| When: Today, Thursday, February 14th at 11:40AM ET Where: CNBC's "Squawk on the Street" In a CNBC EXCLUSIVE, following is the unofficial transcript of breaking news from CNBC's Scott Cohn today, Thursday, February 14th on "Squawk on the Street." Here is a link to the embeddable video: http://video.cnbc.com/gallery/?video=3000148077. All references must be sourced to CNBC. |
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| CARL QUINTANILLA: CONVICTED PONZI SCHEMER BERNIE MADOFF WRITING A NOTE TO OUR OWN SCOTT COHN FROM HIS JAIL CELL. SCOTT YOU'VE BEEN TWEETING ABOUT THIS IN THE LAST FEW MINUTES. WHAT DID HE HAVE TO SAY? SCOTT COHN: CARL IT'S ACTUALLY MORE THAN JUST A NOTE IT'S A BUNCH OF EMAILS, HALF A DOZEN OF THEM, THAT BERNIE MADOFF DASHED OFF FROM PRISON IN THE LAST TWENTY FOUR HOURS, ALL OF THEM ON THE RECORD AND IT IS VERY CLEAR FROM THESE THAT BERNIE MADOFF IS ANGRY. WHY? WELL THIS FOLLOWS OUR EXCLUSIVE INTERVIEW THIS WEEK WITH IRVING PICARD HE'S THE TRUSTEE ROUNDING UP MADOFF'S ASSETS FOR INVESTORS. REMEMBER, PICARD TOLD US THAT MADOFF HAS BEEN NO HELP IN RECOVERING THE $9 BILLION HE'S GOTTEN BACK SO FAR, $5 BILLION OF WHICH THE TRUSTEE IS PREPARED TO TURN OVER TO INVESTORS RIGHT AWAY. NO HELP? WELL THAT SET BERNIE MADOFF OFF IN A BIG WAY. AS YOU MAY KNOW I'VE BEEN IN TOUCH WITH MADOFF FOR THE PAST SEVERAL MONTHS FOR A QUITE WHILE NOW, MUCH OF IT OFF THE RECORD AT HIS INSISTENCE BUT PICARD'S COMMENTS UNLEASHED AN ON THE RECORD TIRADE. MADOFF TELLING ME WHAT HE'S TOLD ME REPEATEDLY IN THE PAST HE NOW WISHES HE HAD NOT PLEADED GUILTY TO THE EPIC PONZI SCHEME AS HE DID IN 2009 BECAUSE, HE SAYS, PICARD IS DISTORTING THE TRUTH "THIS IS A MAN THAT KEEPS MAKING STATEMENTS THAT HAVE NO FACTS TO BACK THEM UP. I WISH I WENT TO TRIAL AND HE WOULD HAVE BEEN REQUIRED TO PROVIDE THE EVIDENCE HE CLAIMS HE HAS. AS YOU CAN SEE I AM FRUSTRATED." HE GOES ON "AS REMORSEFUL AS I AM FOR THE PAIN AND SUFFERING I HAVE SHAMEFULLY CAUSED, I TAKE SOME COMFORT IN THE FACT THAT…WITH MY ASSISTANCE ALL OF MY CUSTOMERS WILL RECOVER THEIR ORIGINAL INVESTMENT PRINCIPAL." MADOFF IS PARTICULARLY PROUD OF THE ROLE THAT HE CLAIMS THAT HE PLAYED IN THE BIGGEST CHUNK OF MONEY RECOVERED, $7.2 BILLION FROM MEGA INVESTOR JEFFRY PICOWER MADOFF'S BIGGEST CLIENT WHO DIED SHORTLY AFTER THE FRAUD CAME TO LIFE. PICOWER'S WIDOW TURNED OVER THE MONEY. MADOFF WRITES, "WHEN I SPOKE TO PICOWER PRIOR TO HIS DEATH, I MADE IT VERY CLEAR I WOULD TESTIFY ABOUT THE ROLE OF HIM AND HIS ACCOUNTANTS, ATTORNEY AND ASSISTANT…TO NAME A FEW." NOW WE'VE SPOKEN TO AN ATTORNEY FOR THE PICOWER FAMILY MARCY HARRIS SHE TELLS US MADOFF'S STATEMENTS ARE ENTIRELY FALSE AND THERE WERE NO CONVERSATIONS BETWEEN MADOFF AND PICOWER AFTER MADOFF'S ARREST. BUT MADOFF SAYS OF PICARD, "I CERTAINLY CAN UNDERSTAND HIS REASONS FOR NOT ACKNOWLEDGING MY ROLE. HOW COULD HE JUSTIFY HIS FEES?" AS WE REPORTED, PICARD HAS BILLED MORE THAN $600 MILLION FOR HIS WORK. THERE IS A LOT MORE IN THESE EMAILS. MADOFF ON HIS SONS, MADOFF ON THE BANKS WE ARE GOING THROUGH ALL OF IT. MORE ON THIS AS THE DAY GOES ON AND ON CNBC.COM. |
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