Fools and their money... though it is really hard for me to feel sorry for any of Madoff’s victims.
Agreed. The Madoff ‘victims’ assumed that Madoff was operating off of inside information. It is their greed that makes them susceptible to being scammed.
You have to take into consideration that Madoff was running several simultaneous scams-----(1) a Ponzi fraud; (2) laundering tax-free money, (3) IRS fraud facilitation; (4) a protection racket (shielding certain investors from scrutiny); (5) Dem campaign fraud.
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.
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No question, tax evasion and money laundering was the name of the game for the wealthiest Madoffians-----businessmen who were funneling income to Madoff to avoid US taxes, who were posing as "philanthropists."
FOR EXAMPLE The tax-exempt Picower Foundation took out an astounding 950% profit......depositing $1.6 billion with Madoff, and withdrawing more than $6.7 billion, for a net profit of $5.1 billion. Picower had arranged the rate of return beforehand.
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Jeffry Picower was a seldom-seen philanthropist, investor and confidant of Madoff. Now a lawyer representing 100 Madoff victims suggests it was no accident that Picower was one of the few Madoff customers who made a substantial profit.
While coverage of Picower has been scant, on various occasions, The St. Petersburg Times, Forbes, and, most recently, Pro Publica, have raised the question of whether Picower used his tax-exempt "charities" to mine informationespecially about the medical developments-----that he then used in chasing deals. For example, Picower was the biggest shareholder in Alaris Medical Systems and collected more than $1 billion when it was bought by Cardinal Health in 2004. (snip) http://www.thedailybeast.com/blogs-and-stories/2009-06-25/did-bernie-madoff-get-a-billion-dollar-kickback/full/
Authorities should go after The Florida-based Picower Foundation, worth $1 billion AND a major backer of the abortion industry.
Barbara and Jeffrey Picower
The Picower Foundation
1410 South Ocean Blvd
Palm Beach, Fla 33480
Tele 561-835-1332
Geographic Focus: Florida; New York;
SOURCE http://www.tgci.com/funding/fdnresultnew.asp?thisID=19499
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REFERENCE The number of tax-exempt "foundations and charities" attached to Madoff's scam is VERY fishy. NOTE: the IRS has targeted tax-exempt "foundations and charities" as the locus classicus for money laundering and tax evasion. The BIGGEST fraud is one charity writing checks to another charity---the way these "altruistic philanthropists" siphon off funds for themselves--all tax-free.
NOTE: After the scandal broke, Picower was found dead, floating in his swimming pool.