Revealed: Magic Madoff’s family ‘piggy bank’ in the heart of Mayfair

[emad]

SNIP:

/////Cut to a quiet corner of Mayfair and a set of offices over a smart art gallery. Here, in Berkeley Street, is the headquarters of the US investment veteran's London arm, Madoff Securities International. Compared with his huge Lipstick Building in midtown Manhattan, 12 Berkeley Street is a modest, discreet address. That's exactly how Madoff likes it. A source told the Standard that this anonymous base in Mayfair is Madoff's "dynastic piggy bank".

He kept around £80 million in cash in the London firm and used it to fund deals to benefit himself, his wife Ruth and sons Mark and Andrew. The Berkeley Street office is a trading operation, which, by the standards of Madoff's fraud, appears to handle modest sums.But by the standards of even wealthy families it is a powerful money-making tool, worked by a hand-picked staff of 28 including top analysts and investment specialists.

At their head is one of the City's most respected names, Stephen Raven. He was at home in Esher last Thursday night, where he lives with his wife Felicity, when he flicked on the Bloomberg business news and, to his astonishment, discovered Madoff, his old friend and business partner, was accused of being the biggest crook - in money terms - of all time.

Raven is described by his friends as "old school". He is 70 now, although he retains the matinee idol looks for which many in the City remember him. He had a distinguished career before joining Madoff. He was on the London Stock Exchange Council for 16 years, sat on the board at Warburgs and was a founding director of Liffe.

More:
http://www.thisislondon.co.uk/standard/article-23602414-details/Revealed%3A+Magic+Madoff%E2%80%99s+family+%E2%80%98piggy+bank%E2%80%99+in+the+heart+of+Mayfair/article.do

[Tandalayo_Scheisskopf]

1. And remember, Sports Fans...

This is just the beginning. There are more of these out there and they will be found.

The lie of capitalism, as presently practiced, is about to be ripped open and exposed to harsh sunlight.

[emad]

2. I blame the Bushes! Especially Poppy Bush after whom the CIA

named its Langley, Va, HQ - "The President George Herbert Bush Center for Intelligence (sic)".

[Frustratedlady]

3. Man, I hope you're right.

It's our turn! Shoot, I'd even donate to build another prison to house them in.