Madoff's Brother's Role

What did Peter Madoff know and when did he know it? That’s the question raised by an interesting piece in this morning’s New York Times. Peter Madoff is Bernard’s brother and the chief compliance officer of the family business. Though it was originally thought that Bernard confessed to the whole family on December 10, The Times now says his brother may have been told about the alleged Ponzi scheme the day before. Should Peter Madoff have called authorities immediately? “If there is just a strict employee relationship, as chief compliance officer, there should be zero pause time before you report it,” one lawyer tells the paper. She adds, “He may just have needed a night to sleep on it—it was his brother, after all.” Bernard’s bail could be revoked Monday because of the gifts he sent out to loved ones, including Peter.