stranger: The man would either give Grand $100, or teach him how to develop a mobile app. Grand chose the latter option—and the guy who pitched the idea became the subject of a media storm. But Grand kept at it, and now his app Trees for Cars is available for sale.

Want to whip people up in a minor frenzy? Have Obama shake hands with Fidel Castro’s brother, making people forget that they did it at a memorial for NELSON FREAKING MANDELA. Perspective, guys.

A family of six went missing in a remote canyon in Nevada over the weekend, leading to a huge manhunt, but fortunately they were all found—alive—earlier today.

Bernie Madoff cried when he told his second-in-command that his ponzi scheme was a fraud.

Organic milk is healthier for you: This study says so.

21:00 // 10 months ago
February 4, 2011

Bernie Madoff trustee: The NY Mets knowingly took ill-gotten cash

  • $300
    the estimated amount in profits the New York Mets allegedly earned from Bernie Madoff’s ponzi scheme
  • $90
    the estimated amount that the team reportedly took from Bernie Madoff-related bank accounts source

» And now they’re being pressured to give it up: Irving Picard, the trustee in charge of the insanely massive Bernie Madoff account, claims in a lawsuit that the Mets organization, represented by Sterling Equities, turned a blind eye to Madoff’s scheme and had plenty of opportunities to see red flags pop up. ”The Sterling partners were simply in too deep – having substantially supported their businesses with Madoff money – to do anything but ignore the gathering clouds,” says the complaint first made public on Friday. Officials for the team call the claims ”an outrageous strong-arm effort” at getting money out of them, and deny any wrongdoing.

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17:34 // 3 years ago
December 18, 2010

Current score: Who’s still getting screwed by Bernie Madoff?

  • 16k number of people claim to have been affected by the breakdown of Madoff’s ponzi scheme, which left many of the victims destitute
  • 60% of victims may never see any of the money because they put their money into Madoff’s care indirectly, though feeder funds
  • 400 investors were sued for taking more than they were worth from Madoff’s ponzi scheme (though some of them are broke, too) source

» Not every victim is getting helped: Only around $5.9 billion in losses has been recognized by the trustee so far, which much of the rest of the money owed indirectly by hedge funds that need to pay back the money they withdrew first.

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11:14 // 3 years ago
December 17, 2010

Madoff trustee scores big settlement for victims in Ponzi scheme

  • $20B the amount investors lost because of Bernie Madoff’s massive ponzi scheme over the years
  • $2.3B the amount that had previously been gained back through auctions and other means
  • $7.2B the amount earned in a settlement with the estate of Jeffry Picower, a Madoff investor source
12:16 // 3 years ago
November 14, 2010
Auction of Bernard Madoff’s personal effects = $2 million
Three words: Bernard Madoff’s undies, last in the public eye when he crapped his pants after finally getting caught about two years ago. source
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Three words: Bernard Madoff’s undies, last in the public eye when he crapped his pants after finally getting caught about two years ago. source

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1:18 // 3 years ago