Best of the Week
Most Popular
1. Investing in a Bubble Mania Stock Market Trending Towards Financial Crisis 2.0 CRASH! - 9th Sep 21
2.Tech Stocks Bubble Valuations 2000 vs 2021 - 25th Sep 21
3.Stock Market FOMO Going into Crash Season - 8th Oct 21
4.Stock Market FOMO Hits September Brick Wall - Evergrande China's Lehman's Moment - 22nd Sep 21
5.Crypto Bubble BURSTS! BTC, ETH, XRP CRASH! NiceHash Seizes Funds on Account Halting ALL Withdrawals! - 19th May 21
6.How to Protect Your Self From a Stock Market CRASH / Bear Market? - 14th Oct 21
7.AI Stocks Portfolio Buying and Selling Levels Going Into Market Correction - 11th Oct 21
8.Why Silver Price Could Crash by 20%! - 5th Oct 21
9.Powell: Inflation Might Not Be Transitory, After All - 3rd Oct 21
10.Global Stock Markets Topped 60 Days Before the US Stocks Peaked - 23rd Sep 21
Last 7 days
WARNING - AI STOCK MARKET CRASH / BEAR SWITCH TRIGGERED! - 19th Jan 22
Fake It Till You Make It: Will Silver’s Motto Work on Gold? - 19th Jan 22
Crude Oil Smashing Stocks - 19th Jan 22
US Stagflation: The Global Risk of 2022 - 19th Jan 22
Stock Market Trend Forecast Early 2022 - Tech Growth Value Stocks Rotation - 18th Jan 22
Stock Market Sentiment Speaks: Are We Setting Up For A 'Mini-Crash'? - 18th Jan 22
Mobile Sports Betting is on a rise: Here’s why - 18th Jan 22
Exponential AI Stocks Mega-trend - 17th Jan 22
THE NEXT BITCOIN - 17th Jan 22
Gold Price Predictions for 2022 - 17th Jan 22
How Do Debt Relief Services Work To Reduce The Amount You Owe? - 17th Jan 22
RIVIAN IPO Illustrates We are in the Mother of all Stock Market Bubbles - 16th Jan 22
All Market Eyes on Copper - 16th Jan 22
The US Dollar Had a Slip-Up, but Gold Turned a Blind Eye to It - 16th Jan 22
A Stock Market Top for the Ages - 16th Jan 22
FREETRADE - Stock Investing Platform, the Good, Bad and Ugly Review, Free Shares, Cancelled Orders - 15th Jan 22
WD 14tb My Book External Drive Unboxing, Testing and Benchmark Performance Amazon Buy Review - 15th Jan 22
Toyland Ferris Wheel Birthday Fun at Gulliver's Rother Valley UK Theme Park 2022 - 15th Jan 22
What You Should Know About a TailoredPay High Risk Merchant Account - 15th Jan 22
Best Metaverse Tech Stocks Investing for 2022 and Beyond - 14th Jan 22
Gold Price Lagging Inflation - 14th Jan 22
Get Your Startup Idea Up And Running With These 7 Tips - 14th Jan 22
What Happens When Your Flight Gets Cancelled in the UK? - 14th Jan 22
How to Profit from 2022’s Biggest Trend Reversal - 11th Jan 22
Stock Market Sentiment Speaks: Are We Ready To Drop To 4400SPX? - 11th Jan 22
What's the Role of an Affiliate Marketer? - 11th Jan 22
Essential Things To Know Before You Set Up A Limited Liability Company - 11th Jan 22
NVIDIA THE KING OF THE METAVERSE! - 10th Jan 22
Fiscal and Monetary Cliffs Have Arrived - 10th Jan 22
The Meteoric Rise of Investing in Trading Cards - 10th Jan 22
IBM The REAL Quantum Metaverse STOCK! - 9th Jan 22
WARNING Failing NVME2 M2 SSD Drives Can Prevent Systems From Booting - Corsair MP600 - 9th Jan 22
The Fed’s inflated cake and a ‘quant’ of history - 9th Jan 22
NVME M2 SSD FAILURE WARNING Signs - Corsair MP600 1tb Drive - 9th Jan 22
Meadowhall Sheffield Christmas Lights 2021 Shopping - Before the Switch on - 9th Jan 22
How Does Insurance Work In Europe? Find Out Here - 9th Jan 22
MATTERPORT (MTTR) - DIGITIZING THE REAL WORLD - METAVERSE INVESTING 2022 - 7th Jan 22
Effect of Deflation On The Gold Price - 7th Jan 22
Stock Market 2022 Requires Different Strategies For Traders/Investors - 7th Jan 22
Old Man Winter Will Stimulate Natural Gas and Heating Oil Demand - 7th Jan 22
Is The Lazy Stock Market Bull Strategy Worth Considering? - 7th Jan 22
METAVERSE - NEW LIFE FOR SONY AGEING GAMING GIANT? - 6th Jan 2022
What Elliott Waves Show for Asia Pacific Stock and Financial Markets 2022 - 6th Jan 2022
Why You Should Register Your Company - 6th Jan 2022
4 Ways to Invest in Silver for 2022 - 6th Jan 2022
UNITY (U) - Metaverse Stock Analysis Investing for 2022 and Beyond - 5th Jan 2022
Stock Market Staving Off Risk-Off - 5th Jan 2022
Gold and Silver Still Hungover After New Year’s Eve - 5th Jan 2022
S&P 500 In an Uncharted Territory, But Is Sky the Limit? - 5th Jan 2022

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Bernie Madoff, Will Other Financial Criminals Be Investigated And Prosecuted?

