Bernie Madoff earned $710 in jail after Ponzi fraud conviction

Bernie Madoff leaves federal court in New York on March 10, 2009.

Jin Lee | Bloomberg via Getty Images

Some people might argue that Bernie Madoff was grossly overpaid even at just 24 cents per hour for working as an orderly in prison.

Madoff, the late Ponzi scheme king who ripped off thousands of people for billions of dollars, earned just $710 after almost 3,000 hours of work while serving 12 years in a North Carolina federal prison before dying of kidney failure in April, newly released records show.

And when he died at age 82, Madoff did not leave behind much in the way of personal property: eight AAA batteries, four paperback religious books, a Casio calculator, four packages of popcorn, one package of ramen soup, a box of gefilte fish and not a whole lot more.

The Bureau of Prison records, first reported by the online publication The City, also reveal that while Madoff generally received positive reviews for his performance as an orderly, at one point a supervisor noted he “needs closer supervision than most,” and was “not very dependable.”

That certainly was the case when Madoff was running Bernard L. Madoff Investment Securities in New York, where for decades he lived a luxurious lifestyle as he kept clients happy with consistent investment returns on their portfolios.

Those returns turned out to be a sham.

In 2008, federal prosecutors charged Madoff with running the largest Ponzi scheme in history, having used money from some investors to pay purported profits to other people.

Madoff’s sons, Mark and Andrew, had informed authorities that he had confessed to them that his business was a complete fraud.

Madoff pleaded guilty in 2009 in Manhattan federal court to 11 felonies and was sentenced to 150 years in prison.

Mark Madoff killed himself at age 46 in 2010, two years to the day of this father’s arrest. Andrew Madoff died four years after that of lymphoma at age 48.

While in prison in Butner, North Carolina, Madoff worked as an orderly first in a section of the lock-up dedicated to educational programs. He later asked to be moved to work in the chapel area, The City noted in its report.

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Last year, Madoff’s lawyer revealed in court filings that the sociopathic swindler was terminally ill with kidney disease, as he asked a judge to grant Madoff early release on compassionate grounds.

Manhattan federal Judge Denny Chin shot down that request in June 2020, noting that Madoff had committed “one of the most egregious financial crimes of all time” and that “many people are still suffering from it.”

About 500 victims wrote to Chin opposing Madoff’s release.

One of Madoff’s victims had written Chin, “I believe with all my heart that my husband would be alive today if he had not had to deal with the stress and emotional despair that the loss of almost all our money had on our family.”

In December, the Justice Department announced that the Madoff Victim Fund had distributed a total of $3.2 billion to almost 37,000 people defrauded by Madoff. That dollar amount equals more than 80% of total losses incurred by the victims.

The fund’s money comes from the recovery of assets linked to Madoff. The fund projects to ultimately return a total of more than $4 billion in assets.

All the small print about Adele and Wealthy Paul’s “Flirty” NYC Date Night time

All in all, it sounded like a fantastic evening for the lovebirds, with the conclusion of our source: “Adele was in a good mood and thanked the hostess for the meal before she set off together.”

News of Adele’s relationship with the sports agent broke four months after she reached a divorce settlement with her ex-husband Simon Konecki. It had taken the former spouses two years to come to an agreement that would include joint custody of their son Angelo, 8th.

It appears that Rich and Adele were dating in some capacity before their relationship went public. Rich said he was hanging out with a “big pop star,” according to the New Yorker in a May 31 article. “It was over yesterday,” said Rich to the writer Isaac Chotiner. At the time, however, they weren’t official, and Rich also said, “I’m not dating, I’m single. Put that in the story.”

How India is doing now after delta variant unfold

A health worker seen preparing the shot of Covid Vaccination to a beneficiary at a vaccination centre at Mandir Marg, on July 21, 2021 in New Delhi, India.

Hindustan Times | Hindustan Times | Getty Images

The delta variant was first detected in India last October and it led to a massive second wave of Covid-19 cases in the country.

