Source: blogywoodbabes.blogspot.com
A lot of people who thought they were multi-millionaires last week are now realizing that they are dead broke this week thanks to Bernard "cock sucker" Madoff. It is reported that his sons turned him in to the authorizes when they found out of his crimes but thats just bullshit, the sons of Bernard L. Madoff were in on the crime too. Here is something interesting that the mainstream American news media is not reporting about the top news story of the day. Bernard Madoff, the asshole that lost (stole) $50 billion from investors was a huge fundraiser for Democratic candidates and a big donor himself to Dem causes. But, no where in the mainstream media this was reported today. Surely this fact would have been the first thing the media reported if he was a Republican instead of a Democrat. Anyhow, this man has some really serious enemies beside the retirees in Florida. Bernard L. Madoff, aged 70, was arrested and charged by the FBI on Thursday with a single count of securities fraud, also known as stock fraud and investment fraud. He allegedly told senior employees of his firm on Wednesday that his $50 billion business "is all just one big lie" and that it was "basically, a giant Ponzi scheme (since at least 2005)." Mr. Madoff faces up to 20 years imprisonment and a fine of up to $5 million. But his bigger problem is with New York and New Jersey Russian mobsters that don't care about his political afflictions.
But I checked his political activities after hearing the names of his prominent investors like Stephen Spielberg, Sen. Frank R, Lautenberg and Mort Zuckerman noticing that they were mostly Democrats. He has made major donations to Democratic candidates and organizations, some of which are not listed below, neither is his funds raising. Here is some of his personal campaign contributions as documented on Newsmeat.com:
| MADOFF, BERNARD L NEW YORK, NY 10022 BERNARD L. MADOFF INVEST.-SEC./CHAI | DEMOCRATIC SENATORIAL CAMPAIGN COMMITTEE (D) | $25,000 primary | 09/12/08 |  |
| Madoff, Bernard L. Mr. New York, NY 10021 Bernard L. Madoff Investment Securi | SECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATION POLITICAL ACTION COMMITTEE | $5,000 primary | 08/20/08 | |
| MADOFF, BERNARD NEW YORK, NY 10022 SELF EMPLOYED/INVESTOR | MERKLEY, JEFFREY ALAN (D) Senate - OR JEFF MERKLEY FOR OREGON | $2,300 primary | 04/24/08 | |
| Madoff, Bernard L. New York, NY 10021 | SAUL, ANDREW MARSHALL (R) House (NY 19) SAUL FOR CONGRESS INC | $-2,300 primary | 12/05/07 | |
| Madoff, Bernard L New York, NY 10021 Bernard Madoff Investment/Chairman | LAUTENBERG, FRANK R (D) Senate - NJ LAUTENBERG NJ VICTORY COMMITTEE | $5,000 primary | 07/20/07 | |
| Madoff, Bernard L New York, NY 10021 Bernard Madoff Investment/Chairman | LAUTENBERG, FRANK R (D) Senate - NJ LAUTENBERG NJ VICTORY COMMITTEE | $2,300 primary | 07/20/07 | |
| Madoff, Bernard L New York, NY 10021 Bernard Madoff Investment/Chairman | LAUTENBERG, FRANK R (D) Senate - NJ LAUTENBERG NJ VICTORY COMMITTEE | $300 primary | 07/20/07 | |
| Madoff, Bernard L. New York, NY 10021 Bernard L. Madoff Investment/Chairm | SAUL, ANDREW MARSHALL (R) House (NY 19) SAUL FOR CONGRESS INC | $2,300 primary | 07/10/07 | |
