Turn on the light and the rats and roaches start to scatter.
Nothing to see here folks ... move along.
Posted on 12/21/2008 10:37:57 AM PST by BGHater
The fraud investigation of Wall Street money manager Bernard L. Madoff took unusual twists Wednesday as the U.S. attorney general removed himself and the Securities and Exchange Commission looked into the relationship between Madoff's niece and a former SEC attorney who reviewed Madoff's business.
The developments reflect growing criticism that Wall Street and regulators in Washington have grown too close. Madoff himself has boasted of his ties to the SEC.
The question of Madoff's connection to regulators goes to the heart of the investigation of the alleged $50 billion fraud, SEC Chairman Christopher Cox told reporters.
Congress jumped into the Madoff scandal, too. The chairman of the House capital markets subcommittee, Rep. Paul Kanjorski, D-Pa., announced an inquiry that will begin early next month into what may be the biggest Ponzi scheme of all time and how the government failed to detect it.
In New York, Madoff showed up at the federal courthouse to sign some papers in his case, wearing a baseball cap and walking silently past a reporter who asked Madoff whether he had anything to say to his alleged victims. Free on $10 million bail, Madoff now has a curfew and an ankle-bracelet to monitor his movements.
U.S. Attorney General Michael Mukasey recused himself from the Madoff probe because his son, Marc Mukasey, is representing Frank DiPascali, a top financial officer at Madoff's investment firm. The Justice Department refused to say when Mukasey became aware of the conflict but confirmed Wednesday he was removing himself from all aspects of the case.
DiPascali was the Madoff employee who had the most day-to-day contact with the firm's investors. Several described him as the man they reached by phone when they had questions about the firm's investment strategy, or wanted to add or subtract money from their accounts.
(Excerpt) Read more at news.yahoo.com ...
Can the corruption get any more widespread???
Rats ... leaving a sinking ship.
Let's hope that it doesn't extend into the command structure of the armed services....it's coming to that.
I thought and read that he didn't make bail.
What do I expect is the drive-by media .
It will be interesting to see how many high-profile Jews in government have to be excluded from roles in regulatory, legal or criminal actions because they were victims or they’re closely related to victims.
For example: Let’s say that Spitzer had not been caught schtupping the girlie. He’d still be AG on NY State, and he’d be the johnny-on-the-spot for going after “crooked” Wall St actors whom the SEC ignored. That’s how Spitzer has been styling himself since the sub-prime blowup.
Except that Spitzer is a Madoff victim too. He’d have to recuse himself.
I really ‘don’t’ wanna know where the money went. I have a bad feeling.
Spitzer was governor of New York when he got caught "schtupping".
Yes, you’re right. Brain fart.
Spitzer would have been all over this Madoff deal tho. There would be no higher-profile case for him to launch the “All Elliot, All the Time” news channel service.
And even if he were still governor, he’d look like a dope, because he got sucked into a deal that was “too good to be true” on the face of it.
I do want to know where the money went. I have a ‘bad feeling’ too. It is likely going to expose rampant corruption inside the financial regulator agencies, as well as a layered fraud in non-profits, banks, hedge funds, etc.
We can probably agree that given the actors involved, it wouldn’t be a good show for the liberal Democrats from NYC/NJ/FL.
“According to a National Public Radio report, Mr. Spitzer revealed at a holiday party this week that his family real estate firm had invested money with Bernard L. Madoff, the financier who authorities have said confessed to a $50 billion fraud.”
Enough of this. Make Madoff an honorary Congressman in charge of Social Security. He is a pro.
No, there's nothing suspicious about this....
Ten bucks says Mukasey was actually an investor in Madoff’s scheme.
Someboidy in the Boston, NYC and DC SEC offices was running interference for Bernie Maddoff. This person(s) needs to get 20 years in jail.
Mukasey’s son didn’t have to accept a Madoff partner as a client. But he did, and both Mukaseys knew full well that the elder would have to recuse himself as a result. There’s a reason for this.
I don’t know yet what the reason is yet, but there’s a reason.
This stuff doesn’t happen in a vacuum.
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