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Weekend At Bernie Madoff's

Madoff Made Off With Millions

While Clients Lost Their Shirts And Didn’t Know It

December 19. 2008

 

The story of Bernard Madoff is another prime example of why America is currently steeped in the worst financial crisis since the Great Depression, that shows no signs of abating.

Madoff, an investment broker, was arrested and charged this month with perpetrating the greatest fraud in Wall Street history. Due to Madoff being famous and well connected, Congress, the DOJ, FBI, SEC, FTC and White House looked the other way, as complaints came in for years regarding his questionable conduct. It took his own sons to blow the whistle on him.

$50 billion dollars in investments Madoff managed is gone, many families have lost their life savings and pensions and will lose their homes in the coming months.

Madoff smirking two days ago

Foreign banks that escaped damage in this year’s U.S. mortgage crisis, were burned in the Madoff scandal, losing billions of dollars, which should not have happened.

The government failed the American people, U.S. charities and foreign banks that invested with Madoff, placing their money and trust in Wall Street.

What the government will recover in the case by way of fines and restitution does not even begin to cover the substantial losses that have occurred. People are going to get back cents on the dollar for what they’ve lost.

This story is reminiscent of Enron, that was allowed to continue in business, because of their ties to George W. Bush, whilst ripping off the America people. Billions of dollars were lost in that case as well.

All these scandals have destroyed corporate America’s name in the world. When is the U.S. government going to wake up and stop allowing cronyism to take precedence over justice, integrity, fairness and decency?

The sad part is, there are more Bernard Madoffs out there.

A hand full of people in corporate America, that don’t even constitute 1% of the U.S. population, are engaging in unethical, questionable, unlawful acts, then corrupting members of government in the judicial system and regulatory agencies, to get away with it.

It does not inspire consumer confidence from the nation or the world, when everyone sees firsthand how easy it is to lose everything one has in America, via being defrauded as an innocent bystander or doing business with individuals the government allows to get away with murder, as the expression goes, in engaging in fraud and theft.

Other leading nations in the world are already pulling away their core investments from America, because of the corruption, injustice, cover-ups and lack of transparency they witnessed in 2008.

But if the powers that be in the U.S. government think losing trillions in foreign investments, due to the world’s distrust of corporate America and the U.S. judicial system is a good thing, they can continue to not clean it up and allow certain entities to run wild with acts of thievery and villainy and watch the country’s GNP plummet to unprecedented lows.

People don’t want to see this kind of corruption coming out of the judicial system, government and corporate America. It sends an awful, confounding message that is very disappointing.

Madoff shocks markets

JUST when you thought you have seen it all, the US corporate cop today arrested 70-year-old Wall Street legend Bernie Madoff for alleged securities fraud involving a ponzi scheme, which is estimated to have lost investors as much as $US50 billion.

So we have had the sub-prime crisis, the world’s banking system frozen refusing to deal with each other, credit markets closed, the Governor of Illinois attempting to make a few bob on selling Barrack Obama’s Senate seat and now arguably the biggest Wall Street fraud on record.

It’s extraordinary how calamity breeds calamity.

http://www.theaustralian.news.com.au

SEC Failed to Act on ‘Credible, Specific’ Madoff Tips, Cox Says

Dec. 17 (Bloomberg) -- U.S. Securities and Exchange Commission Chairman Christopher Cox said the agency failed to act for almost a decade on “credible and specific allegations” of wrongdoing by Bernard Madoff, who authorities say bilked investors of as much as $50 billion.

Allegations dating back until at least 1999 “were repeatedly brought to the attention of SEC staff, but were never recommended to the commission for action,” Cox, 56, said in a statement yesterday. He announced an internal probe to review the “deeply troubling” revelations.

“He’s revolted by what he found out, but it’s also in his interest to be revolted,” said James Cox, a securities law professor at Duke University in Durham, North Carolina who isn’t related to the SEC chairman. “He’s taken a lot of heat over SEC enforcement.”

http://www.bloomberg.com

Congress to probe SEC role in Madoff affair

WASHINGTON (Reuters) - A U.S. House of Representatives panel plans to convene an inquiry in January into the failure of regulators to unearth an alleged $50 billion securities fraud by financier Bernard Madoff, a key lawmaker said on Wednesday.

http://www.reuters.com

Spitzer Hit by Madoff

Eliot Spitzer, who as New York attorney general was known as the “Sheriff of Wall Street” for his crusade against investment fraud, has acknowledged that his family was swindled by the man accused of running what could be the largest Ponzi scheme in history.

http://www.nytimes.com

U.S. Judge Freezes Madoff Assets, Appoints Receiver, SEC Says

Dec. 12 (Bloomberg) -- A federal judge in New York froze the assets of New York investment adviser Bernard L. Madoff and his firm a day after the 70-year-old was arrested in a potential $50 billion fraud, regulators said.

U.S. District Judge Louis Stanton in Manhattan today granted a government request to give “emergency relief” to investors by freezing Madoff’s assets and appointing a receiver, the U.S. Securities and Exchange Commission said on its Web site.

http://www.bloomberg.com

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