Since then, the highly infectious strain has spread globally.

The variant has usurped the previously dominant alpha variant, first detected in the U.K. last fall, and has prompted further waves of infections in Europe and an ominous incline in cases in the U.S.

Indeed, the delta variant now makes up 83% of all sequenced cases in the U.S., the director of the U.S. Centers for Disease Control and Prevention, Dr. Rochelle Walensky, said Tuesday, marking a dramatic rise from 50% the week of July 3.

The World Health Organization has already warned that, based on the estimated transmission advantage of the delta variant, “it is expected that it will rapidly outcompete other variants and become the dominant circulating lineage over the coming months.”

In its latest weekly report on Wednesday, the WHO noted that as of July 20, the prevalence of delta among the specimens sequenced over the past four weeks exceeded 75% in many countries worldwide including Australia, Bangladesh, Botswana, China, Denmark, India, Indonesia, Israel, Portugal, Russia, Singapore, South Africa and the U.K.

WHO’s map showing the global prevalence of variants

World Health Organization

But what of India where the delta variant first emerged in October?

The situation is still bad, data shows, but not as bad as it was when the second wave peaked in the country, when daily new cases were more than 400,000. On May 7, India reported a staggering 414,188 new infections and several thousand deaths.

Fortunately, cases have declined significantly since then. On Thursday, India reported 41,383 new coronavirus infections and 507 new deaths, the Indian Health Ministry tweeted.

The seven-day average of 38,548 in daily new cases marks a 3% decline from the previous average, according to data from Johns Hopkins University and Our World in Data.

Meanwhile, the percentage change in the number of new confirmed cases over the last seven days (relative to the number in the previous seven-day period) in parts of Europe and the U.S. is stark.

In France, the percentage change in the number of new cases over the past seven days is 223% in France, 112% in Italy while in Germany the percentage change is 50%. In the U.S., the percentage change in the last seven days is 58% higher than the previous seven-day period.

Nonetheless, after the U.S., India has the second highest number of recorded Covid cases in the world, according to Johns Hopkins University data, with over 31.2 million cases and almost 419,000 fatalities.

During the first wave of the pandemic, India went into a nationwide lockdown in March 2020 and this only began to be lifted around June last year with a series of easing restrictions over the following summer months.

As the second (and much harder) wave hit earlier in 2021, however, Prime Minister Narendra Modi resisted pressure to re-impose a national lockdown, handing the responsibility to individual states over whether to re-impose restrictions instead. A member of Modi’s economic advisory council defended the Modi government as it came under pressure in May, telling CNBC that state governments should have the final say in social restrictions.

In addition, and in a bid to deal with its Covid crisis, India halted exports of Covid vaccines (it makes a domestic version of the AstraZeneca-University of Oxford shot called “Covishield”) and is unlikely to resume any exports until the end of the year.

Public health experts told the FT in late May that regional lockdowns, reduced social interaction and an increasing number of antibodies against Covid among the general population were helping to bring down the infection rate in India. Vaccinations too have helped to continue the downward trend in cases.

Exposure to Covid during the second wave has been exemplified in the latest data showing the prevalence of antibodies against Covid among the general population.

A national blood serum survey which tests for antibodies (known as a sero survey) was released on Tuesday which showed that two-thirds of India’s population have antibodies against Covid, Reuters reported, although around 400 million of India’s 1.36 billion people did not have antibodies, the survey found.

Overseeing one of the world’s largest vaccination drives (India has to vaccinate around a billion adults) is no easy task and the total vaccination rate remains sluggish when compared to other countries around the world.

Our World in Data figures record that 87.5 million people (around 6.3% of the entire population, including children) are fully vaccinated while 330.2 million people have received at least one dose, meaning that it lags behind the world average in which around 13% of people are fully vaccinated.

