If Madoff really has a secret stash of cash somewhere, will he admit so voluntarily? A judge has ordered The Ponz to produce a full accounting of his assets by year’s end, all of which, presumably, will be gobbled up by hungry Madoff investors (and their lawyers — for them it’s all profit, not pennies on the dollar)
AP: The court filing was made as investigators spent another day trying to untangle Madoff’s operation. Investigators have started serving grand jury subpoenas requiring witnesses to testify and seeking documents, according to an official familiar with the case. The official, who spoke on condition of anonymity because the investigation is ongoing, declined to identify who was served or specify what doc.
Meanwhile, a couple other Madoff quick hits. The Journal has reported that the International Olympic Committee is the latest victim to come forward. The hit was tiny, just 1% of its assets. and it seems that J. Ezra Merkin’s investment group, another big feeders, has decided to shut down, knowing it can never overcome its Madoff-related losses.