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Arts and Culture

Six Degrees of Bernard Madoff

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Posted on Feb 5, 2009
Bacon
seemoresplayhouse.com

Cuddly Bacon: Kevin Bacon in cheerier times.

Not that anyone else who suffered losses at the hands of failed financier Bernard Madoff is any less important, but it turns out that actor Kevin Bacon is one member of the vast network of investors in Madoff’s collapsed company, along with famed pitcher Sandy Koufax.


The Houston Chronicle:

Hall of Fame pitcher Sandy Koufax. Actor Kevin Bacon. World Trade Center developer Larry Silverstein.

All three have at least one thing in common: Their names appear on a list of several thousand clients who invested with Bernard Madoff. The list has been made public in a court filing in U.S. Bankruptcy Court in Manhattan.

The list emerged late Wednesday, providing a comprehensive look at the sweeping nature of Madoff’s alleged fraud. The 162-page list includes Madoff’s relatives, numerous celebrities, dead people and charitable institutions. Each page carries 84 single-spaced lines. Some customers are listed multiple times, presumably because they had multiple accounts.

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By hippy pam, February 14, 2009 at 7:40 am Link to this comment

reply to Old Ed Of The Delta…...YEAH BUT…

Is he in jail YET????[why not?]

NOW??[why not??]

How bout NOW???      [WHY NOT??]

[If YOU or I did anything even remotly akin to this…WE WOULD BE BURIED-SO FAR UNDER A JAIL-THEY WOULD HAVE TO PUMP IN FRESH AIR AND DAYLIGHT]

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By Sepharad, February 13, 2009 at 10:44 pm Link to this comment
(Unregistered commenter)

Patrick Henry,

Israel wouldn’t take in Meyer Lansky, and he had a lot more money left than Bernie Madoff. (Lansky expressed hurt and surprise.)

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By Old Ed Of The Delta, February 13, 2009 at 8:45 pm Link to this comment

In reply to Hippy Pam’s post -  How do you spell C-O-I-N-C-I-D-E-N-C-E???

Heck Bernie’s wife has got to pay the credit card bills, utility bills, storage bills, and a host of other day to day expenses. Remember good servants don’t come cheaply and even the doorman expects a little cash gratitude now and then.

Maybe she was privy to some “elevator” talk while going and down from the penthouse to the street. Wink, Wink!

Or was Bernie was mumbling something in his sleep that “we need 15 million to get out of town before nightfall. After all a spouse doesn’t have to testify against her husband. Old Bernie hasn’t even been indicted of anything yet and already a mob of torch and pitchfork bearers are starting to trek up the hill to his abode. A prisoner in his own home. How sad.

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By cyrena, February 13, 2009 at 2:49 pm Link to this comment

This is interesting…

“The list was compiled by AlixPartners LLP, a Dallas company hired as claims agent by the trustee overseeing the liquidation of Bernard L. Madoff Investment Securities LLC.”

A DALLAS legal firm has been hired to oversee the liquidation. Wonder who works for AlixPartners,LLP. (no, I don’t really care, but I may find out just for the hell of it, or to check my own ‘intuition’ wink )

And then there’s Silverstein on the list, and his spokesman making sure we all know that HIS losses, (he made out like a filthy bandit on the WTC demolition) are nothing compared to those poor families that invested their life savings, never asking of course, how their money was multiplying so rapidly.

Of course in all fairness, a lot of people probably didn’t have any reason to know how their money was supposedly being invested. That’s probably far more the case with people like me, who never had much of anything to ‘invest’ anyway. (I was too ‘invested’ in payroll taxes.) So for my crowd, (which has been the majority for the past 3 decades) the closest I got to a ‘portfolio’ was about 6 years worth of a 401K plan that I cashed out 20 years ago. (good thing huh?)

Not that it would have even begun to make a dent in the lost retirement and all of the benefits. So, I really do feel for some of these folks, cause I know what it’s like. Still, even I wouldn’t have invested a whole bunch of money (if I had it) with one source like that. That just seems to be a no brainer, especially if you don’t have all that much to lose.

Meantime, I guess Bernie’s fine there in his multimillion dollar penthouse…‘cooperating’ with the feds and all. He’s probably got some nifty little anti-depressant cocktail, and is just finally glad to get it off his chest poor fella. Hell, what’s the worse that can happen to him, if he’s done something this dastardly, and is still sitting at his penthouse instead of under the jail, - no bail?

