Bloomberg reports that a month after arresting Bernard Madoff, investigators are still struggling to figure out how exactly he ran his scheme for so long. You can imagine the mountain of documents that must be sifted through. One key issue is whether Madoff is indeed cooperating. Madoff's attorney tells Bloomberg he is, and apparently there was a meeting recently.

But there hasn't been enough cooperation that prosecutors were willing to cut Madoff some slack after he sent out millions worth of jewelry to friends and family. They are demanding he be held in jail. My sense is that there is still a lot of posturing going on, a lot of anger and gamesmanship on both sides. If he was fully cooperating, unwinding the scheme ought to be easy; he'd just tell them how he did everything. It may be that Madoff is being less than fully forthcoming and the investigators are none too pleased.

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