In a lengthy jailhouse interview with the New York Times, Bernie Madoff claims Fred Wilpon and Saul Katz knew nothing about his Ponzi scheme.
“They knew nothing. They knew nothing.”
And this matters because?
Madoff isn’t exactly the most trustworthy fellow — that’s why he’s in the slammer in the first place — and Irving Picard isn’t simply arguing that the Wilpons and Katz actually knew about the Ponzi scheme. He’s also saying that they should have known. I’m speculating here, but the likely reality is that the Wilpons and Katz just looked the other way as the money just poured in. They probably weren’t alone in that regard.