11.13.2009

Whammy - Two Charged in Aiding Madoff

By THE NEW YORK TIMES
Two computer programmers who worked for Bernard L. Madoff’s investment firm were accused Friday of helping to cover-up the giant Ponzi scheme for more than for more than 15 years.

In a statement, the United States attorney’s office in Manhattan said the two programmers — Jerome O’Hara, 46, of Malverne, N.Y., and George Perez, 43, of East Brunswick, N.J. — were arrested Friday at their homes.

The complaint accuses the two men of providing the technical support needed to produce false documents and trading records that defrauding investors in Bernard L. Madoff Investment Securities of billions of dollars.

“Jerome O’Hara and George Perez allegedly helped construct Bernie Madoff’s house of cards. The computer codes and random algorithms they allegedly designed served to deceive investors and regulators and concealed Madoff’s crimes,” Preet Bharara, the United States attorney for the Southern District of New York, said in a statement.

In addition, Joseph M. Demarest Jr., the assistant director in charge of the F.B.I.’s New York office, said that when the two men told Mr. Madoff “they would no longer lie for him,” they were paid to keep the scheme quiet.

Separately, a civil complaint was filed Friday by the Securities and Exchange Commission.

“Without the help of O’Hara and Perez, the Madoff fraud would not have been possible,” said George S. Canellos, the director of the S.E.C.’s New York Regional Office. “They used their special computer skills to create sophisticated, credible and entirely phony trading records that were critical to the success of Madoff’s scheme for so many years.”

According to prosecutors, F.B.I. agents found handwritten notes in Mr. O’Hara’s desk stating, “I won’t lie any longer. Next time, I say ‘ask Frank,’ ” referring to Frank DiPascali Jr., Mr. Madoff’s primary assistant in the Ponzi scheme.

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11.10.2009

Daily

I love this...

Dow Reaches '09 High

By STEVE GOLDSTEIN

U.S. stock futures were slightly lower Tuesday, as investors took a breather following the previous day's sharp rally.

Less than two hours before the start of trading, Dow Jones Industrial Average futures were sixteen points lower at 10176. The S&P 500 futures slipped 3.7 to 1088, and Nasdaq 100 futures lost 4.25 to 1762.25. Changes in futures do not always accurately predict early market moves after the opening bell.

The Dow Jones Industrial Average leapt to a new 13-month high Monday as investors grew more optimistic about the continued flow of easy money to support economic recovery. The Dow climbed 203.52 points, or 2%, to end at 10226.94 -- its highest finish since Oct. 3, 2008 and the second 200-point gain in three trading days. The blue-chip measure has risen 4.7% over the four-day winning streak that began with the Federal Reserve's policy statement last Wednesday, which quelled fears that the central bank might raise rates soon. Gold rose to a new record, oil futures snapped two days of losses and the dollar fell.

On Tuesday, the euro crossed about $1.50, gold was down slightly after rising to a new high of $1,111.70 on Monday. Oil prices also slipped after the threat of Tropical Storm Ida to U.S. oil and gas installations receded.

"[Ida] isn't expected to cause any lasting oil industry facilities damage...the storm has been downgraded to unpleasant from nasty and everything should be up and running again by mid week," said London-based brokerage PVM Oil Associates in a note.

The market was nearly flat ahead of data from the American Petroleum Institute due later Tuesday, in the absence of other major economic data. The front-month December contract on the New York Mercantile Exchange was trading $0.19 lower at $79.24 a barrel.

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11.02.2009

Outer Space

Where have I been? Where will I be? - - My laptop is on it's death bed and I'm in transition - hopefully moving to Lexington. Soo the last month has been semi-chaotic for me. I promise more posts and more of my personal designs when I get up and running again - - thanks for your support! Check back soon.