Politics / Scams Jun 26, 2009 - 10:14 AM GMT

By: Global_Research

Politics

Best Financial Markets Analysis ArticleDanny Schechter writes: “indeed “ adverb

1 used to emphasize a statement or response confirming something already suggested : it was not expected to last long, and indeed it took less than three weeks | “She should have no trouble hearing him.” “No indeed.”


• used to emphasize a description, typically of a quality or condition : it was a very good buy indeed | thank you very much indeed.

ORIGIN Middle English : originally as in deed.

The phrase was “indeed, criminal,” and it was uttered in open Court in the Spring of 2009 by the Arch financial ponzi king, Bernard Madoff after he confessed to running an illegal ponzi scheme.

“I knew hat I was doing was wrong, indeed criminal” was the whole sentence.

For his candor and his chutzpah, this market genius credited with popularizing computer trading and chairing the NASDAQ exchange will be spending a long time behind bars as the perfect example of a big man taking a hard fall. He will be sentenced next week.

His $65 billion fraud seemed to set some kind of record but his lawyers say he should only get 12 years because of his age, cooperation, and his expression of “shame.” They have denounced an “atnosphere of mob vengeance” even though his most vociferous critics are his own victims.

The speculation was immediate: who else was involved? Did he act alone in the spirit of the “lone gum man” who are blamed for all US assassinations. And soon, sure enough the men operating the “feeder” funds that kept him in business and others who profited through his largess were being accused of crimes by financial regulators who looked the other way when “Bernie” became one of the richest operators on the street,

He was known for impeccable balance sheets and cozy associations with the hoi paloi of the Jewish world of New York, Palm Beach and even Tel Aviv. In the shock of the disclosure of his perfidy, the Ha’aretz Newspaper said he had done more harm to Israel than Hamas.

The people he ripped off denounced him in court even as many had, for years, welcomed his reassurances of the high returns they thought he was getting for their money. Many had lobbied their lanzman to please manage their money secure in the belief he would come through for them. Many were no less greedy.

Madoff’s crimes received the media attention they did not just because of their scale but because he ripped off the rich and famous. The millions of poorer subprime borrowers who have lost homes because of Wall Street scams are not considered sympathetic enough victims.

Standing outside the Courthouse in Lower Manhattan with hundreds of journalists and TV crews from around the world, I spoke to Richard Friedman who lost over a million dollars.

“How did he get away with this for so long,” I asked.

“I wondered that myself,” he replied suggesting that the government was in on it, especially the Securities And Exchange Commission before whom he frequently made nice. One of his niece even married an SEC investigator

If you are thinking it was All in the Family, you may be right. But it wasn’t a Mafia type family on the Corelone- Soprano spectrum but an extended Financial community operating outside the law. He was one of players who do as much business with each other as they compete against each other. The notion of counterparties is pervasive in the financial industry where risks and deals are shared. No wonder, there is the suggestion that much of this industry runs like one big ponzi scheme.

Clearly the regulators had no interest in shutting him down even though for ten years one Boston based investigator petitioned the SEC to do so. I asked John Cofee, the Collumbia Law School’s expert on corporate crime about him:

“ I think our regulatory system failed and failed badly over basically the last six or seven years in failing to spot a Mr. Madoff, “ he explained, adding, “although in fairness Mr. made off has been a crook for almost 20 or 25 years and we can't just pick on the last couple of years there.”

Anther expert on corporate crime, Sam Antar who was convicted fior his role for long time fraud’s at New York’s infamous Crazy Eddie Electronic sstores said we sill don’t have all the facts.

“What's happening with Bernie Madoff,” he told me, “ is that he's protecting the second, third, and fourth tier from not just criminal liability, but civil liability in particular. He's protecting family members and close friends from possible civil liability, from having to pay back money to the victims.”

The Judge, Denny Chin, is likely to give Madoff a long sentence next week despite his age. In a high profile case such as his, the public will not accept another normal Wall Street “settlements” where fines are paid to avoid incarceration.

The real question is will we ever get to the bottom of the larger financial crime wave that caused much of this crisis with encouragement from government agencies and politicians?

Futurist James Howard Kuntsler believes major crimes are pervasive but probably won’t be exposed, writing;

“Something like $14 trillion worth of nominal dollars is being sucked into a cosmic vortex never to be seen again. It was last seen in the spectral forms of so many collateralized debt obligations, credit default swaps, so-called structured investment vehicles and other now-obvious frauds. That giant sucking sound we hear means the process is still underway, and the "money" disappearing into yawning oblivion will out-pace any effort orchestrated by the Federal Reserve and the US Treasury to replace it…

Notice the two words largely absent from whatever public discussion exists around these matters -- "swindle" and "fraud." The reason they're missing is because if they happened to enter the conversation, something would have to be done about them, namely investigations and prosecutions.”

Once again, it is up to the public to demand accountability. Perhaps with the images from Iran in mind, this time, so the while issue won’t be buried.

One big fish is in the tank; many others are swimming away.

Mediachannel’s News Dissector Danny Schechter is making a film about Wall Street based on his book Plunder (www.newsdissector.com/plunder). Comments to dissector@mediachannel.org  

Danny Schechter is a frequent contributor to Global Research.  Global Research Articles by Danny Schechter

© Copyright Danny Schechter , Global Research, 2009

Disclaimer: The views expressed in this article are the sole responsibility of the author and do not necessarily reflect those of the Centre for Research on Globalization. The contents of this article are of sole responsibility of the author(s). The Centre for Research on Globalization will not be responsible or liable for any inaccurate or incorrect statements contained in this article.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in