Madoff, Banking Bailout and the Mob?

Ok one more question, Madoff claims that they family business of his son is "legit", I don't bite into that one.

Is they son business is going to be investigated or is been investigated as we speak?

apparently, the son's trading business was legit. They were market makers and they did have actual business. A friend of mine worked there. He said his desk wasn't making much money so they were let go. He said the business is worth very little but it was real.

The sons will still be under investigation unless they're been ratting out dear ole dad.

Text of Madoffs own Words...
His Plea allocation statement!

www.google.com...

reply to post by burntheships


what a load of dung.

Let's see, Madoff was holding funds for Avellino who, in 1992 was busted for running a ponzi scheme. Avellino's case is where all these figures come together.

According to legal documents from that case, these two started raising money from clients, friends and relatives in the early 1960s and handed over that cash over to Bernie Madoff to invest.

Three different ponzi schemes were claiming to raise funds for Madoff investments:

In 1989, two other accountants Steven Mendelow and Edward Glantz and later Glantz's son Richard also began raising funds for Bernie Madoff. By the time that the S.E.C. ordered these three firms to return all funds to their investors for selling unregistered shares, some $454 million had been raised from more than thirty-two hundred investors.

Yet, Bernie is claiming he was doing this in the early 90's. In otherwords, he watched his friends get busted for running a scam and then he went and did it too. How dumb is that? They got caught and you had no knowledge of it, you are the above board, legendary clean cut guy who thinks he can one up these criminals?

Sorry, not buying it.

More connections indicating the scum will get away with more than they should

Lee Richards, who has been appointed by the SEC as the receiver of all Bernard Madoff Investment Securities assets, also served as the court-appointed trustee over Avellino & Bienes during its legal dispute with the federal agency, .

So, Sorkin, who was an SEC investigator before getting ponzi schemers off with a slap on the wrist now represents another ponzi schemer who was totally uninvolved with the other scheme other than holding the money. The SEC trustee is the same. The club is intact.

For anyone who still thinks the early 90's origins for Bernie might be true, let's look into Avellino and Bienes, the accounting firm that ran the ponzi from the 60's to the early 90's.

They were junior accountants at Alpern & Heller. Saul Alpern of Alpern & Heller was none other than Ruth Madoff's father. Avellino and Bienes took over the firm in the 70's, renaming it Avellino and Bienes. Madoff apparently worked at the firm at some point in the 50's.

no way this all began in the early 90's

www.toomre.com...

It is all such bull!

It seems that the SEC can not operate in an ethical and responsible way with the meager funding of 943M...and that is not enough? Apparently the work of the SEC has become rocket science!

money.cnn.com...

reply to post by Crakeur


Developing...they have arrested Madoff's accountant....
but supposedly he did not know Mafoff was running a fraudulent operation...or at least they have not charged him with such...

www.bloomberg.com...

Friehling, who faces a maximum 105 years in prison, isn’t accused of knowing about the scheme, Acting U.S. Attorney Lev Dassin said in a statement. Rather, he allegedly deceived investors by falsely certifying that he had audited the financial statements of Madoff’s firm, Bernard L. Madoff Investment Securities.

reply to post by burntheships


the first link in the chain. surprise anyone that a tiny accounting firm that operated in a strip mall, that was open at random hours, would be so successful that one partner would retire to the land of the rich?

some interesting reading to help provide an insight into how evil this guy was

www.vanityfair.com... Trump's comments were hysterical but the whole article is scary

$75 million in Madoff assets have been found in Gibraltar...a group of villas, which includes a summer residence owned by Madoff, in Cap d’Antibes, southern France. French authorities will reportedly seize the property, which was estimated by Madoff to be worth $1 million at the end of 2008, with $900,000 in furnishings and fine art inside.


www.msnbc.msn.com...

reply to post by Crakeur


This is an example of why the U.S. Congress is useless in representing the People of The United States...

2:30 p.m. | Again, no answer: Representative Joe Donnelly of Indiana asks how long the S.E.C. knew there was a one-person accounting firm involved in Mr. Madoff’s operation. Ms. Thomsen said she couldn’t answer that question.

dealbook.blogs.nytimes.com...

Looks like Frank is gonna sing a song of corruption.

www.chron.com...

I've yet to read all the details but I heard it said that he was spilling the beans about the operation, money laundering and the long list of co-conspirators.

People are going down.

reply to post by Crakeur


Frank...

"I
was loyal to him. I ended up being loyal to a terrible, terrible fault,"

125 year maximum...