| Madoff, Bernard L Mr. New York, NY 10021 Bernard L. Madoff Investment Securi | SECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATION POLITICAL ACTION COMMITTEE | $5,000 primary | 05/24/07 | |
| MADOFF, BERNARD L NEW YORK, NY 10022 BERNARD L. MADOFF INVEST.-SEC./CHAI | DEMOCRATIC SENATORIAL CAMPAIGN COMMITTEE (D) | $25,000 primary | 05/04/07 | |
| Madoff, Bernard L Mr. New York, NY 10021 Bernard L. Madoff Investment Securi | SECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATION FUND A | $5,000 primary | 10/17/06 | |
| MADOFF, BERNARD L NEW YORK, NY 10022 BERNARD L. MADOFF INVEST. SEC./CHAI | DEMOCRATIC SENATORIAL CAMPAIGN COMMITTEE (D) | $25,000 primary | 09/30/06 | |
| Madoff, Bernard L Mr. New York, NY 10021 Bernard L. Madoff Investment Securi | SECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATION FUND A | $5,000 primary | 09/22/05 | |
| MADOFF, BERNARD L NEW YORK, NY 10021 BERNARD L MADOFF INVEST SEC | DEMOCRATIC SENATORIAL CAMPAIGN COMMITTEE (D) | $25,000 primary | 05/09/05 | |
| Madoff, Bernard New York, NY 10021 Madoff Investments/Chairman | MATHESON, JAMES (D) House (UT 02) MATHESON FOR CONGRESS | $250 general | 10/18/04 | |
| Madoff, Bernard New York, NY 10021 Self-employed/Banker | HOOLEY, DARLENE (D) House (OR 05) HOOLEY FOR CONGRESS | $250 general | 10/15/04 | |
| Madoff, Bernard L New York, NY 10021 | FROST, MARTIN (D) House (TX 32) MARTIN FROST CAMPAIGN COMMITTEE | $250 general | 10/15/04 | |
| MADOFF, BERNARD L NEW YORK, NY 10021 BERNARD L MADOFF INVESTMENTS | SCHUMER, CHARLES E (D) Senate - NY FRIENDS OF SCHUMER | $1,000 general | 08/18/04 | |
| MADOFF, BERNARD L NEW YORK, NY 10021 BERNARD L MADOFF INVESTMENTS | SCHUMER, CHARLES E (D) Senate - NY FRIENDS OF SCHUMER | $1,000 primary | 08/18/04 | |
| Madoff, Bernard L Mr. New York, NY 10021 Madoff (Bernard L.) Investment Secu | SECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATION FUND A | $5,000 primary | 07/08/04 | |
| Madoff, Bernard L New York, NY 10021 Madoff Investments/Chairman | MARKEY, EDWARD J MR. (D) House (MA 07) MARKEY COMMITTEE, THE | $2,000 primary | 06/17/04 | |
| Madoff, Bernard L New York, NY 10021 Madoff Investments/Chairman | MARKEY, EDWARD J MR. (D) House (MA 07) MARKEY COMMITTEE, THE | $2,000 general | 06/17/04 | |
| MADOFF, BERNARD NEW YORK, NY 10021 BERNARD MADOFF INVESTMENTS | LAUTENBERG, FRANK R (D) Senate - NJ LAUTENBERG FOR SENATE | $1,000 | 02/18/04 | |
| Madoff, Bernard L New York, NY 10021 Bernard L Madoff/Chairman | GEPHARDT, RICHARD A (D) President GEPHARDT FOR PRESIDENT INC. | $2,000 primary | 09/23/03 | |
| MADOFF, BERNARD NEW YORK, NY 10021 BERNARD MADOFF INVESTMENTS | WYDEN, RONALD LEE (D) Senate - OR WYDEN FOR SENATE | $2,000 primary | 03/25/03 | |
| MADOFF, BERNARD NEW YORK, NY 10021 BERNARD MADOFF INVESTMENTS | WYDEN, RONALD LEE (D) Senate - OR WYDEN FOR SENATE | $2,000 general | 03/25/03 | |
| MADOFF, BERNARD L NEW YORK, NY 10021 BERNARD L MADOFF INVESTMENTS | SCHUMER, CHARLES E (D) Senate - NY FRIENDS OF SCHUMER | $1,000 general | 04/08/02 | |
| MADOFF, BERNARD L NEW YORK, NY 10021 BERNARD L MADOFF INVESTMENTS | SCHUMER, CHARLES E (D) Senate - NY FRIENDS OF SCHUMER | $1,000 primary | 04/08/02 | |
| Madoff, Bernard L. New York, NY 10022 Bernard L. Madoff P.C./Chairman | RANGEL, CHARLES B (D) House (NY 15) RANGEL FOR CONGRESS | $1,000 primary | 08/30/01 | |
