Wednesday, February 16, 2011

Justice’s Arc -- Madoff, the Banksters, Ponzi and Fraud

NEWS FLASH: Madoff says banks “had to know” of Ponzi Sheme!

I think of Lucille Ball in “I Love Lucy” dressed in one of her clown outfits saying in a male husky low classless voice: “NOOO, NOOO, NO you don’t say!” Maybe you must be a child of the 50’s to understand what I mean for it to be audible in your mind’s ear. Simply asked, why does Madoff’s statement “they had to know” not shock me at all? It does not shock me because to quote a web site "The First Post" Harry Markopolos, the self confessed math nerd, fraud examiner and wizard knew almost immediately after several hours of investigation into Madoff's Ponzi scheme that Madoff's investments were a massive fraud. He even wrote a book about it entitled “No One Would Listen.” He testified before Congress in startling detail about Madoff as well. Markopolos says "Here was a man that wiped out thousands of families. If he didn't have a reason to kill me, think about the feeder funds... They're all going to be ruined financially... What will people do to protect their lifestyles?"

Markopolos, feared for his life because after this genius’s mathematically precise investigation of Madoff’s illegalities he complained to the SEC assiduously for years that his mathematical proofs revealed beyond a shadow of a doubt that Madoff's investment scheme could not be statistically possible. No one at the SEC listened or if they did they probably did not WANT to know. I wonder why. The layers on this slime run deep as does our entire Ponziesque financial debacle.

It always seemed to me not coincidental that the primordial ooze from which Madoff sprang ran parallel to our Wall Street banking, housing market, rating system and credit default swap fraud. I often thought that many of the banksters involved in our taxpayer massive bailout had to know about Madoff and if they did they probably looked the other way because they did not want to be the pot calling the kettle black.

The big boys, perpetrating their own phantasmagorically huge financial fraud in the US Wall Street banking, housing and investment industries where people in high places know a lot about what goes on around the block, probably knew what was happening in Madoff Land. So many were committing their own fraud multiplied by gazillions AND they know a LOT about each other.

It will be interesting to see whom the government pursues after this revelatory statement by the heretofore silent Bernie Madoff. I am counting that the change for which I voted will not be in vain. If a Democratic president does not stand up against those in the marketplace of wholesale greed and unregulated fraud who spit in the face of the essence of America itself then against whom WILL he stand up? I am waiting patiently to see the political genius I thought I knew work his magic. Prosecute the scum responsible for our current economic disaster, still simmering, within an inch of their ugly lives and make sure this never happens again. I want the arc of justice about which the president talks, for once, to turn towards me!

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