Why the Madoff fraud story is a fraud...

[dixiegrrrrl]

according to Denniger:

"Madoff is not what it appears to be. At best Madoff is a 20+ year scam that occurred with not only the intentional blindness of our government but its explicit assistance and cooperation. It is simply not possible for one man to run a Ponzi Scheme of this size, sending out statements every month to hundreds if not thousands of clients and employing a group of people, moving this amount of money around, and have the entire thing be a scam without the cooperation of literally hundreds of accomplices including accomplices inside regulatory agencies and the government itself, along with regulated entities including the banks that lost money. You cannot place that sort of capital as a bank or other regulated entity on nothing more than "trust" - no matter who its being placed with.

There is much, much more to this scandal and you can bet the people involved will do their level-best damndest to keep the truth from coming out. Never mind the fact that explicit warnings were transmitted to the SEC."

Link:
http://tinyurl.com/9j46ce
( about halfway down the page)

[geckosfeet]

1. I agree. The SEC was alerted many times. And they never checked to see if any

trades were executed on behalf of his company and/or clients? For an investigative body - they seem wholly unwilling to look for the simplest and most fundamental business practice for Madoff's company.

They were furiously looking the other way and incompetent beyond wildest imaginings.

Personally I think that they had the high sign from "other agencies" to not investigate.

[customerserviceguy]

2. Sorry

Not buying it. If there were "hundreds of accomplices" over the years, surely a deathbed confession would have come out by now.

People will believe anything that comes out the ass end of a computer, especially if the guy selling them the bullshit has the pedigree of Bernie Madoff.

Were there people looking the other way while this happened? Of course there were, but they really weren't looking at much of anything during the last eight, and possibly the last thirty years. They just went after the low-hanging fruit of the clumsy scamsters, and happily collected their 'watchdog' paychecks, thinking that by the time some really serious doo-doo hit the fan, they'd be comfortably retired.

[Native]

4. BINGO!

[zeemike]

3. Does that mean it was an organized crime?

If so could they not use the RICO law to seize his assets?
Oh I forgot that law is only for the small time drug dealers and was not meant to apply to people with money and influence.