[Liz]

Our gangster government at work....wants new laws to render clawback laws illegal, neuter SIPC, lead to higher premiums for investment banks and investors, and might protect some early participants in Ponzi schemes.

Gangster government wants new laws to render clawback laws illegal----b/c under the existing law of "fraudulent conveyance"---no one can profit from a fraud.

So I guess the tax-exempt Picower Foundation can keep its astounding 950% profit. Picower deposited $1.6 billion with Madoff, and withdrew more than $6.7 billion, for a net profit of $5.1 billion. Picower had arranged the rate of return beforehand.

=====================================

REFERENCE Jeffry Picower was a seldom-seen self-styled "philanthropist," investor and confidant of Madoff. One 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 information—especially 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

NOTE: After the scandal broke, Mr Picower was found dead, floating in his swimming pool. Mrs Picower had just had her hair and nails done….....so you could not expect her to jump in and save the guy.

-------------------------------------

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.

[Liz]

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.

===========================================

3/07/05
REFERENCE Israel takes action; Bank Hapoalim and its Trust helped others evade Israeli laws

Israeli police investigating a money-laundering scheme have arrested 22 employees of the country's largest bank, Bank Hapoalim. Authorities say the employees of Bank Hapoalim helped customers transfer hundreds of millions of dollars without filing the reports required by Israeli law. Police say the arrested employees all worked at the same branch in Tel Aviv.

While no customers have yet been arrested, they say the case involves many individuals and companies overseas.

In a news conference Sunday, France was the only foreign country named by police as working with investigators. Authorities say their year-long investigation involves 80 bank accounts and 170 customers, informs VOA News.

According to FT News, Israeli police said they had made a number of arrests in connection with a year-long money laundering investigation at Bank Hapoalim, Israeli’s largest bank.

Twenty-two people from the Tel Aviv branch and Bank Hapoalim Trust were arrested or detained for questioning, said Gil Kleiman, police spokesman. He said funds from different countries, including France, passed through the branch for money laundering.

Israel was only removed from the Organisation for Economic Co-operation and Development's money laundering blacklist in 2002. Police are checking more than 80 Hapoalim accounts linked to 170 customers including individuals and companies. http://64.233.161.104/search?q=cache:R98LKOVxtfYJ:newsfromrussia.com/accidents/2005/03/07/58565.html