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Wednesday, March 11, 2009

Bernie Madoff

So it's said that he will be pleading guilty on Thursday of this week on 11 counts. What was initially labeled as a 50B dollar pansy scheme is now at a whopping 65B dollars. As any smart man would have done he is planning on going down as a one man boat sinking like the titanic with a rich history. However his effort may prove to be futile because his who family were working in this business of his. So the question will be left hanging, did he act alone? And if so how could he have done it?

His two sons, wife and brother is namely the most names being mention but in my belief there are allot more involve, but if he can take the censure them that’s good. But his wife will still have to prove how she came by 61M in her account, if she can prove this then there will be no problem for her, however I doubt she can.

For the victims all I could suggest is to start all over, because chances are you will not be receiving one dollar from what ever they will be able to recoup, this is a very hard news to digest but its just the fact, for all those who are of age and that were thier pension them sorry you took a gamble and you lost.

The value of this scheme to me is not even 50M, if you take into consideration they way this business was operated, it was said that they were being paid 12% interest on their investment. Well if you ask me that’s a whole lot to be gaining, being that that was a false statement I think the value should be set at original investment, meaning the money people put in, them we have to take into consideration the money they also took out, but all in all we have to totally eliminate the interest in order to get the true value of this scheme. If that’s not good enough them they could give they scheme a reasonable rate of return, them calculate and income times the interest rate.

Political ties

Have you seen the laundry list of donations he has made to DEMOCRATS?
Since 1991, Bernard L. Madoff Investment Securities spent $372,100 in campaign contributions – mostly to Democrats – and $590,000 in lobbying – mostly to the firm of Arlington, Va.-based Lent, Scrivner & Roth, which has represented oil, telecom and pharmaceutical companies. Among issues lobbied on Madoff’s behalf, according to lobbying records: money from Interior, National Park Service, and housing appropriations for a “tenement museum” on the lower east side of New York City.
The Democratic Senatorial Campaign Committee received $100,000 in donations from Madoff during the past four years. Sen. Chuck Schumer, who headed the DSCC until stepping down this year, separately has received $39,000 from Madoff since 1998.
Sen. Frank Lautenberg received a $7,600 donation from Madoff to his Victory Fund in 2007 --

Other Democrats who received Madoff money include Jeff Merkley, the incoming Oregon Senator, who took in $2,300 in donations this past April; Ron Wyden, the Oregon incumbent, who received $4,000 in donations in March 2003; Dick Gephardt, the former Speaker of the House, who got a check for $2,000; and Rep. Ed Markey, who was sent two checks of $2,000 each in June 2004.

Peter Madoff, Bernard's brother, was even more lavish with his contributions, spending more than $66,000 on candidates and committees in the past decade, including to Sens. Hillary Clinton ($2,300 in 2008, $4,600 in 2007), Chuck Schumer ($6,000 in total) and Ron Wyden.

These(including family) guys were not only robbing people of their life savings,they were also using this money to buy political backing. Well sorry guy the economic crisis exposed you. I know you must be going to sleep cursing this recession that we are in, because if it were not for it and people had a run on your bank/their investment house you would have bin still collecting and living a lavish life style on the upper east side.


TudorCity Girl said...

Good riddance, Bernie! He should get the max 150 years in prison and then off to hell.
Have very strong feelings on him (and others) who gave into greed, stole from good people who trusted them and deny they did anything wrong!
Just found your blog from Mika's site and LOVE it.
Great work!


Tru T$chat$zli said...


Unbreakable said...

lol lol maybe i am.