Bernie Madoff's chief deputy is ready to talk, Fortune reports. Frank DiPascali is working out a deal with federal prosecutors in which he’ll name names and give details of how the massive Ponzi scheme operated. Among the surprises: No Madoff family members will be implicated, at least by DiPascali. The others who knew of the ruse were operators of some of the larger feeder funds.
DiPascali is apparently in the position to know. He worked with Madoff for 33 years, though nobody is exactly sure what he did. “He was like a ninja,” says a trader who worked with the legitimate side of Madoff’s business. “Everyone knew he was a big deal, but he was like a shadow.”