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Economic Terrorism threatens our nation. Thousands of
stockholders and investors have lost a lifetime of savings.
Hundreds of thousands have seen their pensions shrink.
Millions are facing unemployment, as the former middle-class
competes with the former working-class, which competes with
the undocumented class, for ever-shrinking job opportunities
in a downward spiraling American economy that is terrorizing
many citizens who are scrambling to keep their homes.
But be assured. In this “fundamentally sound” (for the few)
economic landscape, we know of at least one man who will
keep at least one home: Bernard Madoff
(left).
Well, he’ll actually keep at least three homes, as long as
he and his wife keep the conditions of his $10 million
dollar bail, for which he put up his $7 million Manhattan
apartment and other properties he owns in Palm Beach,
Florida and upstate New York.
In the meantime, he’ll be under “house arrest” at his
apartment (sans passport) and outfitted with a monitoring
bracelet, following his arrest this week for operating what
has been described as a “Ponzi” scheme that cheated
investors of an estimated $50 billion….Billion…dollars!
So far Federal prosecutors have charged Madoff, the head of
Madoff Investment Securities and former Chairman of the
Nasdaq stock market, with one count of criminal fraud. The
Securities Exchange Commission (SEC) has charged Madoff with
“civil” fraud. The investigation will also look at the
conduct of Madoff’s accounting firm to see why no
irregularities were flagged.
The defrauded investors number in the dozens, and include
high powered investment firms, several European banks, owner
of the New York Mets Fred Wilpon, film industry executives
including Jeffery Katzenberg of DreamWorks, and Steven
Spielberg’s Wunderkinder charity, along with the several
charitable foundations and non-profits including the
Innocence Project, and at least one private university, and
several pension funds.
Though regulators are responding with “shock and awe” at the
allegations, there is evidently a record of complaints
against Madoff’s scheme going back almost a decade. SEC
Chairman Christopher Cox stated that he was not sure why the
complaints were not pursued and has stated his office will
conduct an “internal Probe.” However, some news reports have
indicated that SEC staff have voiced concern that their
efforts to look into Madoff fell on deaf ears when they took
their concerns to SEC management. The plot thickens.
One SEC compliance official married Madoff’s niece shortly
after leaving the SEC. Madoff registered with the SEC as an
advisement counselor in 2006, but is has been reported that
the SEC never conducted a standard review of his
registration. In other related family matters, it was
reported that U.S. Attorney General Michael Mukasey (the new
Bush appointee that replaced Alberto Gonzales) recused
himself from the Madoff probe because his son, Marc Mukasey,
is representing Frank DiPascali, a top financial officer at
Madoff’s investment firm.
RED ALERT!! Warning: Citizens must stay vigilant against
this kind of terror, and keep a close watch for suspicious
activity. Citizens are advised to follow the following
rules:
a) Identify, Recognize, and Record all suspicious characters
that pop up as the Madoff drama unfolds, family
relationships are revealed, and the plot thickens;
b) Follow the Money Trail (it’s the shortest bee-line to the
honey pot);
c) Wish Madoff a Long Life (and life sentence); and
d) Report any Suspicious Odors, as it may be the smell of
money going up in smoke!
These warnings and alerts have been issued as there have
been early reports of emissions of a possibly toxic nature.
These emissions are recognizable as they carry the curiously
familiar smell of a coordinated press, law-enforcement and
Wall Street cook-off (or blow-off) to absolve Madoff’s sons
of any culpability in the Ponzi conspiracy.
Both Mark and Andrew Madoff worked for their father, yet
have been characterized as “unknowledgeable,” “out of the
loop,” “blameless” in the rip-off, and in full “cooperation”
with authorities. The oncoming odor is nostalgically similar
to the final stew of the Enron scandal.
Enron chief Ken Lay died mysteriously (while vacationing in
Aspen) shortly after his conviction (but just short of his
sentencing), on 10 counts of fraud, conspiracy and lying to
banks. The multi-millions in restitution he would have been
liable for, miraculously (or incredulously) became null and
void at his death, when a “legality” was used that held that
since Lay was appealing his conviction at the time of his
death, the actual convictions were deemed null and void.
Therefore the assets (or ill-gotten gains) of his heirs
could not (or would not) be attached for restitution to the
Enron victims, which included workers whose pensions had
disappeared.
Therefore, it is critically important for citizens to
meticulously follow Rule C and make a generous wish, albeit
a prayer, for a long life for 70 year-old Bernard Madoff.
Otherwise, well… It’s all in the family.
(By Lita Pezant, Westside Story News/Empire News Network –
Dec. 17, 2008, www.westsidestorynewspaper.com ) |
