Madoff Fool Or Rogue?

The answer to that is  easy. He is a crook who ran a $50 billion fraud. It worked well until the market started falling and people wanted cash. He robbed Peter to pay Paul and covered up in time honoured fashion. He has hurt a number of Jews but then he is one of their number too. The main stream media kept quiet about that aspect. They are very much part of the problem. Albeit Haaretz, Israel's sometime conscience complained that he will no longer be financing Jews with stolen money. But he got 150 years for his pains. He is still covering up for his henchmen. His guilty plea conceals the evidence and means that the alleged victims get compensated at the tax payers' expense. See the first offering on the point.

Madoff's Double Bluff
Confess that you and you alone are guilty. No evidence is produced at the trial,  the other perpetrators get away with it, the investors get paid off by the government and the tax payer gets robbed blind again. Given that a lot of aforesaid big time investors are Jews it all makes sense.

 

Jew Charged With Stealing $50 Billion [ 12 December 2008 ]
QUOTE
On Wall Street, his name is legendary. With money he had made as a lifeguard on the beaches of Long Island, he built a trading powerhouse that had prospered for more than four decades.......  But on Thursday morning, this consummate trader, Bernard L. Madoff, was arrested at his Manhattan home by federal agents who accused him of running a multibillion-dollar fraud scheme — perhaps the largest in Wall Street’s history.........

Competing hedge fund managers have wondered privately for years how Mr. Madoff generated such high returns, in bull markets and bear, given the generally low-yielding investment strategies he described to his clients........ Mr. Madoff invited the two executives to his Manhattan apartment that evening. When they joined him there, he told them that his money-management business was “all just one big lie” and “basically, a giant Ponzi scheme.”........... In that conversation, according to the criminal complaint, Mr. Madoff “stated that he was ‘finished,’ that he had ‘absolutely nothing.’ ” By this account, Mr. Madoff told the executives he intended to surrender to the authorities in about a week but first wanted to distribute approximately $200 million to $300 million to “certain selected employees, family and friends.”
UNQUOTE
When it is a $100 grand fraud, it could be anyone. With $100 million it is very likely a Jew. Madoff is a Jew and I daresay it is an all Jew firm. Do the main stream media mention this point? Not a chance. They are a propaganda machine.

 

Madoff $50 Billion Fraud Is A Problem For Jewish Charities [ 14 December 2008 ]
QUOTE
The arrest of Wall Street trader [ and Jew ] Bernard L. Madoff, who federal agents say defrauded investors of an estimated $50 billion, has had immediate consequences in the Jewish philanthropic world. Madoff was arrested Thursday for allegedly defrauding his clients of $50 billion in a massive pyramid scheme over the course of several years. He was released on a $10 million bond........ On Friday, Madoff resigned from Yeshiva University, where he served as the chairman of the Sy Syms School of Business and treasurer of the board of trustees.

The.. Boston-based Robert I. Lappin Charitable Foundation,... A 16-year-old charity, the organization's stated goal had been "reversing the trend of assimilation and intermarriage." [ Racism in action - Editor ] It had funded... enrichment programs for Jewish educators.
UNQUOTE
Rich Jew; rich thief. It seems to be par for the course. Jewish charities were living on the proceeds of crime.

 

