More from the Arnaud de Borchgrave article on Madoff
Harry Markopoulos filed a report (PDF) with the SEC in 2005 that accurately claimed that Madoff was running the biggest Ponzi scheme in history. He specifically asked his name not be released because, according to Borchgrave, he was afraid of getting killed. The SEC ignored the report.
Mr. Markopoulos predicted the implosion of all the main funds (which he named) that dealt with Mr. Madoff four years before they imploded. That nobody listened or did anything about it is an even bigger scandal.
A total mental meltdown of 3,000 SEC bureaucrats, each presumably endowed with average mental faculties, and a headquarters festooned with red flags, taxes credulity.
The fix was in, seems to me.
“Madoff enablers winked at suspected front-running”, says Bloomberg.
They thought he was engaging in an illegal practice called front running to generate profits. So, as long as he was their crook, then that was ok. Not realizing the whole game was crooked and they were the chumps. Or so many of them will want you to believe now. But some surely knew what was going on.
From Pulitzer Prize-winning journalist Lucinda Franks comes these bombshells.
– Investigators have found 20 million Madoff documents in a Queens warehouse.
– It now appears Madoff was commingling funds and his wife oversaw all the books.
– Madoff has admitted the scam went on for over 40 years.
This helps confirms my early suspicions that Madoff was, for all practical purposes, organized crime from the beginning.
We have spent a lot of time pondering the Made-off case, as you well know. And several things are very suspicious. Key among them, how much did Ruth Madoff know and when did she know it? How many toner cartridges does it take to produce 20 million documents? Who stores documents in a warehouse in Queens?
Madoff was not acting alone. A few people in a family can not create 20 million presumably phony documents and manage the biggest scam in history for 40 years without powerful allies and fixers in high places. Who are they?
When the Madoff story broke, Doug Kass at TheStreet.com said it will be bigger than Enron. Borchgrave, who clearly knows more than he can say in print, did mention that “French, Spanish and Swiss private banks” are involved.
Saul Alinsky once said about political organizing – and it certainly applies here too – pick a target and freeze it (in this case Madoff), the rats will crawl out to defend it, then you’ll know who you’re really dealing with.
In this case, the rats will have to forced out into the open.