I feel a Scooter Libby-Like pardon coming on, though of course not from Prez O. Nope, Cheney will arrange something though whatever that Dallas Law firm is, and his contacts still buried deep in the DC apparatus.

But on a more optimistic note, (since I’m not a cynic, but a realist) it is a brand new day for Whistleblowers - FINALLY! And…THAT gives me a some ‘change’ to cheer, along with several others. So many genuinely dedicated and efficient public servants, (even if some of them are bureaucrats) have had their lives and careers BRUTALLY ripped apart if they’ve even dared to come forward with information on the crimes of the neocons.

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By cyrena, February 13, 2009 at 2:48 pm Link to this comment

2 of 2
People at all levels of the bureaucracy in both the public and private sectors, (which have become the same anyway)have taken multiple hits from this gang for exposing anything they didn’t want exposed.

So finally now, ‘we the people’ can start talking again, without (as much) fear of turning up dead, or forever blacklisted. It’s been downright DANGEROUS out there for the past decade, and that much at least, I feel a lifting of.

If Brave New Whistleblowers finally start coming out of the closet of paranoia and fear for their families, etc. we might just finally get all of these dots connected. At some point in time, we NEED TO KNOW what happened to us, and how it happened, and why it happened, and WHO did it. (Or, we need to have it acknowledged, since we already know most of this stuff).

This is important because while we can certainly see the enormity of this Maddox scam in terms of billions of dollars, and have some sympathy for the victims; the former regime has ripped the rest of us off for FAR, FAR, FAR more than that, and it wasn’t just the housing bubble or the banks’ bad paper. (which they still haven’t even figured out, so dominos are still falling on that – more like a the longest earthquake in the history of the planet). Nope, this has been a Grand Theft Larceny that makes the Great Train Robbery look like me hittin’ up a popscicle stand. And, having occurred over a long period of time, it is as connected to the overall tanking as everything else that has contributed to this depression that nobody knows how or if we’ll recover from, if only because of the huge distrust that has become a part of our social psychology.

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By PatrickHenry, February 12, 2009 at 5:53 pm Link to this comment

Right of return to Israel would be extradition.

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By hippy pam, February 11, 2009 at 12:35 pm Link to this comment

I see it’s official-Madoffs’ wife MADE OFF with 15 MILLION from their savings account JUST BEFORE he was arrested….Can you spell…..........
C_O-C_O_N_S_P_I_R_A_T_O_R????????
..........How about C_O_M_P_L_I_C_I_T_???????

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By felicity, February 11, 2009 at 8:47 am Link to this comment

According to whistle-blower Markopolos, Madoff’s actual ‘take’ during his twenty year operation was between 15 and 20 billion.  The 50 billion amount is his take plus the ‘value’, 35 some-odd billion, of investor assets, values they didn’t have but which investors thought they had.  (His habit was to send out made-up monthly statements to investors who, had they bothered to check the market’s results on the day quoted by Madoff they would have discovered the scam.)

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By hippy pam, February 11, 2009 at 7:49 am Link to this comment

Madoff ran a ponzi scheme-not my words-according to every news agency reporting this….


Is he in JAIL YET?????

HOW BOUT NOW?????


NOW??????

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By Sepharad, February 9, 2009 at 3:23 pm Link to this comment
(Unregistered commenter)

Old Ed of the Delta—Your idea’s re Madoff and his wealth sound good to me. There are already legal ways to confiscate houses and money and other assets of drug dealers—shouldn’t be too hard to switch from drug dealers to “stealers of peoples’ lives” (which is exactly what Madoff and the like have done). However, I don’t know what mechanisms are in place for redistributing such confiscated properties and other assets. Any lawyers out there?

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By Blackspeare, February 9, 2009 at 2:46 pm Link to this comment

Hippy Pam…

Don’t believe everything you read in the papers or on the Internet.  And you’re better off staying at “LOST Theories” where your outlandish views are more acceptable!

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By Folktruther, February 9, 2009 at 2:34 pm Link to this comment

Writer of the Storm—There was a Belgian Jew whose name I can’t recall and I can’t find his piece here anywhere, who maintained that the Jews were a ‘people caste’ who specialized in money and buisness.  The Jews who were allowed to farm land lost their Jewish identity and merged with the national population.  He was killed by the Nazies when he was 26.

