Madoff's Accountant Vanishes

Discussion in 'Wall St. News' started by ipatent, Dec 23, 2008.

  1. ipatent


  2. ipatent


    <p>Clusterstock has been doing some great detective work on the Madoff thing.</p>
    <p><a href="">Did Bernie fake his college degree?</a></p>
    <p><a href="">The New Jersey Accountant Mystery Deepens</a></p>
    <p style="margin-left: 40px;">Meanwhile, a call to the New Jersey State Board of Accountancy confirms that Scott Sosnik is a registered CPA in good standing, but the person we talked to had no record of Larry Bell or a Lawrence Bell. This may simply be a clerical error.</p>
  3. ipatent


  4. aresky


    The Madoff Affair

    The thinking-man’s antisemite would be baffled what to make out of Madoff Affair. Should he rejoice or bewail? If you read Jewish newspapers, you’d think that “antisemites” - the vast majority of mankind, according to Jewish sources (“scratch a goy and you'll find an anti-Semite”) – should be bursting with joy.

    Bradley Burston enthused in Haaretz: “For the true anti-Semite, Christmas came early this year. The anti-Semite's new Santa is Bernard Madoff. The answer to every Jew-hater's wish list. The Aryan Nation at its most delusional couldn't have come up with anything to rival this”. He is echoed by the execrable Lipstadt: “He is an antisemite's dream. The worst of them could not have dreamt up such a story.” And the ADL confirms: “We expect the antisemites to have a field day. They will exploit it."

    One would think that Jewish mega-cheats are a rare species, like white ravens. This is hardly the case. Dr. William Pierce made his valuable observation some years ago: “Jews aren’t the only crooks, but they’re certainly the biggest crooks. If you hear about a 100-thousand-dollar swindle, it could be anybody. If you hear about a 100-million-dollar swindle, then you know that it has to be a Jew.” Even more so if we hear about a 50-billion-dollar swindle!

    Pierce reminded his readers about Michael Milken, Ivan Boesky, Marty Siegel, Dennis Levine and the insider-trading scandal that nearly wrecked Wall Street a dozen years ago-- and incidentally bankrupted tens of thousands of ordinary Americans who lost their investments as a result of the artificial manipulation of stock prices. Every major actor in that scandal was a Jew.
  5. aresky


    The Madoff Affair (part III)

    One hesitates to disabuse his noble heart. Though Hoffman’s generous statement certainly is correct in a deep spiritual sense, the Judaic strategy, in the medium-run, is a winning one in the practical sense. From bankruptcy to bankruptcy, from swindle to swindle, from one insurance fraud to the next -- the aggregate wealth of the Jewish community permanently grows thanks to intra-Jewish philanthropy. Yes, Spielberg and Yeshiva University lost some cash in this debacle, but otherwise, billions of dollars came in and remained within the Jewish community. One may view Madoff as a Jewish suicide bomber: he blew himself up financially, and the immediate losses to a few Jewish investors were just so much collateral damage. But the bottom line was a major, permanent transfer of gentile wealth to the Jews.

    As always, denunciations of antisemitism serve to cover up the hard facts. We hear of ruined Jewish investors, BUT the majority of Madoff's fools were non-Jewish, correctly observed Peter Myers’ correspondent Leo Schmit from Kandahar, Afghanistan. “The majority of Madoff's fools were non-Jewish individuals, banks, funds and firms. The claim that Jewish foundations are taking the ‘biggest hit’ is evidently not true. The harm to Jewish foundations is dwarfed by the damage done to numerous financial institutions, funds and firms as listed by Henri Blodget.” Besides, the Jewish American investors (as opposed to the European non-Jews and their banks) will get their investment back under the US government's financial fraud protection scheme.

    So, antisemites have no reason to rejoice. A Jewish crook is nothing new; a successful Jewish crook is nothing new, either. Jews did not lose, they won. Their complaints and regrets are as true as Madoff’s accounting. Dr Petras’ joy was premature, too, as he wrote: “The swindle may lessen funding for AIPAC’s purchase of Congressional influence and financing of propaganda campaigns in favor of a pre-emptive US military attack against Iran.” Not so fast, Jim! Even if some Jewish and Zionist organizations lost money, the total sum of Jewish holdings increased, and this new wealth will again find its way to the Zionist Lobby and other such bodies. Does this mean that nothing can be done about it? No. Where there is a will, there is a way.

    While it would be unfair to confiscate the private funds of innocent Jewish individuals in compensation for the Jewish fraudsters’ misdeeds, the holdings of “the Jewish people” are fair game. Now these vast holdings are mortmain, as was Church property in the Middle Ages. Mortmain, or “Dead Hand”, means one can’t sue them. All losses are yours, while only the profits are theirs. Such a regime is too good to last forever. The Reformation would never have taken place but for the Dead Hand rule of the Church holdings. The princes finally had to expropriate the Church, otherwise it would have become too powerful and undermined their own economic dominion. Now is the time to deal with the Jewish Dead Hand. They benefited from Madoff’s misdeed, now let them pay for it.

