Picower Estate to Pay Billions to Madoff Investors

NY POST ^ | 5/3/10 | AMIR EFRATI, WCJ online

[Liz]

The estate of Jeffry Picower, an investor in Madoff's Ponzi scheme is expected to pay at least $2B to other Madoff investors that got burned. The potential recovery would more than the double the $1.5B gathered by the court-appointed trustee. Picower was found dead in his swimming pool last fall.

[Liz]

The tax-exempt Picower Foundation pocketed an astounding 950% profit from its madodd investment. Picower deposited $1.6 billion with Madoff, and withdrew more than $6.7 billion, for a net profit of $5.1 billion. Picower had arranged the rate of return beforehand.

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REFERENCE Jeffry Picower was a seldom-seen self-styled "philanthropist," investor and confidant of Madoff. One lawyer representing 100 Madoff victims suggests it was no accident that Picower was one of the few Madoff customers who made a substantial profit.

While coverage of Picower has been scant, on various occasions, The St. Petersburg Times, Forbes, and, most recently, Pro Publica, have raised the question of whether Picower used his tax-exempt "charities" to mine information—especially about the medical developments-----that he then used in chasing deals. For example, Picower was the biggest shareholder in Alaris Medical Systems and collected more than $1 billion when it was bought by Cardinal Health in 2004. (snip) http://www.thedailybeast.com/blogs-and-stories/2009-06-25/did-bernie-madoff-get-a-billion-dollar-kickback/full/

Authorities should go after The Florida-based Picower Foundation, worth $1 billion AND a major backer of the abortion industry.

Barbara and Jeffrey Picower
The Picower Foundation
1410 South Ocean Blvd
Palm Beach, Fla 33480
Tele 561-835-1332
Geographic Focus: Florida; New York;
SOURCE http://www.tgci.com/funding/fdnresultnew.asp?thisID=19499

NOTE: After the scandal broke, Mr Picower was found dead, floating in his swimming pool. Mrs Picower had just had her hair and nails done….....one could not expect her to jump in and save the guy.

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REFERENCE The number of tax-exempt "foundations and charities" attached to Madoff's scam is VERY fishy. NOTE: the IRS has targeted tax-exempt "foundations and charities" as the locus classicus for money laundering and tax evasion. The BIGGEST fraud is one charity writing checks to another charity---the way these "altruistic philanthropists" siphon off funds for themselves--all tax-free.

Clearly Madoff was running several simultaneous scams:

Madoff was running several simultaneous scams:

(1) a Ponzi fraud that made him personally wealthy;

(2) laundering tax-free money for wealthy businessmen posing as philanthropists,

(3) IRS fraud facilitation for wealthy businessmen;

(4) a protection racket (shielding his investors from scrutiny);

(5) laundering tax-free money that was donated to Democrat candidates (campaign fraud).

The court appointed trustee looking into Madoff's assets unearthed a labyrinth of interrelated international funds, institutions and entities of almost unparalleled complexity and breadth...... with assets and businesses in 11 places overseas. Madoff traveled overseas frequently, to his villa on the Riviera----those suitcases he carried were probably full of cash .....not leisure wear.

[Liz]

ping

[Boiler Plate]

Picower was found dead in his swimming pool last fall.

I guess he won’t miss the cash then.

[GeronL]

Liberals ripping off liberals.

[Gay State Conservative]

I grew up next door to a family that was hit hard by Madoff.The son was my age and I never cared for him or his mother.His father seemed like a decent man.

[Liz]

Yeah, but his widow will have to scrounge to pay for those $100 manicures and $350 dye jobs.

[Boiler Plate]

I suppose she ought to get a job at the salon as a shampoo girl like the folks her husband and Bernie ripped off. At least she get the employee discount then on the manicures.

[Miles the Slasher]

"Picower was found dead in his swimming pool last fall."

He could launder the money, he could not launder himself.

[Boiler Plate]

He could launder the money, he could not launder himself.

Amen.

[MIchaelTArchangel]

I guess the victims are going to pickover Picower.