How Much Did Madoff’s Sons Know?  [ 15 December 2008 ]
QUOTE
Bernard Madoff’s giant Ponzi scheme came to an abrupt halt when his two sons shopped him to the feds. But how much did they know about their father’s spectacular crime? Victims are expressing their incredulity that Mark and Andrew Madoff, senior executives in their father’s business, could have remained ignorant for so many years...... Meanwhile, the list of good and great names [Make that rich - Editor ] lured into Madoff’s $50 billion Ponzi scheme is getting longer.... Senator Frank Lautenberg of New Jersey lost a packet, as did the charitable trust of Avram and Carol Goldberg, former owners of the Stop & Shop supermarket chain. The Loeb family of New York were stung, along with Lawrence Velvel, dean of the Massachusetts School of Law, who lost “millions of dollars,” reports the New York Post. Yeshiva University is on the Madoff list, as is the Carl and Ruth Shapiro Family Foundation, which lost $145 million. Read it at New York Daily News
UNQUOTE
Jews shop their father. He was robbing Jews. Jews are like that. In fact The New York Post reports that Madoff, "worked the so-called 'Jewish circuit' of well-heeled Jews he met at country clubs on Long Island and in Palm Beach, and through his position on the boards of directors of several prominent Jewish institutions, he was entrusted with entire family fortunes".  According to CNBC, Madoff was able to sell to European investors at ski competitions organized by stock exchanges. Perhaps we should ask how they got rich now that we are getting poor. A very good summary is at the Wapedia.

 

Steven Spielberg Robbed By Madoff [ 16 December 2008 ]
QUOTE
Elie Wiesel, Steven Spielberg among victims of Madoff affair Investigators probing the Madoff Wall Street affair have found a number of prominent Diaspora Jews among the victims, including Nobel laureate Elie Wiesel, movie director Steven Spielberg, and real-estate magnate Moritmer [ sic ] Zuckerman, the Wall Street Journal reported Monday. An alleged $50 billion fraud by Wall Street financier Bernard Madoff has caused deep ripples in the Jewish philanthropic world, forcing the closure of two prominent U.S.-based charities and threatening the financial lifeline of a slew of other groups...... Among those invested in Madoff's funds and Ponzi scheme are an impressive list of Israeli insurance companies: Harel, Clal and the Phoenix...... Madoff was arrested last Thursday by U.S. federal agents at his apartment after prosecutors said he told senior employees [ ie his sons ] that his money management operations were "all just one big lie" and "a giant Ponzi scheme."
Related articles:
Madoff Wall Street fraud threatens Jewish philanthropy
Financier Madoff's $50b fraud forces closure of Jewish charity  
UNQUOTE
Jews robs Jews. Jews will rob anyone. They sent the American army to steal oil in Iraq. They are getting away with that one.

 

Jewish community braces for calamity in wake of Madoff fraud  [ 16 December 2008 ]
Living on the proceeds of crime is great until the villain comes unstuck.

 

Inquiry Finds No Signs Family Aided Madoff  [ 16 December 2008 ]
QUOTE
Federal investigators have found no evidence so far that members of Bernard L. Madoff’s family helped him carry out what may be the largest financial fraud in history, according to a person briefed on the case. Mr. Madoff’s sons, Andrew and Mark, and his brother, Peter, all occupied senior positions at his firm,....

Although the enormous scale of the fraud prompted widespread questions about whether one person could concoct all the necessary paperwork such a fraud would entail, Mr. Madoff, 70, had insisted that his family was not involved in the Ponzi scheme. He said it was “all his fault,” according to a criminal complaint filed last week.
UNQUOTE
A firm within a firm is the story we are being fed. One man takes the fall. The rest walk. It is something like the BCCI Job.

 

Bernard L. Madoff - Wikipedia, the free encyclopedia
The Wiki goes over the ground and does it well. That includes telling us that he was a Jew who defrauded his bretheren. I am always pleasantly surprised when the Wiki is forthcoming on something contentious because it was set up by another of  them.

 