| MADOFF, BERNARD NEW YORK, NY 10022 BERNARD L MADOFF INVESTMENT SECURIT | SECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATION FUND A | $2,000 primary | 11/03/00 | |
| MADOFF, BERNARD L NEW YORK, NY 10021 BERNARD MADOFF INVESTMENT SEC | FOSSELLA, VITO (R) House (NY 13) COMMITTEE TO RE-ELECT VITO FOSSELLA | $1,000 primary | 04/20/00 | |
| MADOFF, BERNARD L NEW YORK, NY 10021 BERNARD MADOFF INC | OBEY, DAVID R (D) House (WI 07) A LOT OF PEOPLE FOR DAVE OBEY | $1,000 primary | 03/10/00 | |
| MADOFF, BERNARD NEW YORK, NY 10022 CHAIRMAN | CLINTON, HILLARY RODHAM (D) Senate - NY HILLARY RODHAM CLINTON FOR US SENATE COMMITTEE INC | $1,000 primary | 01/13/00 | |
| MADOFF, BERNARD NEW YORK, NY 10022 BERNARD L MADOFF INVESTMENT SECURIT | SECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATION FUND A | $2,000 primary | 12/20/99 | |
| MADOFF, BERNARD NEW YORK, NY 10022 BERNARD L MADOFF INVESTMENT SECURIT | SECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATION FUND A | $2,000 primary | 12/20/99 | |
| MADOFF, BERNARD NEW YORK, NY 10021 MADOFF SECURITIES | CORZINE, JON S (D) Senate - NJ CORZINE 2000 INC | $1,000 primary | 08/24/99 | |
| Madoff, Bernard Mr. New York, NY 10021 Bernard Madoff Investment Securitie | BRADLEY, BILL (D) President BILL BRADLEY FOR PRESIDENT INC | $1,000 primary | 04/26/99 | |
| MADOFF, BERNARD L NEW YORK, NY 10021 BERNARD L MADOFF INVESTMENT SECURIT | SCHUMER, CHARLES E (D) Senate - NY VICTORY IN NEW YORK | $1,000 primary | 10/30/98 | |
| MADOFF, BERNARD L NEW YORK, NY 10022 BERNARD L MADOFF PC | RANGEL, CHARLES B (D) House (NY 15) RANGEL FOR CONGRESS | $1,000 general | 10/23/98 | |
| MADOFF, BERNARD L NEW YORK, NY 10021 SELF-EMPLOYED | D'AMATO, ALFONSE M (R) Senate - NY FRIENDS OF SENATOR D'AMATO (1998 COMMITTEE) | $1,000 general | 09/21/98 | |
| MADOFF, BERNARD NEW YORK, NY 10022 | CROWLEY, JOSEPH (D) House (NY 07) CROWLEY FOR CONGRESS | $-500 primary | 08/26/98 | |
| MADOFF, BERNARD NEW YORK, NY 10022 BOND BROKER | CROWLEY, JOSEPH (D) House (NY 07) CROWLEY FOR CONGRESS | $500 primary | 08/04/98 | |
| MADOFF, BERNARD NEW YORK, NY 10021 | SCHUMER, CHARLES E (D) Senate - NY SCHUMER '98 | $-300 primary | 06/29/98 | |
| MADOFF, BERNARD L NEW YORK, NY 10022 BERNARD L MADOFF INVESTMENT SECURIT | SCHUMER, CHARLES E (D) Senate - NY SCHUMER '98 | $1,000 primary | 05/22/98 | |
| MADOFF, BERNARD L NEW YORK, NY 10022 BERNARD L MADOFF INVESTMENT SECURIT | SCHUMER, CHARLES E (D) Senate - NY SCHUMER '98 | $1,000 general | 05/22/98 | |
| MADOFF, BERNARD L NEW YORK, NY 10021 MADOFF INVESTMENTS | MARKEY, EDWARD J MR. (D) House (MA 07) MARKEY COMMITTEE, THE | $1,000 primary | 05/15/98 | |
| MADOFF, BERNARD L NEW YORK, NY 10022 BERNARD L MADOFF INVESTMENT | TAUZIN, WILBERT J II (R) House (LA 03) BILLY TAUZIN CONGRESSIONAL COMMITTEE THE | $1,000 primary | 05/05/98 | |
| MADOFF, BERNARD NEW YORK, NY 10022 BERNARD L MADOFF INVESTMENT SECURIT | SCHUMER, CHARLES E (D) Senate - NY SCHUMER '98 | $300 primary | 03/31/98 | |
| MADOFF, BERNARD L NEW YORK, NY 10021 BERNARD L MADOFF CO | FRISA, DANIEL (R) House (NY 04) DAN FRISA FOR CONGRESS | $1,000 general | 09/17/96 | |
| MADOFF, BERNARD L NEW YORK, NY 10021 MADOFF SECURITIES | MARKEY, EDWARD J MR. (D) House (MA 07) MARKEY COMMITTEE, THE | $1,000 primary | 08/04/96 | |
People who lost their money to this man can sleep a bit easy knowing that he lost hundred of million of dollars belonging to mobsters.
