Bernie Just Made Off With $50billion

[TonyGosling]

The $50bn hedge fund audited by a one man band and a secretary
http://www.telegraph.co.uk/finance/financetopics/bernard-madoff/377825 1/The-50bn-hedge-fund-audited-by-a-one-man-band-and-a-secretary.html
That the auditors to Bernie Madoff's $50bn exclusive fund were an unknown firm consisting of a 78-year-old retiree living in Florida, one accountant and a secretary, all technically operating from an 13ft by 8ft office in northern New York state, should have sent alarm bells ringing in the minds of the individuals, charities and hedge funds who often fought hard to gain access to his consistent 10pc to 12pc annual returns.

[conspiracy analyst]

this is all an excuse to blame one person for the failings of an entire social system.

Made up news for mass consumption. Even his name gives away the fraud of the story....

[kbo234]

Here's someone else responsible for much greater financial catastrophies. Robert Rubin 'lost' $122 Billion in his Ponzi scheme. He is also one of the creators of the disastrous derivatives market. No word about him though.....too close to Obama. One of his proteges will be Treasury Secretary. The architects of the disaster have appointed themselves, such is their power, to fix the problem.

Here's what Henry Makow has to say about the situation:

Madoff Ponzi Scheme Dwarfed by Illuminati Rubin's

December 13, 2008

by Henry Makow Ph.D.

The arrest of financier Bernard Madoff Thursday for operating a "Ponzi scheme" costing investors $50 billion made the TV network news. Curiously, a lawsuit the same day against Clinton Treasury Secretary Robert Rubin for defrauding Citibank shareholders of more than $122 billion, also described as a "Ponzi scheme," got no airplay whatsoever.

As we shall see, Rubin, a Director of Citibank, profited from the shady practices that destroyed the financial system and sent the world's economies into a tailspin. Then, to repair the damage, he and his banker friends put the taxpayer on the hook for trillions.

Rubin didn't get the same publicity as Madoff because of his close connection to Barack Obama.

Robert Rubin's son Jamie was Obama's main Wall Street fundraiser and is now one of his principal advisers. More significant, Obama's economic team consists of Rubin's proteges including Timothy Geithner, Treasury Secretary, Lawrence Summers, Senior Economic Adviser and Peter Orszag, Budget Director. The Times of London has already dubbed them the "Robert Rubin Memorial All Stars."

Clearly, the media don't want people to realize that the candidate of "Change" chose the people responsible for this calamity to be his "economic team." While in the Clinton White House, Rubin, with Summers, helped tear down the regulatory walls between banks, brokerages and insurance companies and freed them to trade in unregulated and little-understood derivatives worth trillions of dollars.


THE LAW SUIT

In an article entitled "Ponzi Scheme at CITI," the New York Post reported: "A new Citigroup scandal is engulfing Robert Rubin and his former disciple Chuck Prince for their roles in an alleged Ponzi-style scheme that's now choking world banking.

Director Rubin and ousted CEO Prince - and their lieutenants over the past five years - are named in a federal lawsuit for an alleged complex cover-up of toxic securities that spread across the globe, wiping out trillions of dollars in their destructive paths.

Investor-plaintiffs in the suit accuse Citi management of overseeing the repackaging of unmarketable collateralized debt obligations (CDOs) that no one wanted - and then reselling them to Citi and hiding the poisonous exposure off the books in shell entities.

The lawsuit said that when the bottom fell out of the shaky assets in the past year, Citi's stock collapsed, wiping out more than $122 billion of shareholder value.

However, Rubin and other top insiders were able to keep Citi shares afloat until they could cash out more than $150 million for themselves in "suspicious" stock sales" calculated to maximize the personal benefits from undisclosed inside information," the lawsuit said.

The latest troubles for Rubin, Prince and others emerged in a 500-page investigation by Citigroup investors represented by law firm Kirby McInerney.