Bernard L. Madoff Investment Securities LLC

2. Bernard L. Madoff Investment Securities LLC

3. Bernard L. Madoff - Wikipedia, the free encyclopedia

4. Press Release: SEC Charges Bernard L. Madoff for Multi-Billion ...

5. Now Accused of Fraud, Wall St. Wizard Had Skeptics - NYTimes.com

6. Top Trader Is Accused of Defrauding Clients - NYTimes.com

7. SEC charges Bernard L Madoff for multi-billion dollar Ponzi scheme

8. The Volokh Conspiracy - From the Website of Bernard L. Madoff ...

9. Bernard L. Madoff Investment Securities LLC Company Profile ...

10. Tzvee's Talmudic Blog: Is Bernard L. Madoff Jewish?

11. Bloomberg.com: Worldwide

12. Syracuse firm fears losses to Bernard L. Madoff's alleged Ponzi ...

13. SEC Charges Bernard L Madoff for Multi Billion Dollar Ponzi Scheme

14. Bernard L. Madoff News & Articles on washingtonpost.com

15. bernard l. madoff investment securities Resources | BNET

16. Bernard Madoff arrested over alleged $50 billion fraud - Yahoo! News

17. Bernard L. Madoff - news

18. The Rise and Fall of Bernard L. Madoff - BusinessWeek

19. RPT-Bernard Madoff arrested over alleged $50 bln fraud - Forbes.com

20. Market maker Bernard L. Madoff arrested in $50B 'giant Ponzi ...

From http://www.iamthewitness.com/news/2008.12.18-The.Madoff.Double-Bluff.html

THE MADOFF DOUBLE-BLUFF
by Muhammad Rafeeq (18th-Dec-08)

http://www.iamthewitness.com/news/20...ble-Bluff.html
At first sight it was extremely refreshing. A white-collar financial crook raising his hands and pleading guilty to his financial crime. This has to be almost a first. Usually financial criminals when caught in the most obvious of wrong-doing plead 'not guilty'. The criminal can be caught boarding the plane, with a suitcase containing US$100mn of someone else's cash, with his mistress holding on to his arm, he will look into the camera with his most genuine 'Tony Blair look of sincerity' and say "What we have here is a misunderstanding.... " You make up the rest of the excuse, there is a million of them.

So yes, an outright confession, "It was me, I chopped down the apple tree" is so against the current socio-political culture it was almost too good to be true. Especially given the pedigree of this perp, the CEO of one of the busiest and most prominent financial exchanges in the world. After his confession the world goes into shock, especially the Jewish world, since affluent members of this community had previously flocked to his door, seeking his world famous high returns. Since his arrest the press is full of people extolling his virtues as a decent human-being and "who would ever of believed it?". It would be so easy for this man to deny any wrongdoing because he could bring out an army of good character witnesses and he could just point at some suspect-looking goy in his hedge fund organization to lay the blame on.

So a truly heartwarming confession. And it was apparently made to his 2 sons, both of whom who worked for the fund and who had absolutely no idea that this fraud was being perpetrated, until such time as this astounding confession.

But then I started to look more closely at the mix of investors who have lost money. About half of them are professional investing institutions. Look at this quote from the UK's Daily Mail newspaper (online http://www.dailymail.co.uk/money/art...-lawsuits.html)

"Full details of the exact losses are yet to emerge. Hedge funds and banks have so far admitted to having around £16 billion with Madoff - only half of the total that is reckoned to have been lost. Some of the biggest casualties are Swiss private banks, which have taken hits amounting to about £2.5billion. Spanish bank Santander had £2.1billion of client money with Madoff. HSBC has admitted to lending about £600million to funds who wanted to use debt to gear up their positions with Madoff. RAB capital, the hedge fund that lost huge sums on investing in Northern Rock, has revealed that it is exposed to Madoff to the tune of around £6million."

Now the confession does not look right at all.

It is possible to accept the idea of a Ponzi scheme be played on members of the public, who are ignorant of how such schemes are worked, in fact the schemes are targetted specifically at such people. Yet Madoff would have us believe that he managed to convince professional investment companies to put their funds with him without any due diligence being performed. This is clearly nonsense.

I have acted as a professional consultant to major EC and US financial institutions on corporate and institutional credit risk and the idea that anyone in HSBC or Santander could authorize large investment without the internal checks and controls being employed is almost impossible. To try and believe that EVERY institution that invested in Madoff circumvented their internal control procedures IS impossible.