The only reason Bernard L. Madoff turned himself into the FBI is because he needs protection from Russian mobsters he stole millions from with his Ponzi scheme. New York and New Jersey mobsters want their money back and he didn't have it so he did the smartest thing he could do in that situation. He went to the FBI before the Russians realize they were not getting their mony back. He will be in protective custody and he will not make bail. The asshole actually want to be in jail right now surrounded by the police.
Bernard L. Madoff is now living in his own personal hell worrying about his Russian friends and what they will do to him (and his family I might add) in time. If he was really smart he would have paid his Russians clients first but the SEC is going to take back all payouts made by Madoff recent months so there will be angry and very violent people wanting revenge. Madoff was offering investors 8% to 12% positive returned for the last 20 years. Thats sounds so good that even mobsters would invest.
Biography
-----------------------------------------------
Bernard Lawrence 'Bernie' Madoff (born April 29, 1938 in New York, New York City, USA) is an American fund manager accused of fraud. He is a prominent Democratic fundraiser and former chairman of the NASDAQ.
He was born in New York to a Jewish family and is married to Ruth Madoff. He has homes in Roslyn, New York, Montauk, New York, and an apartment on Manhattan's Upper East Side valued at more than $5 million. He also owns homes in Palm Beach, Florida and France and is a member of the Palm Beach Country Club. He owns a 55-foot fishing boat, named "Bull."
Until December 12, 2008 he had been the chairman of Bernard L. Madoff Investment Securities LLC, which he founded in 1960. On December 12, 2008 he was arrested by the Federal Bureau of Investigation, acting on a tip-off from his son, and charged with fraud. Federal judge Louis L. Stanton has frozen Madoff's assets, and appointed Lee Richards as receiver The firm has been one of the top market maker firms on Wall Street, and also had an investment management business.
The Ponzi Scheme is alleged to involve $50 billion and to have taken place over decades. To date it is the largest investor fraud ever attributed to a single individual. Spanish, French, Swiss, Italian and other banks have announced that they have lost over a billion U.S. dollars from the Maddoff scandal.
Before his arrest, Madoff was a prominent philanthropist. The freeze of his assets has significantly affected a number of charities, one of which – the Lappin Foundation – had to close.Madoff started his firm in 1960 with an initial investment of $5,000 that he said was earned from working as a lifeguard and installing sprinklers.
He has been active in the National Association of Securities Dealers (NASD), a self-regulatory organization for the U.S. securities industry. His firm was one of the five most active firms in the development of the NASDAQ, and he served as its chairman of the board of directors, and on its board of governors.
Madoff's firm was known for "paying for order flow," in other words paying a broker to execute a customer's order through Madoff. A reporter for CNN asked him about this in May 2000. He replied, "If your girlfriend goes to buy stockings at a supermarket, the racks that display those stockings are usually paid for by the company that manufactured the stockings. Order flow is an issue that attracted a lot of attention but is grossly overrated."