In it together

On Tuesday, Modi expressed concern for a “significant” number of health care and frontline workers who still have not been vaccinated, despite the vaccination program kicking off more than six months ago.

In a press statement released by the government in which the premier apprised officials of the Covid situation in India, Modi also spoke of the need “to stay vigilant looking at the situation in various countries,” noting that “mutations make this disease very unpredictable, and hence we all need to stay together and fight this disease.”

Chandrakant Lahariya, a doctor based in New Delhi who is also a vaccines, public policy and health systems expert, told CNBC that India is not out of the woods yet.

“The findings of the fourth national sero-survey …. corroborates what many had suspected: 67.6% of the total population and 62% of those who have not been vaccinated have developed antibodies (against Covid). Nearly all age groups above 6 years have antibodies. This shows the extent of virus spread in the second wave,” he noted.

“We know that [the] vaccination rate is lower than expected and Covid appropriate behavior is not optimal. With 400 million of the population still being susceptible, dropping our guard would be akin to inviting the next wave early. India needs to be fully prepared for any subsequent wave. What is happening in Indonesia, Vietnam or the U.K. is an alarm bell that no country can drop their guard and [that they] need to do everything in their arsenal,” he added.

The emergence of several significant variants of concerns across the world (such as alpha, beta and delta) that have then become widespread “reaffirms how interconnected we are in this pandemic,” Lahariya continued.

“This is a reminder that we need to see pandemic challenges as one global community. It reminds us that we need all interventions and vaccines availability as our combined responsibility. Even if this may sound clichéd, ‘no country can be safe till every country is safe’ needs to be repeated till it is understood at every level,” he said.

Lahariya believed that more variants would emerge as the pandemic continues. “We should be prepared for more variants, till pandemic is declared over.” Where those variants will emerge next, nobody knows.

Dow rises 200 factors, S&P 500 climbs to report as shares head for earnings week

Traders and finance professionals work on the floor of the New York Stock Exchange.

Drew Angerer | Getty Images

US stocks rose on Friday, with the S&P 500 hitting a new high as all major averages cleared worries about economic growth earlier in the week.

The Dow Jones Industrial Average rose 201 points, or 0.5%, to win for the fourth straight day. The S&P 500 and Nasdaq Composite were up 1%. The S&P 500 is on course for a record close above the July 12th closing high.

The 10-year government bond yield rose to 1.285% on Friday, easing economic concerns raised by the bond market on Monday. The 10-year yield fell to a 5-month low of 1.13% earlier this week.

“We expect the markets to remain choppy, but there is no basic justification for more aggressive sales,” wrote the Barclays strategists in a customer announcement. “In fact, the strong recovery since Tuesday shows that the animal spirits are intact.”

Strong gains from technology stocks kept investors optimistic amid reports from the biggest names in the industry over the next week. Twitter and Snap both rose Thursday after better-than-expected earnings reports for the second quarter. Twitter traded 3% higher while Snap shot 24%.

Facebook gained more than 5.5% in the results of its social media competitors. Alphabet added 3.5%. Both will report next week together with Apple, Microsoft and Amazon.

All three US stock averages are on track to close the week in the green after recovering from last week’s losses and sharp sell-off on Monday. The Dow lost more than 700 points at the start of the week as yields fell, unsettling equity investors about the economy.

The S&P 500 is up 1.95% this week and the Nasdaq Composite is up 2.8%. Both are also within 1% of their intraday records. The Dow is up 1% for the week.

The strength of tech stocks also comes along with the continued proliferation of the highly contagious Delta variant of Covid.

“We saw in the depths of the pandemic that tech stocks and their earnings did best at BMO Wealth Management,” said. “Long-term interest rates, which are falling as much as they did, also make these stocks more attractive.”

The equity market as a whole was supported by a strong reporting season, with nearly a quarter of the S&P 500 reporting. According to FactSet, 88% of these companies reported a positive surprise. This would be the highest percentage of reported surprises in the S&P since 2008 if this value were maintained throughout the reporting season.

