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Off With Their Heads.......(Democrats and Madoff, the world’s largest $50 billion swindle)
Family Security Matters ^ | December 22, 2008 | Paul Hollrah

Posted on 12/24/2008 6:43:58 AM PST by IrishMike

My younger sister has often complained to me that, during their working careers, she and her husband had difficulty making ends meet, financially. In response, I’ve tried to convince her that those who have a little money… or even a lot of money… have a far more difficult problem: i.e., holding onto what they have.

No man has done more to prove my point than Bernard Madoff, the head of Bernard L. Madoff Investment Securities, LLC, a Wall Street investment advisor admired and trusted by some of America’s wealthiest individuals and foundations. No man has done more to destroy the faith of the American people in those who are entrusted with the responsibility for growing and managing the money they have set aside for their retirement years.

Because of Madoff, millions of Americans are now laying awake at night questioning whether their stock portfolios, their mutual funds, and their annuities are safe and secure. In other words, have the bureaucrats in the Securities & Exchange Commission (SEC) done what they are charged with doing: regulating and policing the financial markets. In the case of Bernard Madoff they obviously did not, and it’s not because they weren’t warned.

In 2005, a Boston investment advisor and derivatives expert, Harry Markopolos submitted a nineteen-page report, anonymously, to the SEC saying it was “highly likely” that Madoff Securities was “the world's largest Ponzi Scheme.” Markopolos reminded the SEC that he had first brought the Madoff matter to the attention of their Boston field office in 1999, during the Clinton Administration, but no action was taken. In his report he recommended discretion, suggesting that he knew his research could ruin people's careers. He asked the SEC to be discreet about circulating the report, saying, “I am worried about the personal safety of myself and my family. Under no circumstances is this report or its contents to be shared with any other regulatory body without my express permission.”

In his filing, Markopolos suggested two possible scenarios. Under Scenario #1, which he described a “unlikely,” he said, “I am submitting this case under Section 21A(e) of the 1934 Act in the event that the broker-dealer and (electronic communication network) depicted is actually providing the stated returns to investors, but is earning those returns by front-running customer order flow. Front running qualifies as insider trading since it relies upon material, non-public information, that is acted upon for the benefit of one party to the detriment of another party.”

Under Scenario #2, which Markopolos described as “highly likely,” he said, “Madoff Securities is the world’s largest Ponzi Scheme. In this case there is no SEC reward payment due the whistle-blower so basically I’m turning this case in because it’s the right thing to do.”

But, again, no action was taken against Madoff. Why? Is it because Madoff has friends in high places? We are already aware that the top recipient of cash from top executives in the sub-prime mortgage industry is Sen. Chris Dodd (D-CT), chairman of the Senate Banking Committee, that the second highest recipient of cash is none other than our President-elect, Barack Hussein Obama (D-IL), and that the largest recipient of cash in the House of Representatives is Cong. Barney Frank (D-MA), chairman of the House Financial Services Committee.

The Center for Responsive Politics has looked into the matter of the Madoff family’s political contributions between June 1993 and October 2008. Federal Election Commission records show that members of the Madoff family made some 250 political contributions to 45 candidates and committees totaling $391,350. The money went to 33 Democrats, 12 Republicans, and nine political committees… seven liberal and Democrat committees, one Republican committee, and one trade association PAC.

The largest individual recipients were Rep. Ed Markey (D-MA), $34,000; Sen. Chuck Schumer (D-NY), $31,000; Sen. Ron Wyden (D-OR), $25,000; Sen. Hillary Rodham Clinton, $23,500; Rep. Richard Gephardt (D-MO), $12,000; Sen. Frank Lautenberg (D-NJ), $6,600; and Sen. John Kerry (D-MA), $4,500. The Democrat Senatorial Campaign Committee, which Schumer currently chairs, received $104,050.

Among Republicans, the lion’s share of Madoff family contributions went, oddly enough, to Rep. Jack Fields (R-TX), $13,000. Sen. John McCain received $2,000.

