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Keyword: berniemadoff

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  • The Consent Of The Conned: Every single item in our entire Bernie Madoff scam of a system is cooked.

    10/09/2017 8:52:49 AM PDT · by SeekAndFind · 8 replies
    Of Two Minds ^ | 10/09/2017 | CHARLES HUGH SMITH
    Authored by Charles Hugh Smith via OfTwoMinds blog,Every single line item in our entire Bernie Madoff scam of a system is cooked.My theme this week is The Great Unraveling, by which I mean the unraveling of our social-political-economic system of hierarchical, centralized power. Let's start by looking at how the basis of governance has transmogrified from consent of the governed to consent of the conned.In effect, our leadership leads by lying. As we know, when it gets serious, you have to lie to preserve the perquisites and power of those atop the wealth-power pyramid, and well, it's serious all...
  • Bernie Madoff Is Peddling Hot Chocolate in Prison Yard

    01/14/2017 11:26:32 PM PST · by nickcarraway · 45 replies
    New York Post ^ | January 13, 2017 | Lia Eustachewich
    Ponzi king Bernie Madoff is seeking new business ventures behind bars — in the hot chocolate market. Madoff , 78, has bought up all Swiss Miss packets from the commissary at the Butner federal correction complex in North Carolina, and is reselling them for a profit, according to a report. “Bernie really was a successful businessman with quite original insights into the market, and he’s continued applying his business instincts in prison,” journalist Steve Fishman told MarketWatch after interviewing Madoff at length for his new podcast “Ponzi Supernova.” “He made it so that if you wanted any, you had to...
  • Reminder: Bernie Madoff Donated Mostly to Democrats

    02/05/2016 12:47:06 PM PST · by PJ-Comix · 1 replies
    NewsBusters ^ | February 5, 2016 | P.J. Gladnick
    Many of you have probably seen the ABC miniseries, Madoff, about disgraced Wall Street investment manager Bernie Madoff who in reality ran a massive Ponzi scheme. How accurate was his portrayal by actor Richard Dreyfuss can be up for debate but what is not debatable, but now mostly forgotten, is that Madoff invested heavily in the campaigns of mostly Democrats. Just after the Madoff scandal broke in December 2008, the extent of his political contributions to Democrats was revealed by CNN.Com:
  • Bernie Madoff 'Doing Fine' in Prison Despite Heart Issues, Few Visitors

    02/02/2016 11:48:05 AM PST · by nickcarraway · 21 replies
    ABC News ^ | Feb 2, 2016 | BRIAN ROSS RHONDA SCHWARTZ MEGAN CHRISTIE
    Despite an issue with his heart, 77-year old Bernard Madoff is “doing as well as can be expected” serving a 150 year sentence at a federal prison in North Carolina, according to Ira Sorkin, the lawyer who represented him when he pleaded guilty to the largest financial crime in American history. “I think he’s had a little bout, little bit of a heart problem,” Sorkin told ABC News. Most troubling to Madoff, according to Sorkin and several inmates who served time with him, is that his wife Ruth stopped visiting him years ago and none of his grandchildren have come...
  • J.P. Morgan to pay $2 billion over Madoff case

    01/07/2014 11:28:05 PM PST · by chessplayer · 17 replies
    U.S. prosecutors and regulators are expected to announce this week that J.P. Morgan Chase & Co. will pay slightly more than $2 billion in penalties for alleged failures to warn about Bernard L. Madoff's massive fraud, said people familiar with the negotiations.
  • Spitzer Hit by Madoff (Article From 2008)

    07/30/2013 2:32:44 PM PDT · by nickcarraway · 2 replies
    New York Times ^ | December 18, 2008
    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.
  • Catching A Buzz: Melissa Harris-Perry Grabs Olbermann’s Baton, Makes Waves For MSNBC

    04/11/2013 4:47:58 PM PDT · by 2ndDivisionVet · 3 replies
    Mediaite ^ | April 10. 2013 | Joe Concha
    “Just get buzz…” That’s what a former MSNBC anchor recently told me is the primary objective of network President Phil Griffin. Create some noise, get some free press—good or bad—doesn’t matter. It’s all about drawing people to a place they otherwise wouldn’t visit. In the words of James Earl Jones, “Oh…people will come, Ray. People will most definitely come. “ When it came to getting buzz, no one did it better for MSNBC than Keith Olbermann. Sure, half the country held him in the same contempt normally reserved for a Bernie Madoff or Casey Anthony. But he got his name...
  • Who’s Worse — Al Gore or Bernie Madoff?

