Schmuck-o-Meter Reading: 498 SPs

Schmuck-o-Meter Reading: 498 SPs

A revelation in Massachusetts and a postponed indictment cut both ways for the embattled financier.

Posted Wednesday, February 11, 2009 - 4:46pm

Why did she withdraw it—and for whom? The Massachusetts secretary of state says Ruth Madoff withdrew $10 million from Madoff-related brokerage Cohmad Securities on Dec. 10. It's part of a wider dragnet by other jurisdictions to close in on Madoff. (The Commonwealth says there is "an apparent role in the transfer of money from Madoff Investments to Cohmad personnel.") But why the withdrawal? Did Ruth act on her own (-5 S.P.s)? Or did she do it at Bernard's behest, given that his arrest, after his alleged confession to his sons, was imminent (+5 SPs)?

Madoff consented to a 30-day extension of today's deadline requiring prosecutors to indict him (or present evidence to a judge to justify the arrest in the first place). There's a new hearing scheduled for March 13. We give Madoff credit for allowing the wheels of justice to keep turning (-5 SPs). On the other hand, this keeps Madoff "on the streets" (+2 SPs), although he's been spending most of his time in his apartment, upsetting his neighbors (+3 SPs).

One bombshell and one thud in the Madoff saga: Do these changes in barometric pressure mean a storm is coming? We can't tell, so today's Schmuck-o-Meter reading is the same as yesterday's.

Yesterday's Schmuck-o-Meter reading: 498 SPs

Today's Schmuck-o-Meter reading: 498 SPs

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