From the June 29, 2009 Bloomberg TV Interview:

ATTORNEYS DAVID ROSENFIELD AND MICHAEL SHAPIRO ON BLOOMBERG TV JUNE 29, 2009

SPEAKERS: DAVID ROSENFIELD, ATTORNEY, HERRICK FEINSTEIN; MICHAEL SHAPIRO, ATTORNEY, CARTER LEDYARD AND MILBURN; and MATT MILLER, BLOOMBERG NEWS

(This is not a legal transcript, Bloomberg TV cannot guarantee its accuracy.)

----------

MILLER: And what about the feeder funds? I mean, if you're giving this guy $1 billion of client money, and you're no fool yourself, don't you at some point say, hey, these statements look like a kid printed them up on Photoshop?ROSENFIELD: Well there's some allegations that Mr. Chase and some of the other people that they went to Bernie Madoff for some of their own accounts and said here's the amount of profit I want. Backdated trades, profits of 50, 60, 100 percent. Those people there's potential criminal actions against them as well.

SHAPIRO: Matt, I have looked at some of these statements because some of my clients have them. And if you look at the statements and you look at the stock prices on the dates given on the statements, they're all wrong. Now my clients are not sophisticated people. They didn't do that. But certainly among the thousands of investors, especially the financial wizards who were investing, the Merkin, the Sonny Cohens, they must have seen at some point in time that the information on the statements didn't match reality. What did they do when they saw that?

MILLER: All right, so this is a saga that is going to continue probably for a while here. Thanks for joining us. David Rosenfield coming to us from Herrick Feinstein. Michael Shapiro from Carter Ledyard Milburn.

´´´END OF TRANSCRIPT´´´

THIS TRANSCRIPT MAY NOT BE 100% ACCURATE AND MAY CONTAIN MISSPELLINGS AND OTHER INACCURACIES. THIS TRANSCRIPT IS PROVIDED AS IS, WITHOUT EXPRESS OR IMPLIED WARRANTIES OF ANY KIND. BLOOMBERG RETAINS ALL RIGHTS TO THIS TRANSCRIPT AND PROVIDES IT SOLELY FOR YOUR PERSONAL, NON-COMMERCIAL USE. BLOOMBERG, ITS SUPPLIERS AND THIRD-PARTY AGENTS SHALL HAVE NO LIABILITY FOR ERRORS IN THIS TRANSCRIPT OR FOR LOST PROFITS, LOSSES OR DIRECT, INDIRECT, INCIDENTAL, CONSEQUENTIAL, SPECIAL OR PUNITIVE DAMAGES IN CONNECTION WITH THE FURNISHING, PERFORMANCE, OR USE OF SUCH TRANSCRIPT. NEITHER THE INFORMATION NOR ANY OPINION EXPRESSED IN THIS TRANSCRIPT CONSTITUTES A SOLICITATION OF THE PURCHASE OR SALE OF SECURITIES OR COMMODITIES. ANY OPINION EXPRESSED IN THE TRANSCRIPT DOES NOT NECESSARILY REFLECT THE VIEWS OF BLOOMBERG LP.

Content and programming copyright 2009 BLOOMBERG, LP. ALL RIGHTS RESERVED. Transcription Copyright 2009 CQ Transcriptions, LLC ALL RIGHTS RESERVED. No license is granted to the user of this material other than for research. User may not reproduce or redistribute the material except for user's personal or internal use and, in such case, only one copy may be printed, nor shall user use any material for commercial purposes or in any fashion that may infringe upon BLOOMBERG and CQ Transcriptions, LLC's copyright or other proprietary rights or interests in the material.