So, it turns out Bernie Madoff wasn’t acting alone, after all. Imagine that.
Annette Bongiorno, one of Madoff’s trusted deputies, had two assistants research price moves of major stocks every day and generate a report, then have the pair produce trading “tickets.” Of course, the fun here is that the trades never took place.
From experience, we know how old time stock brokers in Cleveland used to pull this scam off with a few clients and dot-matrix printer back in the 1980s. But this many people? For this long? Truly amazing. They should let Bernie run the bingo game at whatever Club Fed he lands.
The Journal broke that story this morning and it’s just one detail that said to be coming out among the many when Madoff’s guilty plea becomes official on Thursday.