Look! Why constantly hire lawyers and bankers to run what Madoff was doing for decades. Hire someone with experience for once. He knows how to pretend to be trading and how to run a Ponzi scheme churning money around in circles. A Ponzi Scheme by definition is something where there really is no investment. The government charges everyone with running a Ponzi Scheme since they do not have to prove each transaction. They just claim it was a giant fraud. Madoff is the ONLY real Ponzi Scheme for he did no trading. That is what government needs – real experience since everything we have from Social Security on down is a Ponzi Scheme for there is no “trust fund” just a slush bucket.
But on the other hand, NOTHING they do in New York ever is what it seems. Isabella Ring of the NY Post interviewed me. She was interested in the fact that Republic/HSBC was illegally trading in our accounts. She asked me: Did I think they were laundering money through my accounts for the Russian Mafia and Columbian Drug Lords AS THEY WERE DOING WITH MADOFF? I was stunned. I said I was unaware they were doing such things in New York. Her interview was never published nor was there ever anything about laundering money in the Madoff case that made the press.
The banks all CURIOUSLY said they had no idea what Madoff was up to. That I can say is an ABSOLUTE lie. There is so much paperwork needed and they must do their own due diligence or risk being fined. It is called “KNOW YOUR CLIENT”! You cannot open a bank account of that size without being checked out by the banks and you have to prove where the money came from. In a prison interview, Madoff said the banks had to know and he is absolutely right on that.
In light of HSBC getting caught laundering money for terrorists and having to pay $1.9 billion with no jail time of course, one must wonder if there was other shit going on in the Madoff case that has never been reported.
Of course the Bank of New York settled a money laundering case of $7 billion for just $38 million and of course nobody went to jail.
The real question is why did Madoff plea when his case would have taken years before he went to prison while he was on bail? By pleading to the indictment, that ended the case and there would never be anything beyond what the government charged.So if there was money laundering by the banks, he was clearly protecting someone.
So Obama. This is the guy you need. He will go down with the ship. He has the experience and knows that the people who run government are “idiot[s]” as he put it.
Maybe Madoff can stop the Sovereign Debt Crisis with the help of money laundering bankers. Look, if two people write each other a check for $1 trillion and deposit them, for one day they will have bank statements each showing they have $1 trillion in assets. So that’s the answer. On the last day of every quarter, Europe, Japan, US and the G20 all write checks to each other for $20 trillion and the press will report the budgets have been balanced! We don’t have to raise taxes. Hire Madoff.