|
(Continued from page 54)
claimed to be making for clients were fiction.
• Kugel, 68, knew that because he was instrumental in concocting the phony trades. But he always kept his mouth shut.
• Madoff "was my boss," he testified at the trial of five former Madoff employees in federal court in Manhattan. "If he asked me to do something, I gave it to him. I didn't question him. ... I believed him."
• Prosecutors are seeking to use Kugel's testimony -- the first by a cooperator in the Madoff investigation -- to show how he and other insiders purposely stayed blindly loyal to Madoff while becoming wealthy off his fraud.
• But the testimony also suggested some complexities in the don't-ask-don't-tell environment: By Kugel's account, there was a belief that Madoff was working his investment magic in ways he wasn't revealing.
•
Today in History
The Associated Press
• Today is Tuesday, Nov. 12, the 316th day of 2013. There are 49 days left in the year.
• Today's Highlight in History:
•
• On Nov. 12, 1942, the World War II naval Battle of Guadalcanal began. (The Allies ended up winning a major victory over Japanese forces.)
•
• On this date:
• In 1787, severe flooding struck Dublin, Ireland, as the River Liffey rose.
• In 1815, American suffragist Elizabeth Cady Stanton was born in Johnstown, N.Y.
• In 1918, the short-lived Republic of German-Austria was declared.
• In 1927, Josef Stalin became the undisputed ruler of the Soviet Union as Leon Trotsky was expelled from the Communist Party.
• In 1936, the San Francisco-Oakland Bay Bridge opened as President Franklin D. Roosevelt pressed a telegraph key in Washington, D.C., giving the green light to traffic.
• In 1948, former Japanese premier Hideki Tojo and several other World War II Japanese leaders were sentenced to death by a war crimes tribunal.
• In 1969, news of the My Lai Massacre in South Vietnam in March 1968 was broken by investigative reporter Seymour Hersh.
(Continued on page 56)
|
|