The records seem to suggest that Mrs. Ruth Madoff, the wife of Bernard Madoff, exhibits a bit of an “independent” streak, politically. On June 28, 2006 she made a $5,000 contribution to the New Republican Majority Fund, but by far her most interesting contribution was a $1,000 gift on June 27, 1996 to the Fund for a Responsible Future. Would it be too unkind to suggest that the fund must have fallen short of its goal?

So how did Madoff Investment Securities, “the world’s largest Ponzi Scheme,” escape detection for over a decade in both Democrat and Republican administrations? Did senior Democrats in Congress take steps to shield Madoff from SEC oversight? The SEC must be made to appear before Congress with all pertinent internal and external correspondence, including letters and meeting notes relating to Madoff’s communications with members of Congress. Those within the agency who had every opportunity to intervene, but didn’t, must be publicly exposed.

As Harry Markopolos suggested in his 2005 exposé, hedge funds are often leveraged on a 4:1 ratio. If that is the case, and Madoff has been responsible for a $50 billion swindle, the impact across world financial markets could be $200 billion, or more. We simply cannot allow regulatory agency failures, whether through corruption or incompetence, to go unpunished. Off with their heads!


TOPICS: Crime/Corruption; Front Page News; News/Current Events; Politics/Elections
KEYWORDS: 110th; bailout; barneyfrank; chrisdodd; conmen; corruptdems; corruption; cultureofcorruption; democrats; dnc; dnccontributor; dncdonations; economy; gephardt; hillary; kerry; lautenberg; madoff; markey; markopolos; obama; schumer; sec; socialsecurity; ss; thieves; unlockedbox; wyden

1 posted on 12/24/2008 6:43:59 AM PST by IrishMike
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To: IrishMike

The damage that Dodd and Frank have done to this country
warrants a date with Madame Guillotine!


2 posted on 12/24/2008 6:51:34 AM PST by Dr. Ursus
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To: Dr. Ursus

Let’s see, this Ponzi scheme required people to continually be roped into it to pay those already in it,
and the administrator of it robbed all the money out of it to pay for stuff that he wanted to pay for.

The government does exactly this - at gunpoint.

At least Madoff only did it by deception.


3 posted on 12/24/2008 6:57:19 AM PST by MrB (The 0bamanation: Marxism, Infanticide, Appeasement, Depression, Thuggery, and Censorship)
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To: MrB

The Treasury Dept. could use Madoff as a consultant;he’s
much better at cooking the books!


4 posted on 12/24/2008 7:00:16 AM PST by Dr. Ursus
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To: Dr. Ursus
A ride inside the Brazen Bull is a more appropriate fate for these cretins. Sadly, most of them will "retire" with safe and fat taxpayer funded pensions. Unless...?
Photobucket

5 posted on 12/24/2008 7:10:13 AM PST by Dick Bachert
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To: Dick Bachert

I like your thinking!


6 posted on 12/24/2008 7:17:25 AM PST by Dr. Ursus
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To: Dr. Ursus
The damage that Dodd and Frank have done to this country warrants a date with Madame Guillotine!

Too easy on this scum. First a nice long stretch on the rack to get all the details of those involved.

7 posted on 12/24/2008 7:28:08 AM PST by metalurgist (Day 13 of the Blagojago induced suicide watch.)
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To: IrishMike

“I am worried about the personal safety of myself and my family”.


May the wrath of the all mighty God be upon those who use their power and money to murder those who reveal the truth...


8 posted on 12/24/2008 7:34:33 AM PST by rusureitflies? (OSAMA BIN LADEN IS DEAD! There, I said it. Prove me wrong.)
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To: IrishMike

“I am worried about the personal safety of myself and my family”.


May the wrath of the all mighty God be upon those who use their power and money to murder those who reveal the truth...


