Justice has been served...
[youtube=425,350]7oha5vUgfCM[/youtube]
If you've watched the news the past day, you know that the widow of one of Bernie Madoff's investors/partners, Jeffry Picower, agreed to repay $7.2Billion to the victims' trust account.
Do not feel sorry for Mrs. Picower, or her late husband. I know... I knew Jeffry Picower.
From 1981 - 1996, I worked for Monroe Systems For Business. Jeffry Picower purchased the Company from Litton Industries in 1984. During a 12-year period, I had many occasions to see Jeff Picower at "work."
On a personal level, Jeff Picower always had a smile and handshake for you. But, when it came to money...
Here are some disgusting highlights:
- Remember the October 1987 stock market crash? At the Company's expense, Jeff installed a Quotron in his desk. After news of the crash began circulating, I happened to be outside his office waiting for a budget meeting. His door was open, and we watched him toke on his Cuban cigar, listening to him laugh and giggle over his Quotron, gloating over his trades [and fortunes]... belittling all the "losers" who lost money.
- An HR budget meeting about our Health Insurance... asking if there was any way we could fire an exemplary 40-year employee who was on a heart transplant list, before the cost exceeded self-insurance, and triggered stop-loss coverage penalties. (FYI - we didn't)
- Another HR budget meeting, where he celebrated an employee's AIDS-related death, before it cost the Company additional insurance-related expenses.
Jeff Picower died October 2009, drowning at the bottom of his W. Palm Beach mansion swimming pool, shortly after Irving Picard filed a $7.5 Billion suit against him.
I don't know where today's $7.2 Billion came from. But I have no doubt that it is a just settlement. (I'd love to have the $300M that got lost in the "rounding.")
