Madoff Reportedly Tells Inmates of Secret $9 Billion Stash

Madoff Reportedly Tells Inmates of Secret $9 Billion Stash

www.foxnews.com

Ponzi king Bernard Madoff is telling fellow jailbirds that he secretly funneled $9 billion in swiped funds to three people before he was nabbed, an inmate told The New York Post.

Madoff says that his partner in crime, Frank DiPascali, knows who the recipients are -- and that he suspects DiPascali is using that information to cut a better deal with the feds, according to the inmate at the medium-security prison in Butner, N.C.

(visit the link for the full news article)

This is very interesting. Is he saying this to make friends or save his life? Could there really be a secret stash somewhere? There is definitely more to this story than we are told. I wonder if federal investigators are going to jump on this or if they even knew about it to begin with? I think there is far more to this story that the feds know about but are covering up to protect certain interests.

--airspoon

www.foxnews.com
(visit the link for the full news article)

[edit on 21-6-2010 by airspoon]

Yeah, I think we've known all along that this criminal did this. Nice that he finally admitted it. Well I hope he rots in jail, and that they find the money and return it to its rightful owners.

reply to post by ~Lucidity


I think your missing the "jist". We have known that he did this but we didn't know that the money could be stashed somewhere. This is huge news, if you ask me.

--airspoon

Don't forget, Madoff's billions in crime, while disturbing, pale in significance to the trillions in crime committed by people who are still walking around free.

reply to post by airspoon

I didn't miss the "jist." Nor did I say or imply it wasn't big news.

Originally posted by silent thunder
Don't forget, Madoff's billions in crime, while disturbing, pale in significance to the trillions in crime committed by people who are still walking around free.

So very, very true. He's just a small fish in perspective. But a small fish who still ruined the lives of many and it's good he's rotting in jail. Wish the rest of them could join him soon.

[edit on 21-6-2010 by ~Lucidity]

Madoff is doing anything to save his life. He's being treated like royalty by the other prisoners. In their eyes, he's the king of all thieves. He's idolized and often sought out for advice.

nymag.com...

I'm skeptical about his jailhouse confession of hidden monies. For starters, it serves him no purpose, other than to put the recipients in jeapardy. Let's assume, for a minute, that he did funnel off billions to 3 "friends." If the money was doled out so that, in the event of his being caught, his family would have money, he's now put that money at risk. If he gave the money to associates involved in the scam, he's put them at risk, as well as the lives of his family members since there's a good chance the "associates" are of the unsavory business types (mafia, south american drug cartels etc).

He's also been rather tight lipped about it all, claiming he acted alone, handled every aspect of the scam on his own. Why would he suddenly tell some random prisoner that he stashed 9 billion dollars? Why wouldn't he cut a deal with the feds, ensure that nobody in his family, nobody else involved in the cime, were ever prosecuted?

Frank is, undoubtedly, ratting out the entire game. Frank was the man who handled the day to day stuff. Frank was Bernie's right hand man. Frank was the guy you called when you needed to move funds around, set up new accounts, transfer money in or out. He's going to do anything to protect himself. Bernie had to have known this. If anything, Bernie would have turned over the goods in an effort to avoid harsher treatment for everyone else as a result of Frank's testimony.

This is about equal to the $9 billion in CASH that we shipped in for the post war recovery that went missing in Iraq after we took over there (or was it $11 billion, I don't remember). Personally, I think Paul Bremer took a few billion for himself and maybe spread the rest among cronies and such, but I have no proof, just a hunch.

I'm kind of surprised none of the still very wealthy people Madoff bilked out of all that money haven't had him killed yet. I guess whomever they pay off, Bernie can pay off a few times over, still.

reply to post by LifeInDeath


Many of Bernie's "victims" lived very well, thanks to his scam. Many of his so called victims were probably aware, to some degree, of the con and there are a few who are under investigation for being a part of the con.

