Bernie and the Blowhard


A report once filed by the SEC about BLM Securities noted that Bernie Madoff was a “wonderful storyteller,” and now he’s putting that skill to good use: by telling stories about the SEC. The most entertaining portion of the report released by SEC overseer David Komansky last Friday are Bernie’s vivid stories of his interactions with William Ostrow, an agency examiner.

Like the time Ostrow came into his office and started asking him questions about a report in MARHedge that was skeptical of Bernie’s returns.

Bernie recounted:

In general, Madoff said, Ostrow was just kind of a dick. Power-mad, you know? Like one of those mall cops, or a power-mad crossing guard.

Oh, and there was the jacket. Jesus Christ, the jacket:

Ugh, yeah, that was really jerky of Ostrow, to make everyone all suspicious, when after all the guy was just trying to run a business — wait, who’s the villain here again?

Exhibit 0104 [SEC via WSJ]