So the judge sends this guy to jail, to be held, not house arrest like the prosecutor wanted.

This is a double edged sword in my opinion, on one hand being in jail will make him all the more likely willing (more aggressive) to give up all the info he can to get out. On the other hand accidents are more frequent in jail and he could end up have accidentally impaled himself on a mop handle or accidentally strangled himself during masturbation.

I geuss only time will tell, but if he does have an accident this judge needs to be looked into very deeply.

[edit on 11-8-2009 by Desolate Cancer]

reply to post by Desolate Cancer


I would imagine he'll be held in a very safe environment, like Bernie was, until his sentencing.

Frank's gonna sing. He pleaded to a variety of crimes that Bernie did not. Conspiracy - this means he is admitting that he didn't act alone, this means that Bernie lied (duh) and Frank is spilling the beans (heh).
Money Laundering - this is a good one. I posted in this thread that I had heard from a source who worked for the trading desk arm of Madoff Securities, that laundering was a rumor and and drug money was the rumored source. Guess we'll find out.

One of the articles I read mentioned that now we might see if Frank links Ruth, Peter or the Madoff sons to the ponzi and they mentioned that the sons owned the legitimate trading desk that operated out of the same building. That got me thinking. If I owned a firm that traded securities and my dad ran one of the most successful investment funds on the planet, I'd be pretty irate if he wasn't trading thru my company. Hell, I would expect that I'd have made my name by being his desk first. Think about it. You can start a business and your first client is a legend of biblical proportions. More clients will follow.

I was offered an opportunity to handle licensing issues for a client's series of children's books. NY Times best sellers in the kiddie department. The licensing is a no brainer - tee shirts, pjs, theatrical show, soundtrack to that show etc. All currently in place, I would just oversee it. She (the author) gets calls all the time from her publisher, associates etc, all wanting to know who handles her licensing. If it happens, it's an easy walk to success.


Madoff's sons would have had the same deal and, yet, somehow, dear ole dad never traded a share of his investments with them.

Fishy?

Only if they didn't know he was a scam. Otherwise, it makes sense.

Same thing goes with the cancer charity Madoff claimed as his favorite cause. One of his boys had cancer and Bernie was on the board of this cancer organization and, oddly, they never invested with Madoff, even though so many other charities did.

Bernie was on the board. He took the cause very seriously. I guess bilking them wouldn't have been right in his mind. Go figure.

Back to Frank. Frank was denied bail, rightfully so. He deserves the same treatment Bernie received. Frank was there from the mid 70's, serving as Bernie's assistant, his director of options trading and a slew of other made up titles, ending with Chief Financial Officer. All this for a nice kid from a mafia heavy neighborhood who started working for Bernie at 18. 18 would imply no college. No college and by the early 80's he was Bernie's right hand man.

reply to post by Crakeur


And off he goes....

Ex-NYC Police Chief Bernard Kerik Sentenced to 4 Years in Prison

Good thread Crakeur, certainly worthy of a bump.

Peace

reply to post by operation mindcrime


Bernie isn't related to Madoff in any way but, since you bumped it, it does look like ole Frank is singing like a loon.

online.wsj.com...

Harry Markopolos Raw

Bill King - King World News
Tuesday, March 2, 2010

National Hero For Exposing The $65 Billion Bernie Madoff Ponzi Scheme & Author of “No One Would Listen”- David Einhorn from Greenlight Capital wrote the foreword for Mr. Markopolos’ new book “No One Would Listen” and called Harry a hero for what he did. Harry’s last interview was in May of ‘09 with King World News after I suggested he go into a “media blackout.” This true financial thriller does not disappoint and King World News listeners will again be among the very first to hear Harry Markopolos as he breaks his media silence. Harry is a friend of mine and you will hear things in this interview that you simply will not hear in the mainstream media. In this interview Harry discusses the SEC’s failure, goes after the SEC for what he terms their incompetence, how he, his family and his team’s lives were threatened, the fact that Bernie Madoff was a mob boss, Greenspan’s failure as Fed Chairman, he knew Madoff was a fraud, criminal banking syndicates, how ruthless Madoff was, the devastation and heartbreak in the wake of the fraud and much more.

Listen

Harrowing personal account. Russian mob..drug cartels..massive SEC cover-up. A very sober Markopolos takes Madoff , Bernanke , Geithner , and the entire financial hierarchy to task.

reply to post by OBE1


Thanks for the info! Harry Markopolos...
Go ahead, make my day.