Skip to comments.FBI Diverts Anti-Terror Agents to Bernard Madoff $50 Billion Swindle
Posted on 12/23/2008 6:50:16 AM PST by marshmallow
The FBI has been forced to transfer agents from its counter-terrorism divisions to work on Bernard Madoffs alleged $50 billion fraud scheme as victims of the biggest scam in the world continue to emerge.
Only ten days after Mr Madoff confessed to his two sons that he had created a giant fraud, the FBI and the Securities and Exchange Commission (SEC), the Wall Street regulator, have narrowed the focus of their inquiries to ascertain which individuals and funds helped him. They are questioning other employees of Madoff Securities and are also examining the role of feeder funds that provided Mr Madoff with clients and capital.
It is understood that the US authorities believe it would have been impossible for the financier to have sustained a fraud of such magnitude over a number of years without significant assistance.
While the FBI and SEC trawled through documentation seized from three floors of the Manhattan headquarters of Mr Madoff, 70, more individuals and organisations who had fallen prey to the scheme were discovered. Members of the Fifth Avenue Synagogue, on the wealthy Upper East Side of Manhattan, are estimated to have lost about $2 billion (£1.4 billion) between them. Of these Ira Rennert, the chairman of the synagogue board, had about $200 million invested in the fund.
It is believed that J. Ezra Merkin, the president of the synagogue, introduced clients to Mr Madoff and gave him access to prominent Jewish charities and universities. The fund of Mr Merkin, Ascot Partners, had about $1.8 billion invested in the schemes.
At the weekend it emerged that Burt Ross, a former banker at LF Rothschild, and once the mayor of Fort Lee, New Jersey, was another victim. Mr Ross estimated that he had lost about $5 million, the bulk of his personal wealth.
(Excerpt) Read more at business.timesonline.co.uk ...
Didn't the real bin Laden say that his goal was to destroy Wall Street? Looks like our Bernie might have saved him the trouble.
..whats more important...the nation or the liberal feed bag?
Madoff is under indictment for what the U.S.Govt has been
doing for the past 30 years! I guess he who makes the rules-
Yeah, I’m sure solving a swindle case for greedy investors is much more important than protecting against terrorism. Wise use of FBI Anti-Terror agents!! /sarcasm
Members of the Fifth Avenue Synagogue, on the wealthy Upper East Side of Manhattan, are estimated to have lost about $2 billion (£1.4 billion) between them. Of these Ira Rennert, the chairman of the synagogue board, had about $200 million invested in the fund. ... It is believed that J. Ezra Merkin, the president of the synagogue, introduced clients to Mr Madoff and gave him access to prominent Jewish charities and universities. The fund of Mr Merkin, Ascot Partners, had about $1.8 billion invested in the schemes. .... At the weekend it emerged that Burt Ross, a former banker at LF Rothschild,Oh-oh. Suzy Jagger and The Times (UK) better watch out. Abe Foxman and his ADL will be after her and The Times (UK). According Foxman all reporting of Madoff and the fellow Jews he ripped off in anti-semitic Nazi Hate Speech. And in the UK this 'Hate Speech' is against the law. (iirc)
Drudge had the Foxman rant (article) linked the past few days (gone today).
And yet, this guy is on house arrest. worse yet, yesterday mornng’s Bloomberg tcker said something on the order of ‘Madoff agrees to have assets frozen” WTF??? Why even aks?
And the crooks keep doing this because we don’t serve them with CONSEQUENCES!!! A little Turkish justice could go a long way. And add Frank, Dodd, Kerry, Shumer,...etc. to that list.. /rant off/
‘aks’ should obviously be ‘ask’. (Good grief)
Someone should come up with a new unicode character for understatement. An understatement emoticon would also be a good thing at times like this.
I suspect the fund was only partially ponzi and the resulting investigation may reveal who was behind oil price speculation as well as the massive shorting of investment banks that created the October Surprize.
Actually the resulting investigation may reveal that a lot of money got transferred off shore in a massive tax evasion scheme.
I have a question: If trillions of dollars were lost, who gained them? Where are they? There must be a balance sheet somewhere.
Spit---that aint gonna happen no-how.
Even Madoff is not enough to drag Big Abe away from the $5.95 all-you-can-eat buffet table at Old Homestead.
Fifth Avenue Synagogue board chair Ira Rennerts palatial Hamptons mansion....rivals Buckingham Palace or Versailles.
Hamptonites complain the astoundingly huge lavish property is actually a "synagogue-residence-school" for Orthodox students.
Prosecute him for discriminating against minority, gay and the disabled investors!
I'm sure there are multiple sets of books depending on the need of the financial chefs
So, when does the FBI start investigating who is responsible for the mortgage fraud which has caused the loss of trillions of our dollars and is likely to destroy the entire financial system and way of life?... (Hint: never, as they are mostly Democrat politicians and their friends and stooges)
The Federal govt has no choice but to put someone’s head on a pike in order to placate the restless natives. Otherwise the natives might go after the real architects of this mess. Bernacke, Poulsen, Franks......
"Jews are a convenient scapegoat in times of crisis......the Madoff scandal has created a perfect storm for anti-Semites. Nowadays, the first place Jew-haters will go is to the Internet ... with their hateful ideas.... without fear of repercussions."
Abe is right-on. The Madoff global scam is being used for despicable ends.
Everybody who knows anything about history knows that Jews like Madoff have been thrown out of every country theyve ever settled in.
All because of those hate-filled, anti-Semite retards (shudder).
That's terrible! The whole thing is mushrooming into a tragedy.
Right there is a large part of the problem. A little vigilante justice is in order as far as I'm concerned, which should include as you suggested, Frank, Dodd, Kerry, Shumer as well as Madoff.
Sure would be nice to see the real citizens become enraged over this stuff for a change, really getting tired of the milquetoast treatment of these crooks. Heck, NO treatment for the most part, they're still running the show.
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