    01/10/2013 11:04:46 AM PST · by SeekAndFind · 6 replies
    Pajamas Media ^ | 01/10/2013 | Roger Simon
    Forgotten or semi-forgotten in the hullabaloo over Al Gore netting a cool hundred million from the sale of Current TV to Al Jazeera is that back in 2009 the ex-veep was on his way to being the first carbon billionaire off global warming. It’s unclear how close he came to accomplishing that goal, but it’s a safe bet he didn’t do badly, considering his lifestyle. (Well, this house apparently went to Tipper in the breakup.) Whatever else he is, Gore is arguably a business genius when it comes to generating massive amounts of income from dubious enterprises and, unlike Bernie...
  • Bernie Madoff's pathetic story is reminder why Wall Street protesters occupy Zuccotti Park

    10/28/2011 2:06:47 PM PDT · by presidio9 · 8 replies
    New York Daily News ^ | Friday, October 28th 2011 | Mike Lupica
    Now we are expected to believe that Bernie Madoff, once a star of the one-percenters, could run the kind of elaborate Ponzi scheme he did and steal billions under the nose of the SEC, but not know how many sleeping pills he and his wife needed to take themselves out. Like he finally forgot how to count. Apparently Madoff and his wife Ruth, who failed spectacularly at killing themselves, apparently now intend to kill the rest of us telling their pathetic story. Somehow a thief and rat like Bernie Madoff is still treated as if he should be in beer...
  • Is Social Security a Ponzi Scheme? Rick Perry thinks so.

    08/29/2011 12:58:04 PM PDT · by martosko · 45 replies
    The Daily Caller ^ | 08/29/2011 | CJ Ciaramella
    There goes Rick Perry again, saying things that make liberals’ heads explode. Speaking to a crowd in Iowa this weekend, the Texas governor and GOP presidential hopeful doubled down on statements he made in his book, Fed Up!, that Social Security is essentially a pyramid scheme. “It is a Ponzi scheme for these young people,” Perry said. “The idea that they’re working and paying into Social Security today, that the current program is going to be there for them, is a lie. It is a monstrous lie on this generation, and we can’t do that to them.” The left reacted,...
  • SEC Destroys 9000 Fraud Files

    08/18/2011 6:26:16 AM PDT · by Kaslin · 20 replies
    Townhall.com ^ | August 18, 2011 | Mike Shedlock
    Senator Chuck Grassley, Republican of Iowa, says SEC may have destroyed documents“From what I’ve seen, it looks as if the SEC might have sanctioned some level of case-related document destruction,” said Sen. Chuck Grassley, Republican of Iowa, in a letter to the agency’s chairman, Mary Schapiro. “It doesn’t make sense that an agency responsible for investigations would want to get rid of potential evidence. If these charges are true, the agency needs to explain why it destroyed documents, how many documents it destroyed over what timeframe, and to what extent its actions were consistent with the law.” Agency staff “destroyed...
  • Rupert Murdoch's media empire reveals unprecedented $8+ TRILLION SEC scandal

    06/21/2011 6:34:54 PM PDT · by dead · 28 replies
    examiner.com ^ | June 21, 2011 | Timothy Barello
    Several days ago, Steven Jones of Dow Jones Newswires – a News Corporation company – broke what may be the story of the Millennium, literally. According to 69 recent SEC filings that have now “vanished”, a Texan by the name of Johnny Earl Satterwhite claims to hold over $8 trillion in public companies like Microsoft, Exxon Mobil and City National Bank, among others. Jones also obtained documents that show Satterwhite falsely warranting his ownership of almost one trillion shares in Microsoft. This is 100% impossible, as Jones brilliantly notes... that's more than the 8.4 billion shares Microsoft has issued in...
  • Madoff to NY magazine: Government a Ponzi scheme

    02/28/2011 7:10:17 AM PST · by mewykwistmas · 20 replies
    AP ^ | 2/28/2011 | AP
    NEW YORK (AP) -- Wall Street swindler Bernard Madoff said in a magazine interview published Sunday that new regulatory reform enacted after the recent national financial crisis is laughable and that the federal government is a Ponzi scheme. "The whole new regulatory reform is a joke," Madoff said during a telephone interview with New York magazine in which he discussed his disdain for the financial industry and for its regulators. ... Madoff did an earlier New York Times interview in which he accused banks and hedge funds of being "complicit" in his Ponzi scheme to fleece people out of billions...
  • Bernard Madoff Accuses His Investors Of Greed ['I just went along']

    02/28/2011 1:24:38 PM PST · by fight_truth_decay · 46 replies
    Telegraph.co.uk ^ | 5:12PM GMT 28 Feb 2011 | By Jon Swaine
    Bernard Madoff, the disgraced financier, accused the investors whose money he lost in a Ł40 billion Wall Street investment fund of being greedy. 'Everyone was greedy,' Bernard Madoff told New York magazine.'I just went along' Photo: AP Madoff, who is serving a 150-year prison sentence, also rubbished the financial reforms introduced by the US to prevent future corruption and claimed: "The whole government is a Ponzi scheme". He added: "These banks and these funds had to know there were problems". "It was a nightmare for me," he said. "Even the regulators felt sorry for me ... They said 'how did...
  • Bernard Madoff says running world's biggest ponzi scheme was a 'head trip'

