Bernard Madoff is alleged to have pulled off one of the biggest frauds in Wall Street history. But there were multiple red flags along the way, including a series of accusations leveled against Mr. Madoff’s operation. Now some are asking why regulators and investors didn’t pick up on the alleged scheme long ago.
Some investors did smell a rat, and tried to warn others. But, we’ve had eight years of Bush, non-existent governmental oversight, and winking at criminality. So it’s hardly surprising that massive fraud and theft have occurred during his regime. The neocons have done everything they could to destroy government regulatory power and give the greedheads permission to loot at will. That is the Bush legacy. Greenspan’s too.
I just heard about someone who was born poor, has worked decades to get a nest egg of $500,000. She had it all invested with Madoff and now it’s gone. That’s the kind of bottom-dwelling pond scum we’re talking about. They don’t care who they hurt. I hope he and his sons spend the next several decades in prison. And I don’t believe a single word about him boo-hooing to his sons that it was all a scam. He is obviously a skilled liar, and quite possibly trying to cover up for his sons.
A prominent New York lawyer [Marc S. Dreier] arrested this week on fraud charges ranks as “a Houdini of impersonation and false documents” who used guile, a box of cellphones and a series of phony Web sites and e-mail addresses to steal more than $380 million, a federal prosecutor said on Thursday.
Dreier LLP exists in name only now. They did have 250 lawyers but it’s a certainty most are gone now. Bills haven’t been paid. Worse, many millions are missing from escrow accounts.
During another telephone call from Dreier from the detention facility, Provenzano said he alerted Dreier that the law firm owed $38 million to clients as part of the firm’s representation of 360networks. However, the law firm’s escrow account had only half that amount. According to the statement, Dreier replied, in part, “if he could return to New York and sell some of his art collection, he would be able to return the money.”
For those who may not know, money must never be missing from escrow accounts. No excuses are permitted, ever. And Dreier was the only one with access to the accounts.
This is organized crime on a massive scale aided and abetted by a federal government that deliberately and willfully did nothing.