Academics have questioned the ethics of these payments, and compared them to "kickbacks." Madoff argued that the payment to the broker did not alter the price that the customer received.
He brought several relatives into his business. His brother, Peter, was a senior managing director. Both of Madoff’s sons, Mark and Andrew, joined the team after finishing their educations. Charles Weiner, a son of Mr. Madoff’s sister, also joined the firm, and Peter Madoff’s daughter, Shana, took a job with the company as a lawyer.
His sons Mark and Andrew were apparently unaware of the imminent insolvency of Madoff Securities. According to the authorities, the sons confronted their father, asking him how the firm could pay bonuses if it could not pay investors, prompting Madoff's admission that he was "finished", after which they reported him to the authorities.
Madoff served as the Chairman of the Board of Directors of the Sy Syms School of Business at Yeshiva University, as well as Treasurer of its Board of Trustees. He resigned his position at Yeshiva University after his arrest. Madoff also serves on the Board of New York City Center, the historic theater and member of New York City's prestigious Cultural Institutions Group (CIG). He also did charity work for the Gift of Life Bone Marrow Foundation, and ran a $19 million private foundation that donated money to hospitals and theaters.Outside analysts raised concerns with Madoff's firm for years. Among the suspicious signs were the fact that Madoff's company avoided filing disclosures of its holdings with the SEC by selling its holdings for cash at the end of each period. Such a tactic is highly unusual. Improbably steady investment returns despite exceedingly volatile markets was another red flag. A longtime friend said that "his rate of return [...] was never attention-grabbing, just solid 12-13 percent year in, year out". Robert Ivanhoe, chairman of the real estate practice of the law firm Greenberg Traurig, added that Madoff increased his allure by refusing some investors.
Harry Markopolos, a former Boston investment professional, said he repeatedly tried to get the SEC to investigate Madoff, first contacting the agency's Boston office more than a decade ago. The SEC said it conducted two inquiries of Madoff in the last several years and didn't find major problems. An SEC statement detailed that inspectors examined Madoff's brokerage operation in 2005, finding three violations of rules requiring brokers to obtain the best possible price for customer orders, while in 2007, SEC enforcement staff completed an investigation and did not refer the matter to the SEC commissioners for legal action.
Charles Gradante, co-founder of hedge-fund research firm Hennessee Group, observed that Madoff "only had five down months since 1996", and commented on Madoff's investment performance: "You can't go 10 or 15 years with only three or four down months. It's just impossible."
Madoff also operated as a broker dealer with an asset management division. Joe Aaron, a longtime hedge fund professional, found the structure suspicious and in 2003 warned a colleague to steer clear of the fund, saying "Why would a good businessman work his magic for pennies on the dollar?"
Early indications that Madoff may have been trouble emerged in 2007. The Madoff Family Foundation donated only $95,000 to charitable groups. This was a major drop from previous years. In 2006, the foundation donated $1,277,600.
Madoff ran into trouble, in 2008, when clients wanted to withdraw $7 billion from the firm and he had to come up with the cash.Madoff was arrested by the FBI on December 11, 2008 on criminal charges of securities fraud, after he allegedly said that his business was "a giant Ponzi scheme." The alleged behavior involves an asset management unit of his firm, rather than the better known market making unit.
The criminal complaint alleges that investors lost $50 billion because of the scheme. He was charged with a single count of securities fraud. Madoff was released on the same day of his arrest after posting $10 million bail. He faces up to 20 years in prison and a fine of $5 million if convicted. According to the SEC, Madoff confessed to an FBI agent that there was “no innocent explanation” for his behavior, and that he "paid investors with money that wasn't there". His attorney stated that he "will fight to get through this unfortunate set of events."
The case is U.S. v. Madoff, 08-MAG-02735, U.S. District Court for the Southern District of New York (Manhattan).
The Securities and Exchange Commission filed a separate civil suit against Madoff on December 11, 2008.
Separately, individual investors have filed civil suits against Madoff. The two firms leading the suits, Milberg LLP (suit led by partner Brad Friedman), and Seeger Weiss LLP (suit led by partner Stephen Weiss) announced on December 12, 2008 that the two firms have been retained by dozens of individual investors.
Post a Comment