Is the Madoff Scandal Paradigmatic?

[goldmonkey]

Abstract: Initially Bernard Madoff’s record-breaking $65 billion Ponzi scheme was reported in terms of how much harm he had done fellow Jews. Subsequently discussion focused on the ineptitude of the Securities and Exchange Commission in not detecting and shutting down this fraud much earlier.

We contend here that the now extensive literature reveals that the Madoff phenomenon was in fact a massive shift of resources from non-Jews to Jews. Prime beneficiaries extended beyond the Madoff family to a number of other members of the Jewish elite. The scam utilized familiar Jewish social traits to reach the size it did. Far from being protected by SEC ineptitude, it was Madoff’s perceived position as part of the Jewish Establishment that put him beyond the law � by intimidating the SEC. This was accentuated by traditional Jewish inhibitions on reporting Jewish criminality. We suggest that Madoff’s self-destructive as well as socially damaging behavior stemmed ultimately from the conditionality inherent in the Jewish attitude to society at large � and is not unique to him.

Is the Madoff Scandal Paradigmatic? (http://www.theoccidentalobserver.net/articles/Graham-MacDonald-Madoff.html)

[Book]

We contend here that the now extensive literature reveals that the Madoff phenomenon was in fact a massive shift of resources from non-Jews to Jews.



http://trueslant.com/joshuakucera/files/2009/11/shocked-to-find-gaming.jpg

[keehah]

Madoff to NY magazine: Government a Ponzi scheme (http://finance.yahoo.com/news/Madoff-to-NY-magazine-apf-2369562769.html?x=0&.v=2)

February 27, 2011
NEW YORK (AP) -- Wall Street swindler Bernard Madoff said in a magazine interview published Sunday that new regulatory reform enacted after the recent national financial crisis is laughable and that the federal government is a Ponzi scheme.

"The whole new regulatory reform is a joke," Madoff said during a telephone interview with New York magazine in which he discussed his disdain for the financial industry and for its regulators.

The interview was published on the magazine's website Sunday night.

Madoff did an earlier New York Times interview in which he accused banks and hedge funds of being "complicit" in his Ponzi scheme to fleece people out of billions of dollars. He said they failed to scrutinize the discrepancies between his regulatory filings and other information.

He said in the New York magazine interview the Securities and Exchange Commission "looks terrible in this thing," and he said the "whole government is a Ponzi scheme."

[MAGNES]

Ask yourself why the media does not cover Madoff the Market Maker and Nasdaq Chairman.

This is huge. This is one of the biggest stories, his influence, proves total corruption of
securities industry and their scams against everyday people.

The Nasdaq in the late 90's was hit with a $1.7 Billion fine and SOES was opened
up to the public as a punishment. That was the settlement.

They raped everyone trading.

NY trading rules were tight and a NY MM would go to jail
for doing what Nasdaq MM were doing and still doing.

The Affirmative and Negative rules I am referring to as top two,
on legal agency relationship with client vs trading for your own
account, and making a market, orderly transition of price, on
Nasdaq they steal stops, trade for their own accounts, client
is not number one, and do not make markets as they should.
'87 MM on Nasdaq stepped away, NY MM's lost their shirts
and were taken over by criminals. No accountability for exacerbating
market drop, they planned it that way it seems, taking over small
honest firms on NY, names going back 100 + years.

[keehah]

Moving on up...

http://www.reuters.com/article/2011/03/01/us-finance-summit-wolin-exchanges-idUSTRE71R56820110301

(Reuters) - A senior U.S. Treasury official said he did not see any national security concerns with Deutsche Boerse's (DB1Gn.DE) planned takeover of NYSE Euronext (NYX.N).

"I don't have any national security concerns on this at the moment," Deputy Treasury Secretary Neal Wolin told the Reuters Future Face of Finance Summit on Monday.

The deal between the German market and the iconic New York-based exchange must win approval from the Securities and Exchange Commission and the Justice Department's antitrust division.

