Fox Business Network financial holler-er and New York Post columnist Charles Gasparino has not been paying very close attention to the Bernie Madoff case. Which does not stop him from writing about it.
In his column today, Gasparino argues that the new Scorsese flick The Wolf of Wall Street is misleadingly titled, since it focuses on a sensational but relatively small time pump-and-dump scheme, while the real "wolves" on Wall Street are much bigger and less flashier players with much bigger scams. I strongly agree with this element of Gasparino's argument! He did not, however, choose the best example to make his point:
Drugs and personal excess will always be found on Wall Street (and in any profession that pays big bucks), but it's been my experience that fraudsters are more often family men like Bernie Madoff — guys who methodically steal tens of billions without screwing a single hooker or snorting a single line of coke.
A court document from 2009 reads, "Madoff's affinity for escorts, masseuses and attractive female employees was well known in the office culture, and certain feeders were allowed to participate in the conduct."
Madoff would even send two of his employees up to Harlem to buy cocaine for the sex parties, where, the 2009 documents allege that "employees had late night affairs in exciting places - such as their boss' sofa 'with whomever they could find.'"
ALWAYS assume every Wall Street guy is snorting coke and screwing hookers. That's Journalism 101.