    02/28/2011 1:49:35 PM PST · by bruinbirdman · 8 replies
    The Telegraph ^ | 2/28/2011 | Richard Blackden
    Bernard Madoff has admitted that running the biggest financial fraud in history was a "head trip" as some of the world's biggest banks threw money at him to manage. "The chairman of Banco Santander came to see me, the chairman of Credit Suisse came down, chairman of UBS came down," Mr Madoff told the New York Magazine in an interview. "It feeds your ego. All of a sudden, these banks which wouldn't give you the time of day, they're willing to give you a billion dollars." In an in-depth interview conducted over 12 telephone calls from his prison in North...
  • Madoff victims' advocate: Citigroup saw red flags. Lawsuit seeks about $425 million from bank

    02/22/2011 1:18:16 PM PST · by SeekAndFind · 4 replies
    MSNBC ^ | 02/22/2011 | Grant McCool
    Citigroup saw several red flags in the dealings of Bernard Madoff's firm years before his multibillion-dollar fraud was exposed in late 2008, the firm's liquidator said in a newly unsealed lawsuit. Irving Picard, a court-appointed trustee seeking to recover money for former Madoff clients, made the accusations in one of several complaints he has filed against big banks he says "enabled" the massive, decades-long Ponzi scheme by turning a blind eye to it. "Citi had access to and received information placing it on inquiry notice that Madoff's advisory business was potentially a fraud, and/or that Madoff was making hundreds of...
  • Madoff Had Wide Role in Mets’ Finances (Wilpon-Madoff collusion alleged)

    02/02/2011 1:39:31 PM PST · by Liz · 21 replies
    NY TIMES ^ | 2/1/11 | SERGE F. KOVALESKI and DAVID WALDSTEIN w/ Jack Begg, Toby Lyles and Jack Styczynski
    Besides Wilpon's personal relationship with Madoff---when the Mets negotiated larger contracts with star players — complex deals with signing bonuses and performance incentives — they sometimes placed deferred compensation with Madoff.....a strategy that allowed the Wilpons to make money for themselves. There was never much doubt: “Bernie was part of the business plan for the Mets,” a former employee said. Wilpon also encouraged friends to invest. A fellow LIRR commuter, Robert Tischler, came to own a piece of an apartment building with Wilpon and Wilpon’s BIL, Saul Katz. When they sold, Wilpon suggested he invest some of his profits with...
  • Madoff Trustee Sues JPMorgan Chase (primary banker sued for billions; facilitated money-launder)

    02/06/2011 6:25:43 AM PST · by Liz · 38 replies
    Accounting Today ^ | 24/11 | Michael Cohn
    The trustee liquidating Madoff’s asset management firm, has filed a complaint against JPMorgan Chase, claiming the bank had suspicions about Madoff’s Ponzi scheme going back to at least 2006, but waited until 2008 to alert authorities while it earned hundreds of millions of dollars from doing business with Madoff. The complaint seeks to recover nearly $1 billion in fees and profits, and an additional $5.4 billion in damages, for JPMorgan Chase’s decades-long role as primary banker for Bernard L. Madoff Investment Securities’ (BLMIS), allegedly aiding and abetting Madoff’s fraud. “Incredibly, the bank’s top executives were warned in blunt terms about...
  • Whoa: Madoff Trustee Says A High-Level JPM Exec Was Warned About Madoff Well In Advance

    02/03/2011 5:33:04 PM PST · by FromLori · 8 replies
    The Business Insider ^ | 2/3/2011 | Katya Wachtel
    A high-level JPMorgan risk officer was warned that Bernie Madoff had “a well-known cloud” over his head and was suspected of running a Ponzi scheme nearly 18 months before he was charged, according to the FT. The lawsuit in which it's alleged that the executive was forewarned was filed against JPMorgan by Irving Picard, the trustee responsible trying to recover as many funds as possible for Madoff. It has just been unsealed, and was filed secretly at JPMorgan’s request. The suit aims at recovering $1 billion in fees and profits that JPMorgan earned as the primary banker to Madoff’s firm...
  • Issa's First Subpoena: BofA/Countrywide

    02/16/2011 7:55:20 PM PST · by george76 · 17 replies
    FOX Business ^ | February 16, 2011 | Rich Edson
    Countrywide’s VIP program is the first subpoena target for House Oversight and Government Reform Committee Chairman Darrell Issa (R-Calif.), said a committee aide. The “Friends of Angelo” program, named for former Countrywide CEO Angelo Mozilo, has been under committee investigation since 2008 for allegedly granting generous mortgage deals to influential government officials, lawmakers and employees at Fannie Mae. “Countrywide orchestrated a deliberate and calculated effort to use relationships with people in high places in order to manipulate public policy and further their bottom line to the detriment of the American taxpayers even at the expense of its own lending standards,”...