I'm not saying he should be forgiven or that his crime is any less heinous. I'm just saying that there are a large number of "victims" with 3 homes, 12 cars, trust funds etc that they'd never have been able to buy, if not for the madoff money

reply to post by Crakeur


Maybe so, but isn't it true that a lot of these high-living victims were in charge of the money of others who were not so fortunate as to be rich? But you're right...they are just as complicit.

His attitude towards the people he scammed is bothersome.

Madoff has also reportedly been unrepentant for crimes, allegedly telling another inmate, "

"F--- my victims.

I carried them for twenty years, and now I'm doing 150 years."

www.huffingtonpost.com...
He really is a complete rotbag.

Our US has just become a complete mercenary nightmare.
We are now & will continue to pay the price of a complete lack of community sensibilities.

We celebrate the Madoffs & Trumps, both of whom are nothing other than criminal scam artists.

Add the Pentagon generals/admirals, the CIA, NSA, FBI & most of the US government.
Robbing the unsuspecting gullible public & unborn babies so they can give corporate welfare payola to the criminal elite gangsters.

I think his claim of stashing 9 billion holds water.
Still loads of tax havens and numbered accounts around the globe for him to put it into.
As far as i am aware there is $11 trillion sitting in these type of accounts all over the world.
As long as numbered accounts and tax havens still exist we may never know.

Originally posted by slank
His attitude towards the people he scammed is bothersome.

Madoff has also reportedly been unrepentant for crimes, allegedly telling another inmate, "

"F--- my victims.

I carried them for twenty years, and now I'm doing 150 years."

www.huffingtonpost.com...
He really is a complete rotbag.

Honestly he is right to some degree, anyone who invested directly with him knew that what he was doing was not legit, but they didnt care as long as the checks kept coming in. The only real victims that should feel sorry for are the people who invested in hedge funds and feeder funds that lost their money because those said funds where involved in the scam.

But dont let the "victims" fool you they knew very well that it was shady from the get go.

reply to post by ~Lucidity


there were investment managers, hedge fund managers etc who invested other people's money and, yes, some were completely unaware of how their money was being invested but, still, if you were doubling your money ever 3 to 4 years, and you used those gains to buy homes, cars, boats, vacations etc, you benefitted from the scam. I'm not saying that they deserve to be penniless, just saying that their victimization isn't as bad as people make it out to be.

reply to post by Desolate Cancer


I have to agree, the investors that worked directly with Madoff had to have known that something shady was going on. You don't get those returns for that long from an honest investment strategy. A lot of these rich people were motivated by greed anyway, which in of itself isn't all that bad, I guess.

As far as the people and organizations that lost money through indirect investments into Bernie Madoff's hedge fund through feeder funds or what not, knew that investing money is risky and they knew about this risk before handing their money off. That's not to say that they shouldn't have been ripped off, but anytime you give your money to someone other than yourself, you have to realize that you may never see it again. That's the basics.


--airspoon

reply to post by airspoon


Whoa your not saying greed is good are you airspoon?
Gordon Gecko=Bernie Madoff.

reply to post by Cosmic4life


Whether I think it is good or not is irrelevant. It surely isn't criminal or anything that we have the right to curb by itself. If that greed effects us or our liberties, then we should be able to react accordingly, but not to the greed itself. With that being said, I surely don't feel bad for those that lose out on something because of their own greed.

I personally don't like greed but it is within someone's own right to be greedy, as long as that greed doesn't initiate force or fraud on anyone else.

--airspoon

Hmmm the fundamental problem with our species is our inability to control greed.
If i were religious i would say it is the root of all evil.
The US itself was designed to counter greed but never went far enough.
We see that the greed of a few has disastrous effects for the many and yet we still tolerate it.
When i was young and i did something greedy my mother would slap me sideways.
People will realize that Earth is a closed system.
There is only so much money in existence.
We are now over the cliff and are freefalling.
People around the world are now demanding the money that they know should be around, they are looking and they are wandering where the hell is it?
Then they will discover the $11 trillion stashed away by the epitome of greedy.
End of rant.(sorry).
It is estimated that $11 trillion in total is hidden away from the global economic community by the so called Elite.

[edit on 21-6-2010 by Cosmic4life]