AlterNet: A $50 Billion Con Job Rocks Wall Street

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A $50 Billion Con Job Rocks Wall Street

By Danny Schechter, AlterNet. Posted December 24, 2008.

Outlaws used to rob banks; now banks rob us. Meet the new poster boy for Wall Street excess and larceny.



Every era has its bad guy, its high profile criminal who flames into public view through media circuses and tabloid headlines. In the 1930s, there was Al Capone brought down by the taxman. In the 40s, Willie Sutton was a big bad guy who once said he robs banks because "that's where the money is." In the 1950s, the Mafia seized our attention while here in New York, we had George Metetsky, the mad bomber. In the 60s -- well, you know the saying: if you can rember that era, you weren't there ...

Many of these larger than life gangsters were anti-social outlaws robbing banks and the like. Now the banks are robbing us. Until he is outdone, we now have a new poster boy for Wall Street excess and larceny: the bland personage of Bernard Madoff, the consummate Wall Street insider, philanthropist and pillar of the financial community. He has now been credited in this credit crisis for the biggest theft in history.

Madoff seems to have won the gold medal for absconding with the most gold -- to a tune of $50 billion and counting. It was all, he admitted, a Ponzi scheme. He was a reverse Robin Hood: he took from the rich and enriched himself in a life style festooned with many houses, boats and stays at $5,000 a night hotels.

The Notice

Go to The Madoff.com site today and there is this notice that thousands of investors are reading while holding back tears and outrage.

On December 15, 2008, the Honorable Louis L. Stanton, a Federal Judge in the United States District Court for the Southern District of New York, appointed Irving Picard as Trustee for the liquidation of Bernard L. Madoff Investments Securities LLC ("BMIS") pursuant to the Securities Investor Protection Act ("SIPA") as set forth in the attached order.

Mr. Picard supersedes Lee S. Richards, the previously appointed Receiver for BMIS and all claims by customers of BMIS will be processed by Mr. Picard as SIPA Trustee. Customers and claimants should refer to the website of the Securities Investor Protection Corporation for information about the processing of claims. SIPC.ORG.

Mr. Richards continues to serve as Receiver for Madoff Securities International Ltd. pursuant to the attached order. The Trustee Irving Picard has engaged Lazard Frères & Co. LLC to assist in the sale of the trading operations of Bernard L. Madoff Investment Securities LLC.

Should you have further questions, please contact the Trustee at the following number: 888-727-8695.

In short: Good Luck at Getting Any Of Your Money Back. ........(more)

The complete piece is at: http://www.alternet.org/story/114827/a_%2450_billion_con_job_rocks_wall_street/