    These holdings are controlled by still uncaught Madoffs and other Zionist leaders. The Jewish National Fund (JNF) “is a multi-national corporation with offices in about dozen countries world-wide. It receives millions of dollars from wealthy Jews around the world, most of which are tax-exempt contributions. JNF's aim is to acquire and develop lands exclusively for the benefit of Jews. It leases land to Jews only.” Our friend Jonathan Cook from Nazareth described it as a racist institution of immense wealth and power. The JNF received funding from Madoff, and moreover, other people who earned money through Madoff’s schemes also supported the JNF.

    Another possible mortmain body with vast holdings is the Conference on Jewish Material Claims against Germany. This Fund, according to Haaretz, received billions dollars’ worth of real estate in East Germany under a clause in German law that recognizes it as the owner of all assets belonging to Holocaust victims without heirs. Do not worry: this money is not helping poor old Jews anyway. A Haaretz headline relates that “Survivors get tiny slice of Holocaust compensation”. This bulk of cash should be used to pay the defrauded gentiles.

    While we're at it, these and other Jewish communal bodies may be charged not only for the relatively tiny losses caused by Madoff, but for the much bigger ones caused by the Talmud-swearing Alan Greenspan and his Yeshiva-comrade Ben Bernanke. There is no reason to hate Greenspan or to call him Public Enemy Number One: it will be enough to revert his main deed, the massive transfer of wealth from ordinary Americans to the super-rich and from them to the Jewish causes. Among these latter, the Simon Wiesenthal Tolerance Center should also be a prime target; this could save Jerusalem from the monstrosity that organization plans to build in the centre of Jerusalem on top of Mamilla Cemetery. (In order to be ‘tolerant’, by Simon Wiesenthal Tolerance standards, you must support gag laws and the bombing of Iran!)

    Expropriation of these bodies will not harm a single honest person of Jewish origin. It's the other way around: it would remove the major reason for antagonism between Jews and non-Jews. Jews would know that there are no separate funds to take care of them and would recognize that they are in one boat with their non-Jewish fellow-citizens. And then the Jewish Lobby would shrink to its natural size of, say, Cuban Lobby, and the US would recover from its sickness.

    We, the Israelis, would be the biggest beneficiaries of such a move. Isaac Deutscher ascribed the negative developments in Israel to the influence of super-rich American Jews: “A wealthy American Jew is at heart proud to be a member of the Chosen People, and in Israel he exercises his influence in favour of religious obscurantism and reaction. He keeps alive the spirit of racial-talmudic exclusiveness and superiority. It feeds and inflames the antagonism towards the Arabs”. If they are made to pay for their tricks, not only antisemites, but Jews as well will have good reason to rejoice.
  6. fhl


    New York and Palm Beach cocktail parties will never be the same.

  7. Wonder who gets to play Bernie in the up coming movie about it??

    Anthony Hopkins??
  8. gkishot


    I am wondering what was Madoff's fund year-by-year performance? Does anyone know or have the link?
  9. Pekelo


    I think it averaged around 9% annual, with very low volatility, 6% being the worst year. If you care to dig into it:

    "Again, take the Fairfield Sentry fund as the example. It has reported losses of no more than 55 basis
    points in just four of the past 139 consecutive months, while generating highly consistent gross returns of
    slightly more than 1.5% a month and net annual returns roughly in the range of 15.0%.
    Among all the funds on the database in that same period, the Madoff/Fairfield Sentry fund would place
    at number 16 if ranked by its absolute cumulative returns.
    Among 423 funds reporting returns over the last five years, most with less money and shorter track
    records, Fairfield Sentry would be ranked at 240 on an absolute return basis and come in number 10 if
    measured by risk-adjusted return as defined by its Sharpe ratio.
    What is striking to most observers is not so much the annual returns—which, though considered
    somewhat high for the strategy, could be attributed to the firm’s market making and trade execution
    capabilities—but the ability to provide such smooth returns with so little volatility.
    The best known entity using a similar strategy, a publicly traded mutual fund dating from 1978 called
    Gateway, has experienced far greater volatility and lower returns during the same period.
    The capital overseen by Madoff through Fairfield Sentry has a cumulative compound net return of
    397.5%. Compared with the 41 funds in the Zurich database that reported for the same historical period,
    from July 1989 to February 2001, it would rank as the best performing fund for the period on a riskadjusted
    basis, with a Sharpe ratio of 3.4 and a standard deviation of 3.0%. (Ranked strictly by standard
    deviation, the Fairfield Sentry funds would come in at number three, behind two other market neutral

    Mind you it wasn't really a hedge fund, it was supposed to generate profits from commissions...
    #10     Dec 24, 2008