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Ezra was NOT " Bernie's Bagman"

To that shlameel from Crains NY that said that Ezra was my "bagman": Does this look like a guy that carries people's bags?? Are you insane?? Ezra has a $30 million duplex at 740 Park, a museum's worth of artwork, and God knows what else.

Do you think he needs to carry my bags?? Of course not! So what that he made his money by charging investment management fees and points on top of that. Christ, he was managing at least $2 billion. That takes alot of work. He had overhead too. You think the maintenance on that apartment his cheap??

Sure, I paid him commissions, just like I paid Sonny, just like I paid Walter and his boys, just like I paid Bob. Just like I paid sweet Sonja. Just like I paid Stanley Chais. What's your f--king point?

What? You think we had some kind of secret "round table" where everyone was plotting to steal money??? Ira- explain to them that I'll tell everyone how it worked after you cut the deal with the feds. Not before.

And for those asking whether BMIS, like most other brokerages, had surplus insurance on the brokerage accounts, above and beyond the SIPC coverage, that's a good question. If Schwab has it, we must have had it, right Peter??

Full post as published by Bernard Madoff on January 09, 2009 (boomark / email).