According to Refinitiv, earnings growth of 76% is expected for the second quarter, which would be the best growth since 2009. so far for the second quarter above the historical range, according to S&P Global.

American Express reported better-than-expected quarterly results on Friday morning, giving its stocks a 1.5% gain. Honeywell also reported strong gains, despite the fact that the stock was down 2%.

Kimberly-Clark shares traded slightly higher after reporting earnings in line with Wall Street forecasts. The annual forecast was also lowered, citing higher costs and lower volumes.

Atlanta officers formally declare July 22nd to be “Kanye West Day!”

# Roommates, when the City of Atlanta filled the Mercedes-Benz Stadium to the limit for Kanye West’s “DONDA” listening party last night, Ye was given an incredible honor from his hometown backstage before the show. As he was preparing for the premiere of his new album, Kanye West was honored by Atlanta city officials – who officially declared that July 22nd would be Kanye West Day in the city.

Dressed from head to toe in an all-red Yeezy ensemble reminiscent of his 2010 My Beautiful Dark Twisted Fantasy era, Kanye West smiled behind his mask while the estranged wife Kim Kardashian, Khloe Kardashian, became members of his entourage , as, as well as his family and friends, witnessed the official proclamation of the city of Atlanta – officially that he now has his very own day.

In case you didn’t know, Kanye was born in Atlanta and lived in the city until he was three years old after his parents divorced. His father, Ray West, was a photojournalist with the Atlanta Journal-Constitution and his mother, the late Donda West, was an English professor at Clark Atlanta University and Morris Brown College – so his ties to Atlanta are very close.

As for music, fans are still in a frenzy after hearing for the first time “DONDA,” which features a surprise reunion between Kanye West and Jay-Z that literally broke the internet last night. Other artists on the album include Rihanna, Lil Baby, Roddy Ricch, and Travis Scott.

In the meantime, the wait continues as “DONDA” still hasn’t fallen on streaming services … probably because Kanye is still adding the perfect finishing touch.

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Work flexibility ‘right here to remain’ in post-Covid world, says director at three Fortune 500 corporations

Companies are monitoring the spread of the delta Covid variant as they adapt return-to-office plans and prioritize giving flexibility to employees, a board member at three Fortune 500 companies told CNBC on Friday.

“I believe there’s going to continue to be hybrid offerings. … Flexibility is here to stay, especially if you want to be competitive for talent,” said Shellye Archambeau, a director at Verizon, Nordstrom and Roper Technologies. She’s also a former CEO of MetricStream, which makes governance, risk management and compliance software.

Archambeau said that business’ reopening concerns are being driven by the highly transmissible delta variant, first discovered in India. It’s now the dominant strain of Covid in the United States and causing cases and deaths to increase again, particularly across largely unvaccinated communities.

“Companies are watching the data very carefully,” Archambeau said. “What I’m seeing is they’re trying to remain flexible, creating the optionality for employees to come back to work but still watching the numbers and how the rates are going.”

Archambeau’s remarks come as major companies try to figure out how to safely return to the office.

Few companies are mandating employees to be fully vaccinated before returning to the office, Archambeau said. Instead, she said companies are strongly encouraging and trying to make it easier for employees to get vaccinated, even making it voluntary to return to the office and encouraging mask-wearing and physical distancing protocols for unvaccinated workers.

According to a survey conducted in April by Arizona State University with support from the Rockefeller Foundation, more than 60% of companies in the U.S. will require proof of vaccination from their employees while 44% will require all employees to get vaccinated and 31% will encourage vaccinations.

Archambeau, a strategic advisor to the president of ASU, said that peer pressure will soon begin to play a bigger role in pushing employees to get vaccinated.

More employees may also return to the office when children get vaccinated, allowing them to continually go to school, participate in in-person activities and rely on child-care services.