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By hippy pam, February 9, 2009 at 6:03 am Link to this comment

to blackspeare….Thanks-Do you also know how much the jewelry is worth? that he gave/sold/hid with friends???How about the cost of the cloths in his closet????

His being out on the streets-FREE-is an obscene travesty….

KUDOS to the people and AL SHARPTON for taking a STAND….THOSE PEOPLE ARE HEROES-let’s replace the re_pukes with thos brave people whose VOICES FOR HONESTY AND FREEDOM are being heard.

Maybe someone with a LEGAL OBLIGATION to the AMERICAN PUBLIC will listen and do their JOB!!!!If the judge doesn’t act correctly-FIRE THE SLEAZE…

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By WriterOnTheStorm, February 8, 2009 at 6:36 pm Link to this comment

Maybe someone knows that answer to this question:  the Madoff ponzi scheme is said to have lost 50 billion. Does this mean that Madoff stole this amount? If so, where has all that money gone? Is it possible to hide that much money? Blackspeare seems to say that this money was lost to bad investments, but I’ve never heard that anywhere else. Everything I’ve read suggests that very little (if any) of the money was actually invested. Indeed, if the money were lost to bad investments, why would anyone be talking about criminal charges?


On a different subject, Sepharad writes:
“As for the centuries-old stereotype of all Jews being involved in pawnbroking, usury, and other forms of financial practices, it was based on partial truth—urban Jews in the Diaspora were not allowed to own land or property and were excluded from many other professions and guilds. So they figured out how to handle money.”

The version of this that I’ve encountered is that in Medieval Europe, Christians considered the lending of money to be immoral. Jews were also forbidden by religious tenets to lend money, but only to other Jews. It was acceptable to lend money to non-Jews, and this loophole provided a niche for those who were locked out of other trades. This may be the root of the Shylock stereotype, but it also translated to a head start in the banking business. Though once it became apparent how profitable it could be, Christians soon wanted in, and found ways around the moral restraints.

I’ve never heard that Jews were not allowed to own property at that time. They were segregated from mainstream society, but this was the case with any non-Christian group. Greater society at that time was overwhelmingly Christian, and, as everyone knows, Medieval Christianity was not known for its tolerance. It would take a horny English king and a scheming, ambitious family with a couple of hot daughters to finally break the church’s thousand-year stranglehold on Europe, and pave the way for the age of reason and secularism—but that’s another story.

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By Folktruther, February 8, 2009 at 1:43 am Link to this comment

Madoff is not only not in jail, he is not even indicted!  50 billion dollars have disappeared and he is in his penthouse giving away asstets to his familiy who were involved with him in his business.  How does he get away with it”

The same way he got away with the SEC stonewalling an investigation when he was accused years ago of precisely what he was doing.  He was a financial power, which he apparently still is, and everyone is either on the take, or afraid to move against him.  The Zionist neoliberals steal in plain sight now, the rest of them robbing the US treasury when the American people are not permitted an accounting of where trilliion dollars of their money are going.

And the Zionist media sanitizes it in the same way that Truthdig does, and the Truthdig Zionist commentators.  Zionists have seized effective control of the Amereican power system and simply don’t care what happens to the US. They are concerned about Israel.

the War on Terror is a Zionist fraud, a war against Muslims that is against US interests to undergo.

Neoliberalism is largely a Zionist ideology, led in the Obama adminsitration by Rubin’s proteges, Geither and Summers, all formerly of Goldman Sachs.  They and their allies largely control the American finacial system, the American media, and the American electoral system, and the American legal system.  The laws don’t apply to them they can steal with impunity.  And Obama is their puppet.

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By Old Ed Of The Delta, February 7, 2009 at 4:12 pm Link to this comment

In the final analysis the appropriate retribution for Mr. Madoff would that he be stripped of all his earthly wealth.

  He should not be entitled to any from of gifts, loans, or other remuneration from any source with the exception of Social Security benefits that would be distributed to his victims.

His permanent residence should be in a federal correctional faculty and not one of those “country club Feb” institutions.

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By Blackspeare, February 7, 2009 at 10:03 am Link to this comment

Hippy Pan and Dan D…

First the apartment is valued at around $7 million——you can’t get a condo or co-op in Manhattan for less then $2 million and that would be a studio.

