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Bernie Madoff & JPMorgan Chase…

Most of the wealthy elite—comprising a ruling class in America (1/10th of 1% of the population)—operate a modified form of Ponzi scheme.

Bernie Madoff…

The NY Times’s Frank Rich commented recently:  “The billions that vaporized in Madoff’s Ponzi scheme amounted to a rounding error next to [the] too-big-to-fail banks wracked by their own Ponzi schemes…

“The culture allowed for loftier flimflams than [Madoff’s] to succeed—though the loftier culprits, unlike him, usually escaped with the proceeds.  That financial culture largely remains in place today.”

Were it not for public infrastructure; corporate welfare handouts; deregulation; the elimination of safety and monopolization controls; the exportation of jobs to low-wage, non-union areas; tax giveaways to corporations and their chosen few; and the outright bail-outs of failing enterprises and criminal profiteers, they would simply be another common Ponzi scheme.

In his first publication interview, the king of the Ponzi schemers, Bernard L. Madoff, 72, #61727-054, FCC Butner, NC, admits that a number of banks and hedge funds were complicit in his fraud.

FCC (Med I) Butner, NC

One might presume that the suicide of his son, Mark Madoff, 46, back in December has brought home the nature of his crimes along with the living-large status of his former co-conspirators versus his own family’s name and relative impoverishment thru the ongoing forfeiture of assets.

Recent e-mails and messages exposed in court, confirms Madoff’s allegations of their complicity.  Madoff’s fraud scheme of over $64 billion lasted for some 16 yrs and could only have succeeded with a higher profiteering wink here and a nod there.

Since the suicide of his son, Madoff has shifted into higher gear in providing information to Atty. Irving H. Picard, the court trustee for the fraud victims.  He has given Picard “information that I knew would be instrumental in recovering assets from those people [who were] complicit…”

I wouldn’t hold my breath that the master corporate criminals on Wall Street and ensconced in gov’t as “advisors” will be prosecuted and imprisoned, much less forfeit their criminal profits.

Major players in Madoff’s fraud who’ve been exposed include, the Wilpon family, owners of the NY Mets; JPMorgan Chase; financiers Sonya Kohn, Jeffry Picower, and Carl Shapiro; and the Swiss Union Bancaire Privée.  More coming…

While Bernie is cooperating with the trustee to recover assets for the true victims, he continues to refuse any cooperation with the prosecution in any criminal convictions.  Class solidarity?  Or a prisoner’s code of honor?  (More than I can say for the suits at the Big Casino [Wall St.].)

Perhaps he’ll reconsider if they offer him a sweeter deal than his current out-date of 14 November 2139…  That’s right: 2139.  If he survived, he’d be 200-yrs-old—with good time…

I like Michael Lewis’s comment in his book on the subject, The Big Short:  For all their supposed “conservatism,” these guys got their own version of social nirvana, “socialism for capitalists, and capitalism for everybody else.”

               Dr. Publico

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One Response
  1. […] and access to the public treasury, unbridaled capitalism is no more than a Ponzi scheme. If Bernie Madoff had the same inside political game as, say, Goldman Sachs or JP Morgan, he wouldn’t be in prison. […]

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