The probe was used to amend and add new details to a blanket investor lawsuit filed against Citigroup a year ago. The amended suit called the actions of Citi leaders "a quasi-Ponzi scheme" to hide troubles - and keep Citi stock afloat while insiders unloaded about 3 million shares between Jan. 1, 2004 and Feb. 22, 2008 for huge profits.

In addition to Citigroup, Rubin and Prince, the complaint names Vice Chairman Lewis Kaden, ex-CFO Sallie Krawcheck and her successor CFO Gary Crittenden.

Rubin cleared $30.6 million on his stock sales, while Prince got $26.5 million, former COO Robert Druskin got nearly $32 million and former Global Wealth Management unit chief Todd Thomson got $25.7 million, the suit said."

THE PONZI SCHEME

In an article, "The Great American Ponzi Scheme," Robert Butche writes, "Little did people know that banking and finance had contracted a nasty disease -- one known in the grifter trade as a Ponzi Scheme -- in which sub-prime mortgages were securitized and traded based on an unsustainable promise to pay high returns to investors from monies obtained from subsequent investors."

In the commentary to the NY Post article above, a Ph.D. in Physics explained that his fellow graduates all went to work for big banks, brokerages and Fannie May. They were "hired to do complicated calculations (loop level) borrowed from quantum field theory and statistical mechanics. They can take any number(s) as an input and produce any output as desired. Hence the banks hired at a much higher pay these people than they could earn in Universities or research institutes...Their bosses told them to inflate the value of anything to any number and these people did that."

"No ordinary derivatives trader can ever understand any formula(e) to calculate the value of anything. These are too complicated but intentionally. But there are some conservation laws for energy, momentum etc in physics. Where every (loop level) calculation has to abide by them. In finance and banking there is no such conserved quantity as credit can be created from thin air and destroyed also to that. Hence the fiasco."

BERNARD MADOFF, RAHM EMMANUEL

Madoff was a pillar of Wall Street, one of the founders of the NASDAQ Exchange and a former Chairman. His private Investment business became known for delivering steady returns year after year and attracted billions. Little did anyone imagine he was using new investments to provide returns on old ones. The house of cards came crashing down last week when he confessed to his sons, who promptly reported him. He had lost their money too. He had cheated family and friends.

"Madoff's investors included captains of industry, corporations -- some of which are publicly traded -- that used Madoff almost as a high-yielding cash management account, endowments, universities, foundations and, importantly, many high-profile funds of funds," said Douglas Kass, who heads hedge fund Seabreeze Partners Management. "It appears that at least $15 billion of wealth, much of which was concentrated in southern Florida and New York City, has gone to 'money heaven,'" he said.

Madoff's $50 billion scam is described as the largest in history. But it pales in comparison with what Robert Rubin and his ilk have done to the world. With the possible exception of Ponzi himself, most of the scamsters mentioned here are Jewish. A consolation to anti-Semites, the biggest victims probably also are Jews. One Jewish Foundation, which gave away $1.5 million to Jewish causes, closed its doors and laid off its employees. All its money was invested with Madoff.

"This guy [has] killed more Jews then Hitler," one wag said in a forum. "Wait till you read the formal complaint from the SEC and FBI." Then he added facetiously, "Now that the Jew has been thrown down the well, is our country free?"

Thankfully Illinois Governor Rod Blagojevich is not Jewish, but Obama's Jewish Chief of Staff, Rahm Emanuel is implicated in the Governor's plan to sell Obama's Senate Seat. Obama was put in power by Illuminati Jews and Masons and there is going to be plenty of corruption.

Just as there was collateral damage when Illuminati bankers put Hitler into power, (the loss of 60 million people) Jews today have got to break rank with the bankers and their political puppets. We're not responsible for their machinations and Jews suffer as much as anyone.

Moreover, Jews are going to be blamed unless we join in exposing and opposing the Illuminati, (i.e. the highest rank of Freemasonry consisting of Jews and non-Jews.) Organized Jewry and many individual Jews are witting and unwitting instruments of the Illuminati bankers' plan for totalitarian world government.

