Hold on a sec......some, not all investors money went up in smoke.
The court appointed trustee looking into Madoff's assets unearthed a labyrinth of interrelated international funds, institutions and entities of almost unparalleled complexity and breadth...... and assets and businesses in 11 places overseas.
Americans have not yet learned the full extent of official corruption, thievery, schemes and scams involving $TRILLIONS of tax dollars, aided and abetted by the elected dupes on Capitol Hill.
CASE IN POINT Madoff's close pal, J Ezra Merkin, a well-connected "philanthropist"---- ran several offshore hedge funds and was feeding money to Madoff.
BAILOUT SWILLERS Stephen A. Fineberg's private equity firm---Cerberus Capital Management LP--- also owns Chrysler Motors. The US Treasury bought a $5 billion stake in GMAC (GM financing arm), and lent $1 billion to GM. This latest loan is IN ADDITION to the $13.4 billion the US Treasury lent earlier to Merkin's GMAC, and Fineberg's Chrysler.
SWILLING TIMELINE In 2006, GM sold 51% of Merkin's GMAC to Feinberg's private equity firm Cerberus Capital Management LP (which also owns Chrysler).
HOGGING AT THE PUBLIC TROUGH In May 2004, Feinberg's "private investment group," Cerberus Capital Management, LP became majority owner of IAP Worldwide Services, Inc, one of the US Army’s largest contractors in Iraq. In Afghanistan, Feinberg's IAP runs a drug/addiction center" in Kunduz---Kunduz is the largest opium supplier in the world. BUSY LITTLE BEAVER IAP also provides infrastructure support for the British Ministry of Defence in Kandahar....apart from supporting the US Army in Basra.
BAILED OUT AND STILL SWILLING Stephen A. Feinberg's IAP also serves a broad array of federal clients including the US DOD, NASA, the US Geological Survey, the US Agency for International Development, the IRS, and a variety of other federal agencies.
BACKSTORY GMAC's Merkin and Chrysler's Feinberg paid the Israeli govt $500M to buy Bank Leumi. An “inside” deal not just anybody could get. Bank Leumi looms large in the missing billion dollar taxpayer bailouts since Israel is the only place in the world where an individual can fly-in, got o a bank with a suitcase full of cash, and nobody asks where they got it, or whether taxes were paid on it.
Bank Leumi looms large in the missing Madoff billions (and the missing billion dollar bailouts). Israel is the only place in the world where an individual certified as being of Jewish heritage, can fly-in, got to a bank with a suitcase full of cash, and nobody asks where they got it, or whether taxes were paid on it.
Hadassah is another charity that should undergo scrutiny---Hadassah withdrew MORE money from Madoff than it originally put in------it "says" it funds health care initiatives, Zionist education and the Hadassah Medical Organization in Jerusalem. Hadassah now says it plans to finish construction of a new medical tower in Jerusalem and that it has added 8,000 new members in recent months (man, that was one great outreach (/snic). The American Jewish Congress "says" it lost $21 million in the fraud.
Israel did not want to have the global reputation as a money laundering haven---and tried and tried to get the law changed........but its Orthodox religious political parties raised a huge ruckus against the changes.
That's RIGHT!
Many of Bernie's buddies walked away with a nice chunk of change.
However, they'llstay free as a bird. The SEC won't do a thing for two reasons.
(1) Believe it or not but I personally know a very, VERY, rich person (borderline Billionaire). And what Dubya and his SEC did to him was borderline illegal. This man was 'Nifonged'.