“I think as time goes through, companies are absolutely strongly encouraging employees to be vaccinated,” Archambeau said. “The way in which they’ll be able to work, the kinds of roles they’ll be able to play, I think, in time will be affected by whether they’re vaccinated or not. … People will want to be vaccinated in order to actually do well within the company.”

“QAnon Shaman” is negotiating a plea deal after a psychological well being prognosis

Jacob Chansley, the man nicknamed the “QAnon Shaman” after being photographed in the Capitol with a horned headdress, shirtless and heavily tattooed, is negotiating a deal after officials from the Federal Bureau of Prisons (BOP) visited him Have been diagnosed with transient schizophrenia, bipolar disorder, depression, and anxiety.

Defense attorney Albert Watkins said officials confirmed Chansley’s mental health deteriorated due to the stress of being held in solitary confinement in an Alexandria, Virginia prison.

“As he spent more time in solitary confinement … the decline in his visual acuity was noticeable even to the untrained eye,” Watkins said.

Watkins noted that Chansley has not been declared mentally incompetent and does not expect his client to be given psychiatric treatment. He says Chansley was delusional “He believed that he was actually directly related to Jesus and Buddha.”

“We took an unarmed, harmless, peaceful … with a pre-existing psychological vulnerability of concern and turned it into a chocolate soup mess,” Watkins said.

The BOP said the Covid-19 restrictions influenced their decision to put Chansley in solitary confinement, but said in a statement that even those in solitary confinement “Have access to staff and programming “,

Alan is a writer, editor, and news junkie from New York.

SkyBridge’s Anthony Scaramucci mandates Covid vaccines at his workplace

Anthony Scaramucci, founder and co-managing partner of SkyBridge, told CNBC on Friday he has mandated Covid shots at his hedge fund’s office.

He also called on all eligible Americans to go out and get vaccinated.

“We’re a private company. If somebody wants to fight me over the vaccine mandate, that’s fine. Let’s take it to the court,” Scaramucci said on “Squawk Box,” while imploring other firms to follow suit.

“Make a decision. You’re a private company. Let’s cut it out. We’ve got to keep people safe. Get vaccinated. If you don’t want to get vaccinated, leave. That should be the message, and people will start getting vaccinated.”

Scaramucci’s comments come at a critical juncture in the coronavirus pandemic, as the U.S. sees a spike in new infections linked to the highly transmissible delta variant and as health officials scramble to combat Covid vaccine hesitancy and opposition.

Roughly 49% of the U.S. population is fully vaccinated and 56.4% have received at least one vaccine dose, according to the Centers for Disease Control and Prevention. Most people in the country who received shots got vaccines from Pfizer-BioNTech or Moderna, which require two doses. Johnson & Johnson’s vaccine requires one shot. Those are the only three approved for emergency use in the U.S.

However, vaccination rates have slowed considerably since mid-April, when the seven-day average of daily doses administered topped 3.4 million. As of July 17, the weekly average of daily doses administered was just under 450,000, according to CDC data.

Scaramucci, who had a brief stint as White House communications director in the Trump administration, sought to push back on various conspiracy theories about the Covid vaccines. He stressed they are safe and effective at preventing severe disease and death and have been shown to reduce transmission of the virus.

“I don’t have a microchip in my body. It didn’t genetically alter my cells. What it’s doing is protecting me from the worst pandemic in last 100 years, and it’s allowing our economy to open up,” Scaramucci said, noting he also sees it as his responsibility as a father of kids who aren’t yet eligible for the vaccine. “If you have young children … vaccinate yourself to protect your children.”

Scaramucci acknowledged some people may be distrustful of government and large institutions, but said the science of vaccination is clear. The more Americans who take the Covid vaccine, the better for the entire country, he said.

“I don’t like the totalitarian nonsense. It’s not about that. This is about once in a while we have to team up as a society to protect each other,” Scaramucci said, while later referencing the greater good theory. “If we all get vaccinated, we’re going to be out into society faster and the economy is going to grow faster, and there will be more jobs and more income,” he said.