Why is this important? Simple. If someone approaches the HSBC credit risk team, for instance, with a view to making a loan or investing a sum as large as £600m to what is ultimately a single institution (therefore a single counterparty credit exposure) a significant number hoops would have to be jumped through. Firstly there is the credit officer competence limit, which is the maximum amount that a single credit officer may be allowed to authorize. More than his/her limit must be referred up the credit approval food chain. In an institution like HSBC or Santander etc, £600bn or US$1bn will have been referred to the very top of the food chain, the banks' credit committees at the board level. This is an enormous sum and no lackey is going to be able to approve this by themselves, ever.

When the credit committee are called together to review an application, everything is ready prepared for them, so they can cut to the chase . The lower levels of the credit approval process will have prepared a summary of all the application documentation, included in the meeting bundle, with the strengths, weaknesses, and other important credit risk points. This application will usually contain a set of audited accounts going back a minimum of 3 years and most likely 5 years. There will be a full credit breakdown of the investment profile of the business, Madoff's hedge fund, looking at how the fund obtains its returns; investment assets and investment methodology. After the committee is satisfied that all the issues and concerns have been addressed they will vote on the approval or otherwise.

So there is no way that Madoff could have been pulling a scam. It would have stood out as clear as day to professional financial analysts, whose only job in life is to examine the management of companies and their reports and accounts, to make sure that all is in order. It's their job, it's what they do. They are the world experts in spotting anomalies. The idea that all these professionals in all these companies were all duped is absolute nonsense. It is highly improbable that one such evaluation process could have been fooled, but all of them, never. A Ponzi scheme is easy to spot when you have the audited accounts and the full range of investment assets and investment methodologies employed.

Also, this scam avoided the attention of all the funds employees; accountants, traders, auditors and the US regulators, all of whom are also financial professionals.

This again is absolute nonsense. Any company that I have ever worked for would have known internally that such business was being done, because they are all involved. For instance, a trader goes on buying equities from the world's stock exchanges that go down in price for 5 continuous years, but the company just keeps giving him more money to top up the trading, continues paying his salary and even annual bonus. Absolute rubbish. But assuming this actually did happen, the market risk team would have been watching these losses, as would have the accountants. It is not possible to hide things like this internally for very long, months at the most; 20+ years, NEVER.

So why plead guilty? The answer is simple. Look on the net and you will see that because this case is being labelled a fraud, it would appear that investors are going to be able to claim their investment back under the US government's financial fraud protection scheme. A judge has already given his approval in principle for compensation, without any evidence having been presented and financial fraud being demonstrated in a court of law. And it would appear that there will never be such a demonstration in a court of law. Why? It would appear that all the funds financial records are mostly "missing" (rather like Dov Zakheim's US$1.4tn) and those few records that do survive are in a terrible mess.

However, since the guy has pleaded guilty we do not need to demonstrate the fraud, because he says he is guilty.

And look further on the net and you will see that these "victims" have also been told by the US tax authorities that they will probably also be entitled to claim back some taxes on these defrauded sums.

Rather than saying this hedge fund has gone bust, due to its choice of investment assets and investment methodologies, a scenario which is highly probable in the current financial paradigm, since all the professionals are predicting that at least 30% of all hedge funds are about to fail, more than 700 of them, the CEO chooses to fess up to fraud. If the CEO admits the fund has gone bust, then all those wealthy members of the Jewish community get nothing, but if the CEO admits to fraud they get their money back as compensation from the US tax payer, just as they are also drawing money back from the tax payers with the other hand.

And, as can be seen at the Daily Mail link above, the investors in this fund only get to litigate the fund directors against Lloyds insurers in London for even more compensation. Done properly the compensation could end up paying out far more than the original fund returns (yes this is sarcasm, it was bound to creep in eventually in yet another swindle like this).

Would that I could believe that Madoff were a good guy who slipped and then became repentant. But given the facts, this simply cannot be true.

 

 

Errors & omissions, broken links, cock ups, over-emphasis, malice [ real or imaginary ] or whatever; if you find any I am open to comment.
 
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Updated on 18/07/2012 18:38