The chief executive of NYSE has said he expects the deal to also be reviewed by a U.S. Treasury-led national security panel.

"Everyone is paying extra attention to the robustness of the technology platforms," NYSE's Chief Executive Duncan Niederauer said earlier in February when the merger was formally announced.
http://www.thetrumpet.com/?q=8022.0.133.0

But as our August 2006 article “Will the U.S. Lose the NYSE?” asked, “What if relations between America and Europe were to become strained? Is it unrealistic to be worried that foreign interests, in a position to sabotage America’s largest stock exchange, would be tempted to do so?”

Even beyond just sabotaging markets, think of all the data on U.S. companies that foreign interests would be able to mine. Already the nyse sells high-speed access to its computers to hedge funds so they can trade a fraction of a second ahead of regular customers, according to the Daily Finance.

Yet here is perhaps the most ominous part about the deal.

The Germans probably don’t even want the New York Stock Exchange!

For all the patriotic flag-waving that has ensued over the impending loss of the nyse, the truth is that it has been in dramatic decline for decades. Scandals have shattered its reputation, and its profitability is shrinking.

[mightymanx]

Madoff just said in his latest interview from prison that the entire US government and all of Wallstreet is a ponzi scheme.

Too bad no one is listening.

[keehah]

From a longer review of several good articles on the topic:

http://www.washingtonsblog.com/2011/02/government-is-trying-hard-to-convince.html

The Pentagon is paying contractors to claim that it was foreign financial terrorists - instead of fraud by American financial executives - which caused the 2008 financial crisis.

While a Pentagon contractor said, “This is the equivalent of box cutters on an airplane,” Paul Backen - a Yale University professor who has studied economic warfare, said he saw “no convincing evidence that ‘outside forces’ colluded to bring about the 2008 crisis.”

Indeed, the claim that terrorism caused the financial crisis is about as believable as Gaddafi trying to blame the Libyan protests on Osama Bin Laden, or al-Maliki blaming Al Qaeda for the Iraqi protests.
Some appear to believe that “confidence in the banks” can be rebuilt by a new round of good economic news, by rising stock prices, by the reassurances of high officials – and by not looking too closely at the underlying evidence of fraud, abuse, deception and deceit. As you pursue your investigations, you will undermine, and I believe you may destroy, that illusion.

But you have to act. The true alternative is a failure extending over time from the economic to the political system. Just as too few predicted the financial crisis, it may be that too few are today speaking frankly about where a failure to deal with the aftermath may lead.

In this situation, let me suggest, the country faces an existential threat. Either the legal system must do its work. Or the market system cannot be restored. There must be a thorough, transparent, effective, radical cleaning of the financial sector and also of those public officials who failed the public trust. The financiers must be made to feel, in their bones, the power of the law. And the public, which lives by the law, must see very clearly and unambiguously that this is the case.

[keehah]

Inside Job Director Charles Ferguson With Charlie Rose: "It's A Wall Street Government" (http://dailybail.com/home/inside-job-director-charles-ferguson-with-charlie-rose-its-a.html)

Interview was recorded Friday, two days before the Oscar win for Inside Job.

PBS Video - Director Charles Ferguson with Charlie Rose - Feb. 25, 2011

"The systemic corruption of the United States by the financial services industry..."

http://www.youtube.com/watch?v=vS0hj4kiqsA

[Ash_Williams]

Madoff just said in his latest interview from prison that the entire US government and all of Wallstreet is a ponzi scheme.

Too bad no one is listening.

Everyone is just so relieved now that he's in prison. No one will ever outsmart the SEC again so you're pretty much safe putting all your life savings into a single investment now!

[Antonio]

I said it before and I`ll say it again. IMHO Madoff is in Israel in the company of several underaged Natashas.
There is no way he pulled off his scam without the help from the very top and assurances of a plan B in case his SHTF.

His son hung himself on a dog leash but he didn`t? Who wants to die in prison? It would be more probable if Madoff himself shot himself or OD`d on some tasty anestetic.