Tracking Madoff and Dreier

Tech blogger Robert Scoble has a great post about using FriendFeed to track news and searches. You can track blogs, ego searches, events, Twitter tags, news about your company, product or blog, or most anything really. It does this by aggregating info of your choice into what they call rooms.

So, I just created a FriendFeed room called Financial Scandal which pulls in news about Madoff and Marc Dreier from multiple sources into one place. Plus, anyone can post a new item and add comments. Check it out and please join in!

Daily financial crime blotter

Madoff under house arrest as SEC admits failure to act. Why does Madoff have bail at all? He should be in jail. As for the SEC and the failure of regulatory agencies, this isn’t just because of incompetence or neocon ideology, there’s no much money involved for that. I predict there will be criminal indictments of governmental officials for accepting bribes.

Dreier law firm files for bankruptcy after founder arrested. He shafted all his lawyers, looted escrow and client accounts, and no one had a clue, huh?

It’s really starting to look like our entire financial system is both rigged and corrupt.

More gloom and doom:

Chrysler will shut down for a month, Merry Christmas, workers.

States are running out of money to pay unemployment claims

Option ARMs and Alt-A mortgages about to reset. Could be worse than subprime.

Madoff. Dreier. More wreckage from the neocon agenda

The neocons, Greenspan, and the Bush Administration deliberately tried to destroy governmental regulation so financial markets could operate without intervention or oversight.

The current massive frauds and thefts are the logical conclusion of those policies and probably just the leading edge of what’s coming.

Bernie Madoff’s victims. The list is quite long. Some hedge funds lost everything as have private investors. How would you like to be retired, living off investments it took you decades to amass, only to find it all gone. Many are facing that nightmare now.

Ira Roth, a New Jersey resident, who says his family has about $1 million invested through Mr. Madoff’s firm, is “in a state of panic.” He said his 86-year-old mother-in-law has been living on the investments’ returns, and he has been using the funds to pay college tuition.

Richard Spring. A Boca Raton resident and former securities analyst, says he had about $11 million — or 95% of his net worth — invested with Mr. Madoff. “That’s how much I believed in him”

Dreier swindle. Millions are missing from escrow accounts, Picasso’s have vanished off the walls. He stopped paying malpractice insurance which means lawyers in his company are potentially unprotected against the expected incoming tsunami of lawsuits.

He also, while in custody no less, got his bank to transfer $10 million from an escrow account to a personal account, something that no doubt will make litigators overjoyed as they can now go after the bank’s assets as they may be “jointly and severally liable.”

These swindles were not flukes, they were not aberrations from the norm. They are the logical outcome of years of the Federal government allowing greed and corruption to run unchecked in the financial markets.

When we finally get the full extent of the damage, the Bush Administration will go down as both the most incompetent and most corrupt in history. Unless you believe the fantasy that governmental officials weren’t personally benefiting from the financial plundering too.

Madoff and Dreier. Spawn of the neocons and deregulation


Homepage of Madoff.com

WSJ

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.