Madoff Made-Off With Billions! Who Did Madoff Pay-Off?

  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 )