9 posted on 12/24/2008 7:34:33 AM PST by rusureitflies? (OSAMA BIN LADEN IS DEAD! There, I said it. Prove me wrong.)
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To: IrishMike
This may be the biggest Ponzi scheme...the biggest scams are the man made global warming scheme and the United Nations.
10 posted on 12/24/2008 8:46:18 AM PST by highlander_UW (The only difference between the MSM and the DNC is the MSM sells ad space in their propaganda)
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To: IrishMike; informavoracious; larose; RJR_fan; Prospero; Conservative Vermont Vet; ...
+

Freep-mail me to get on or off my pro-life and Catholic List:

Add me / Remove me

Please ping me to note-worthy Pro-Life or Catholic threads, or other threads of interest.

Obama Says A Baby Is A Punishment

Obama: “If they make a mistake, I don’t want them punished with a baby.”

11 posted on 12/24/2008 8:49:39 AM PST by narses (http://www.theobamadisaster.com/)
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To: AdmSmith; Berosus; Convert from ECUSA; dervish; Ernest_at_the_Beach; Fred Nerks; george76; ...

you know the old saying — what’s good for the cooked goose...

Regulator Let IndyMac Backdate Infusion [OTS]
The Wall Street Journal | 2008-12-23 | Michael M. Phillips & Jessica Holzer
Posted on 12/24/2008 7:29:45 AM PST by rabscuttle385
http://www.freerepublic.com/focus/f-news/2153749/posts


12 posted on 12/24/2008 9:27:07 AM PST by SunkenCiv (https://secure.freerepublic.com/donate/_______Profile finally updated Saturday, December 6, 2008 !!!)
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To: Dr. Ursus
The damage that Dodd and Frank have done to this country warrants a date with Madame Guillotine!

OUI!

13 posted on 12/24/2008 9:53:24 AM PST by April Lexington (Study the constitution so you know what they are taking away!)
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To: Dr. Ursus
Madame DuFarge continues to knit...
14 posted on 12/24/2008 9:55:19 AM PST by April Lexington (Study the constitution so you know what they are taking away!)
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To: IrishMike

I thought hedge funds which only the fabulously wealthy could invest in were largely unregulated???? Just wondering.


15 posted on 12/24/2008 10:05:14 AM PST by Chgogal (Voting "Present" 130 times might be a sign of a smart politician. It is not a sign of a good leader.)
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To: IrishMike

The largest individual recipients were Rep. Ed Markey (D-MA), $34,000; Sen. Chuck Schumer (D-NY), $31,000; Sen. Ron Wyden (D-OR), $25,000; Sen. Hillary Rodham Clinton, $23,500; Rep. Richard Gephardt (D-MO), $12,000; Sen. Frank Lautenberg (D-NJ), $6,600; and Sen. John Kerry (D-MA), $4,500. The Democrat Senatorial Campaign Committee, which Schumer currently chairs, received $104,050.

Among Republicans, the lion’s share of Madoff family contributions went, oddly enough, to Rep. Jack Fields (R-TX), $13,000. Sen. John McCain received $2,000.

shouldn’t they ALL have to give that money to charity now or something???


16 posted on 12/24/2008 11:39:03 AM PST by Chode (American Hedonist -)
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To: IrishMike

Of course the Dems will use this to call for MORE regulation. The idea of enforcing existing regulations before adding new regulations is foreign to them.

Accountability no longer exists in this Republic. Lawlessness is steadily taking over.

And the only answer many of our elected officials can offer is: bailout cash for the crooks and the incompetent. They’re selling off our children and grandchildren’s future for pie in the sky ideals that act as icing on a crap cake.


17 posted on 12/24/2008 11:51:57 AM PST by Fox_Mulder77
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To: IrishMike

And to think these people are now in the position of power.


18 posted on 12/24/2008 11:58:56 AM PST by red irish (Gods Children in the womb are to be loved too!)
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To: Fox_Mulder77
And the only answer many of our elected officials can offer is: bailout cash for the crooks and the incompetent. They’re selling off our children and grandchildren’s future for pie in the sky ideals that act as icing on a crap cake.

And a lot of the swindled cosmopolitans are the very people who vote for those that send the bailout cash to the crooks and incompetent in the financial sector. Poetic justice?