At the same time, we need to ask ourselves whether there is some flaw in Jewish culture that makes so many Jews sacrifice personal integrity for financial success and power.

Finally, wars and depressions don't happen by accident. They are planned by the Illuminati years in advance. They are designed to engineer social and political change. See my "Illuminati Bankers Seek "Revolution" by Economic Means" and "Credit Crunch: Occult Colonization of the Developed World?" The media is controlled by the Illuminati and advances their agenda. That's why the spotlight is on Bernard Madoff and not Robert Rubin.
----
www.savethemales.ca

[QuitTheirClogs]

60 Minutes: The Man Who Figured Out Madoff's Scheme

Part 1:

Link


Part 2:

Link

[Whitehall_Bin_Men]

Taking After Guilty plea, Madoff investigation grinds on
By Tom Hays And Larry Neumeister, The Associated Press



NEW YORK - By all accounts, Bernard Madoff isn't talking. And his wife, his sons, his brother and other key employees have lawyered up.

That means it could be a while before anyone else is arrested and the full extent of Madoff's vast swindle comes to light.

Given the size of the paper trail - a US$65 billion scam, 5,000 victims and monthly statements going back nearly two decades - experts say it could be six months to a year before charges are bought against any accomplices....................

....and proceeds going to the Israeli lobby in the US.


Mondoweiss
Iraq comes home: the war of ideas

« Madoff fraud is an advertisement for the benefits of assimilation | Main | Lincoln called schadenfreude 'a fatal error' »
December 15, 2008
Madoff and the Israel lobby

I keep posting about Madoff because it's huge and everyone is wondering which way this tree is going to fall. I think it has resonance for the Israel lobby.

Today on NPR they quoted somebody Flood in New York talking about investing with Madoff. From her accent, I sensed, she's Jewish (and certainly Jewish groups predominated among his investors). And she said in essence: There were a couple of red flags, and the numbers never did make complete sense but my accountant said, Hey, he's making a lot of money! The subtext of the interview was, He's a smart Jewish guy, he's the last person who'd screw us. Or as Scott McConnell wrote to me today: "the Madoff event may be the greatest example of intelligent people being blinded by ethnocentrism I've ever seen."

That is exactly the problem with the Israel lobby. It has essentially argued for years now, Jews know best how to conduct policy re Israel. No Arabists wanted, no gentiles either. Aaron David Miller showed that the last big peace effort, Camp Daivd 2000, was dominated by Jews on the American/Israel side. One of the revelations of the Jimmy Carter and Walt and Mearsheimer publishing events was that Jews got to review/dismiss the books. Almost all the reviews of Walt and Mearsheimer were by Jewish people, and they weren't anti-Zionist Jews like myself, they were leadership Jews. In a sense Walt and Mearsheimer were disposed of by one line in David Remnick's advance review in the New Yorker: when he said, these guys seem to think if you resolved Israel/Palestine, Osama bin Laden would go back into the family construction business. Ha! End of discussion. And the Jewish community, with notable exception, got into line on the book, and that was that. Ditto Carter. Jonathan Demme's movie has essentially this theme: Look at all the powerful Jews who are progressive on every issue but Palestine (PEP) and are dismissing Carter out of hand.

My point is that ethnocentrism is limiting and damaging. In Madoff's world, everyone was wrong, all those smart people were wrong. And in the Israel lobby world, everyone is wrong too: They have sought to package as American and acceptable a situation that virtually everyone else in the world regards as an outrage. It is easy to believe these things when you limit the discussion to likeminded people. But the strength of Obama America is that it is diverse. And limiting your expertise on an ethnic/religious basis is extremely damaging.

http://www.philipweiss.org/mondoweiss/2008/12/madoff-and-the-israel-lo bby-.html

[conspiracy analyst]

A very prescient article on whether Madoff is a zionist conspiracy...

http://www.bollyn.info/home/articles/911/another-massive-zionist-fraud -surfaces/

[scienceplease 2]

http://your4state.com/content/fulltext/?cid=69822