Second, Madoff’s pyramid investment plan didn’t go on for so long without producing results.  Like all investment plan those people that get in early make a profit, but as more investors join the plan the earnings thin out and when the market crashes things fall apart.  Its really no different than other investments in spite of the news hype and condemnation from people trying to get their 15 minutes of fame.

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By Sepharad, February 7, 2009 at 8:54 am Link to this comment
(Unregistered commenter)

Blackspeare—My husband’s take on Madoff is essentially the same as yours. (He’s not in any part of the finance industry, indeed invests what we both earn—he, self-employed in biomed/biotech research field, me as a researcher/writer/historian—in nothing but our own ventures, but is a voracious scholar of science/math/economics as well as Shakespeare and history). He distrusts anyone in investment banking and fund management, and thinks Madoff simply pretended to make himself so rare that the glow of exclusivity blinded people to the actuality, which was just doing more of what investment gamblers do, and the pyramid works until it doesn’t.

If so, what I still wonder is in what way is Madoff different than the Enron “smartest guys in the room” who also caused a large number of people to lose everything? They went to jail and so far Madoff has not. And Madoff has done more than wreck individual lives: a large number of charitys and foundations that contribute to the public good in many different ways are no longer able to function not only at the same level, some have actually disappeared, such as the Pruzer Foundation (of which Madoff was actually funds manager!!!) that funded huge amounts of medical research, based at the University of California-San Francisco Medical Center. As another example, he lost $90 million of Hadassah’s money—a Jewish charity that finances medical care and hospital access for people (not just Jews) who can’t afford it as well as other family-assistance programs. They are seriously damaged but working to come back through crisis fund-raising. We’ll never know how many people such institutions might have helped will be hurt at least as badly if not more than people who lost their own money. 

Mr. DeMente, speaking as a Jew, I think the one Jewish stereotype reinforced by Madoff is that Jews tend to both hold other Jews to a higher standard of behavior and therefore have more trust in one another, all other things being equal. There was a couple of near-hysterical articles in the NYTimes, one regarding the wide consternation in Jewish circles that one of their own could have done such a thing, and another proposing that Madoff’s behavior could only be described as that of a sociopath.

As for the centuries-old stereotype of all Jews being involved in pawnbroking, usury, and other forms of financial practices, it was based on partial truth—urban Jews in the Diaspora were not allowed to own land or property and were excluded from many other professions and guilds. So they figured out how to handle money. But that time has long since passed and with it (I hope!) the stereotype, which probably lives on only in anti-Semitic circles.

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By Kwagmyre, February 6, 2009 at 11:10 pm Link to this comment
(Unregistered commenter)

From Wm DeMente:
Bernard Madoff has done much to reinforce the centuries-old Jewish stereotype.

True enough, but think of the countless Jews who thought of him as a positive stereotype and it would have unthinkable for him to screw them!

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By hippy pam, February 6, 2009 at 4:49 pm Link to this comment

And he is still OUT on a tether…while enjoying his 1.5 million dollar apartment…and expensive restaurants..and fine jewelry….

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By Dan D., February 6, 2009 at 4:33 pm Link to this comment
(Unregistered commenter)

Was it possible that Madoff pulled of the largest ponzi scheme in history alone?  I think that is unlikely considering how much money was changing hands. 

Eventually somebody had to notice that the only money coming in was from investors.

Or were too many people simply blinded by their greed?  If that is the case, Madoff’s employees and associates should have noticed that something fishy was going on long before now.  Seventeen years is a long time. 
             
http://www.weeklypoint.com/2009/02/06/how-many-people-knew-about-madoff-scandal/

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By Blackspeare, February 6, 2009 at 3:23 pm Link to this comment

What you people don’t understand is that Madoff operated a pyramid investment plan not a Ponzi scheme!  All the money that was given to Madoff is invested in securities albeit less in value today than when first bought.  However, they will recover in time and most of Madoff’s investors will get a good portion of their money back.  Its mainly a media circus——all that Madoff is guilty of is over-hyping his investment plan——that’s why he is not in jail currently.

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By William T. DeMente, February 6, 2009 at 8:41 am Link to this comment
(Unregistered commenter)

Bernard Madoff has done much to reinforce the centuries-old Jewish stereotype.

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