conference room in the Lipstick Building with their 401(k). In addition, if you think that some of these folks are not at risk of getting whacked at some point, you are ignoring reality. So while members of the Madoff clan may want to get on with their life after Bernie’s Big Lie, they may already be Dead Men Walking. A few arrests of long time Madoff employees will not satisfy the anger of victims who see no reason why key insiders have not been arrested and charged.
The media’s portrait of Irving Picard as a veritable Robin Hood working in service of the Bernard Madoff Victims is only partially correct and in fairness it is perhaps the best we can hope for under our existing system. Truth is that most victims will never see a dime of the proceeds since many victims took out more than their principal investment in the Ponzi scheme. Those who invested indirectly via feeder funds like Walter Noel’s Fairfield Greenwich Group comprise an even more significant number of claimants and the total amount outstanding. The legal rubric for their disparate treatment is that those investors relied on the judgment of Fairfield Greenwich Group and not Bernard L. Madoff Investment Securties, LLP. Walter Noel and his cohorts, like the Madoff family members in positions of trust, remain free at large because all of these MONKEYS did not hear, see or know anything and similarly were victims of the Madoff Fraud. The chutzpah!
The whole Madoff Affair stinks to the high heavens. But fortunately it may seem to fall into a nice, neat clean package with a favorable return for the victims based upon the Trustee’s recent recovery of the biggest settlement yet from the estate of deceased Crimino-Philanthropist, Jeffry Picower (a tax shelter experta criminal scumbag of the highest order who took some of Madoff secrets to the grave), but before you digest the entire media narrative, you may just want to consider what else might be shielded considering some of the facts put forth in the investigative work of controversial journalist Mark Mitchell of Deep Capture in a piece entitled: “Bernard Madoff, the Mafia, and the Friends of Michael Milken | Deep Capture: exposing the crime of naked short selling”.
Are you mad as hell yet?
Part II Tomorrow.
References
–Too Good to Be True by Erin Ardevelund
-Frontline (PBS): the Madoff Affair
–The Club No One Wanted to Join by Twenty-Nine Authors, Erin Arvedlund, Alexandra Roth
–Inside Edition on The Club
–Information blog for Families Affected by Bernie Madoff
–Bernard Madoff Fraud Victims Coalition
–Madoff Help, News & Assistance.
–The $50 Billion Swindle: ‘We’re All Wiped Out’, People Magazine
–Madoff /Financial Fraud Law
–Turning a Blind Eye: Madoff’s Ponzi Scheme was known to Wall Street Financial Regulators
–Madoff (BLMIS) Trustee
-Columbia Journalism Review (CJR): The WSJ Gives A Madoff the Soft Touch
About: Christopher London is a native New Yorker, the Editor & Founder of ManhattanSociety.com, a Citizen eye on Philanthropy in New York City, as well as commentator at large who is a graduated from the University of Pennsylvania Law School and Boston University where he received a B.A. in Economics graduating with honors. He practiced with leading International law firms in New York & Boston for several years.His commentary and perspective has been featured Fox News, Forbes.com, Wall Street Journal, NY Times, New York Post, New York Post, New York Magazine, Cityfile, E! Entertainment Television, Money Magazine, Prestige Magazine (Asia), Powerline Blog, Der Spiegel (Germany) and Social Life Magazine (Hamptons) and AskANewYorker.
