Wednesday, February 16, 2011

Bernard Madoff Says Banks Knew of Ponzi Scheme

Head of NASDAQ, MadoffConvicted fraudster [former American stock broker, investment advisor, chairman of the NASDAQ stock market] Bernard Madoff has blamed others for being "complicit" in his scheme, which fleeced investors of billions of dollars. Madoff is serving 150 years in jail in the US for a $65bn (£40bn) fraud which deprived thousands of investors of their savings.

Now he has told the New York Times a variety of banks and hedge funds "had to know" about his Ponzi scheme. Such schemes pay out using new investor money rather than from any profits.

Madoff claimed banks and hedge funds who had dealings with his investment advisory firm showed a "willful blindness" toward his activities. He also alleged they failed to examine discrepancies between his regulatory filings and other information.

"But the attitude was sort of, 'If you're doing something wrong, we don't want to know'," he said. However, he did not assert that any specific bank or hedge fund knew about or was an accomplice in his Ponzi scheme.

His scheme had been running since the early 1990s. It unravelled when Madoff's investors, hit by the economic downturn, tried to withdraw about $7bn, but he could not produce the money.

Madoff also told the New York Times that his family knew nothing about his crimes.---[Source: BBC]

Note: He needn't have said what is obvious to all. But now he's said it. Will criminal investigations follow in earnest?

--->The [initial] List of Losers in the Madoff Case...2008 (click), biggest Ponzi scheme in history. Note: What makes one really shake one's head ishttp://www.blogger.com/img/blank.gif that many who played and lost by Madoff have sought to sue. But the whole American people, nation and world economy lost on account of the criminals who knowingly participated, thinking they could get away with it.

--->Matt Taibbi, Rolling Stone magazine: Why Isn't Wall Street in Jail? Financial crooks brought down the world's economy — but the feds are doing more to protect them than to prosecute them...

--->Goldman Sachs Wives Hate to Wait...

_______

--->Stalingrad Revisited: Peter Hitchens on the Snares Set by Homosexual Activists and Their Sponsors...

--->CBS News' Lara Logan Sexually Assaulted During Egypt Protests... See also Lara Logan's Egypt Nightmare...

--->National Academies of Sciences: FBI Failed to Prove Anthrax Claims...

--->Patrick J. Buchanan: Will Multiculturalism End Europe...?

--->Destabilization. Violent protests break out in Libya...

--->Prize Given to Oregon Documentary on Assisted Suicide Tells Us More About the Judges Than the Film...(click) [Play the game, get the prize. Prophetic criticism on the other hand can likely be certain of being execrated or ignored]

--->"It's a Myth that Conservatives Accept Rampant Inequality...(Click)" "Across differences in wealth, income, education, political affiliation and fiscal conservatism, the vast majority of people (89%) preferred distributions of wealth significantly more equal than the current wealth spread in the United States". Note: I assume that by "equality" here the writer really means no more than the "current wealth spread in the United States" which is indeed obscene because workers are not paid a living wage, and because the wealth of the rich is so often extracted from the Middle Class and poor through devious usurious means; this is all true enough; it fails all sense of justice and opportunity. Catholics do not expect that a doctor and a pizza delivery man (both fine professions!) should be paid the same; nor can we go the way of the Communists by demanding literal equality of income apart from merit. Nor do we even condemn all elites per se (for some are good, some are bad). We only seek justice for all from the womb to the natural tomb and true equality of opportunity.

--->UK: Inflation hits 4% after January's VAT rise...

--->Obama administration has issued a 29-page policy statement totally abandoning the federal government's time-honored role in helping Americans achieve the goal of homeownership...

--->Budget cuts must protect poor and vulnerable, say US bishops...

--->Leo XIII and St. Thomas Aquinas on Unjust Laws...

Galen--->Jim Forest on the White Rose Resistance to Nazis "Part of the initial inspiration for the activities of the White Rose came from a series of sermons by August von Galen, Catholic bishop of M√ľnster, in which he denounced Aryan racism and the Nazi euthanasia program that resulted in the killing of members of society whom the Nazis regarded as unfit or unproductive...

--->Carlo Caretto's Love Letter to the Church...

--->Silvio Berlusconi: Ruby sex trial 'does not
worry me'...

--->The big business of adultery...

--->Cat burglar makes home heists every night. Neighbors don't care...

--->After ten suicides at Chinese manufacturer Foxconn last year, Apple [which betrays American unemployed every day (click)] has published a review of supplier responsibility practices, which reported child labor violations, toxic conditions, and other violations of their code of conduct...

--->UK: Unemployment hits young people hard in the United Kingdom...

--->Help needed. LifeSiteNews is being sued by an apostate infiltrating pro-choice and papal defying priest for $500,000 - this could shut this important site down! (click) The audacious Fr. Gravel said "I am pro-choice and there is not a bishop on earth that will prevent me from receiving Communion, not even the Pope". This lawsuit also comes at the same time that attacks on the free speech rights of pro-life, pro-family and Christian citizens and media have been increasing all across the West." The priest has also repeatedly and publicly criticized Catholic teaching on homosexuality [Who, besides the Evil One, I wonder, is this man working for?]

--->Israel: Iranian Warships in Med are a 'Serious Provocation'...(click) "Israel is 'closely monitoring' Iranian plans to deploy warships in the Mediterranean Sea, Red Sea and the Gulf of Aden, Israeli security officials told daily newspaper Yediot Aharonot Monday."

--->Targeting Black Births Again in DC? Bill to Ease Access Over-the-Counter to Birth Control Introduced...(click) See demographic chart...

Any priest, pastor, rabbi, teacher, government official or social worker---anyone at all in a position of trust with children---guilty of any sexual abuse of legal minors has a moral obligation to turn themselves in for the sake of the community, secular or religious. Don't wait to be caught. Man up and begin the salutary penance.

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