19 posted on 12/24/2008 12:30:13 PM PST by neutronsgalore (ROPERS DELENDA EST!!!)
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To: neutronsgalore
Poetic justice?

Only if their nanny state/socialist ideals go down the crapper along with their swindled cash. Otherwise, we may wake up one day and find that we're living in a modern day fascist Italy.

20 posted on 12/24/2008 12:39:13 PM PST by Fox_Mulder77
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To: Chode
shouldn’t they ALL have to give that money to charity now or something???

NO.

See, most of the general public is missing the point (being purposely misled, uninformed)

The BIG INVESTORS saw the scam starting to fall apart.

They had the government and media spread news of a PANIC and then arranged this hasty BAILOUT (for themselves)

Now, the media/government is revealing a major portion of the SCAM (Madoff... but there are more to come), and the investors who don't have as much PULL have gotten screwed.

And you and I made sure (through no choice of our own) these TOP INSIDERS/GOVT OFFICIALS got their money back.

Now you know why the FEDS won't tell anyone where the $700 Billion went.(they don't want the villagers marching to their castles with torches)

21 posted on 12/24/2008 2:24:48 PM PST by UCANSEE2 (The Last Boy Scout)
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To: metalurgist
First a nice long stretch on the rack to get all the details of those involved.

That's perfect!

The Banking Queen hates racks.

22 posted on 12/24/2008 3:28:18 PM PST by ROCKLOBSTER (RATs...nothing more than Bald Haired Hippies!)
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To: IrishMike
the solution is simple ...yet impossible the problem was caused by a service economy based on debt and not production.

the solution is to stimulate production, not pile more debt on the taxpayer.

sadly it wont happen

politicians are like shopping addicted housewives with a stack of credit cards

the solution is so simple

massive tax breaks for manufacture of goods within the USA

massive tax breaks for buyers of homes

massive tax breaks for each job created

priority given to economic survival first and foremost over environmentalism

government spending strictly within budget, X dollars to spend from taxes collected, X dollars spent ....period

NO trillions of dollars in bailouts,

no trillions of dollars in pork barrel stimulus

these "solutions" are like bailing out the ocean with a bucket

I know this by experience, I went from a bankruptcy caused entirely 100% by a spending addict ex wife ( not by me) to an almost 800 credit score in 10 years

I simply lived within my income, borrowed conservatively, and paid off my loans

Our entire government should be fired and replaced with people who have real world experience instead of the weakling silver spoon spending addict gangsters who are in office from coast to coast from the top to the bottom, from the president on down to the DMV director

23 posted on 12/24/2008 3:32:22 PM PST by KTM rider (keep thy powder dry, gird thy loins, and brace for the winds of change)
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To: Fox_Mulder77

“The idea of enforcing existing regulations...”

They’re sold out of existing regs...time to make new ones to shake down the suckers...


24 posted on 12/24/2008 6:24:41 PM PST by mo
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To: IrishMike

ping for later reading


25 posted on 12/24/2008 9:55:46 PM PST by servantoftheservant (`)
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To: Dr. Ursus
Dodd & Franks name keep popping up. & now they are more powerful than ever.
The country is Fu*ked, No one is safe. How long untill the kooks at kos figure this out?

Isn't there a special prosecutor investigating any of this?

26 posted on 12/25/2008 8:39:47 AM PST by reefdiver (How do you keep the Conservative a Conservative, in Washington DC ?)
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To: Dick Bachert
As the noose tightens around these corrupt Democrates and yes some corrupt Repubs, they will release the next revelation. Madoff, Frank, Dodd, and other dumbocrates who jump on the bandwagon are really the new American patriots who have saved the economy by devising a scheme to distribute 50 Billion dollars to the general economy. 50 Billion dollars gotten from evil rich people and redistributed to the poor masses in Obama's divine message from Heaven of Share the Wealth plan.
27 posted on 12/25/2008 4:39:42 PM PST by WesternPacific (I am tired of voting for the lesser of two evils!)
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