Companies requiring their employees to be vaccinated has been a contentious issue throughout the pandemic, in part because the Food and Drug Administration has only granted the vaccines from Pfizer, Moderna and J&J emergency use authorization.

Former FDA chief and Pfizer board member Dr. Scott Gottlieb told CNBC later on “Squawk Box” that he expects businesses and organizations to take a more authoritative position on vaccination requirements once full regulatory approval is given.

“As we head into the fall and the winter, hopefully the vaccines achieve full approval … I think you’re going to see more mandates get put in place. Certainly, in the health-care setting you’re starting to see that become more commonplace,” he said.

“Business wants to restart. People want to restart activities, and to the extent that the vaccines are going to provide an added measure to be able to do that safely, and protect venues where you’re bringing people together, I think you’re going to see more sports teams, more business venues, start to mandate vaccination,” he added.

GM Points Second Recall of Chevy Bolt EVs After Automobiles Catch Fireplace

Vermont State Police released this photo of the 2019 Chevrolet Bolt EV that caught fire in the driveway of State Representative Timothy Briglin, a Democrat, on July 1, 2021.

Vermont State Police

General Motors launched a second recall of its 2017-2019 Chevrolet Bolt EVs after at least two of the electric vehicles being repaired due to a previous issue went up in flames.

The automaker said Friday that officials from GM and LG Energy Solutions, which supply the vehicle’s battery cells, discovered a second “rare manufacturing defect” in the electric vehicles that increases the risk of fire. The recall affects approximately 69,000 cars worldwide, including nearly 51,000 in the United States

To fix the problem, GM said that defective battery modules in the vehicles will be replaced, which can be costly but free for owners. The automaker says the repair is different from the previous fix, which was largely software based and, in some cases, replacement modules.

“We’re working with our supplier and manufacturing teams to find out how best to speed up battery capacity for module replacement as part of the recall,” said GM spokesman Dan Flores in an email. “These teams are working on this around the clock.”

The company “will notify customers when spare parts are available,” said Flores.

In the meantime, GM is urging affected Bolt EV owners to set their vehicles to a 90% state of charge limit in Hilltop Reserve Mode (for 2017-2018 model years) or Target State of Charge mode (for 2019 model year).

GM is also urging owners to avoid draining their batteries below about 70 miles of remaining range and, as recommended last week, continue not to park their vehicles indoors or to charge them unattended overnight “out of caution”.

The first fire recall of the Bolt electric vehicles was announced in November by GM and the National Highway Traffic Safety Administration. The automaker launched a solution earlier this year that it believed was a permanent solution to the problem.

One of the most recent fires occurred when the vehicle was charged in the home of a Vermont state legislature earlier this month. The other fire occurred in New Jersey.

The NHTSA said last week that battery cell packs in the affected vehicles have the potential to smoke and ignite internally, which could spread to the rest of the vehicle and cause a structural fire if the vehicle is in a garage or near a house is parked.

GM has bought back some of the recalled vehicles, but the company has refused to say how many. Automakers often buy back recalled vehicles to appease dissatisfied customers and avoid triggering state lemon laws and litigation.

According to GM, owners with questions should visit www.chevy.com/boltevrecall or contact the Chevrolet EV hotline at 1-833-EVCHEVY or contact their preferred Chevrolet EV dealer.

Gold medalist desires to assist Workforce USA

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It’s almost time to cheer on Team USA!

Today the Tokyo Olympics begin with the opening ceremony, which means you’d better have your red, white, and blue suits ready. If you’d rather not reuse your Fourth of July outfit, we understand. For those of you who don’t want to be called an outfit repeater by the Kate Sanders of the friends group, don’t worry. We’ve put together starry fits for all budgets to help you get in the Olympic mood.

Scroll down for our selections!