I knew this day would come, and as that old song that I've always loved, called:
How Happy Day, how happy day, how happy day...and now it is here, today.
Bernie Madoff is spelling the beans......OMG...I'm so surprised, aren't you?
This is not going to be a long diary, I just wanted to get his news out to everyone soon, before the MSM, manages to cover it up on a new Lindsay Logan or Charley Sheehan Story......
In his first interview for publication since his arrest in December 2008, Mr. Madoff — looking noticeably thinner and rumpled in khaki prison garb — maintained that family members knew nothing about his crimes. But during a private two-hour interview in a visitor room here on Tuesday, and in earlier e-mail exchanges, he asserted that unidentified banks and hedge funds were somehow “complicit” in his elaborate fraud, an about-face from earlier claims that he was the only person involved. Mr. Madoff, who is serving a 150-year sentence, seemed frail and a bit agitated compared with the stoic calm he maintained before his incarceration in 2009, perhaps burdened by sadness over the suicide of his son Mark in December. In many ways, however, Mr. Madoff seemed unchanged. He spoke with great intensity and fluency about his dealings with various banks and hedge funds, pointing to their “willful blindness” and their failure to examine discrepancies between his regulatory filings and other information available to them.
“They had to know,” Mr. Madoff said. “But the attitude was sort of, ‘If you’re doing something wrong, we don’t want to know.’ ” While he acknowledged his guilt in the interview and said nothing could excuse his crimes, he focused his comments laserlike on the big investors and giant institutions he dealt with, not on the financial pain he caused thousands of his more modest investors. In an e-mail written on Jan. 13, he observed that many long-term clients made more in legitimate profits from him in the years before the fraud than they could have elsewhere. “I would have loved for them to not lose anything, but that was a risk they were well aware of by investing in the market,” he wrote.
Mr. Madoff said he was startled to learn about some of the e-mails and messages raising doubts about his results — now emerging in lawsuits — that bankers were passing around before his scheme collapsed. “I’m reading more now about how suspicious they were than I ever realized at the time,” he said with a faint smile. He did not assert that any specific bank or fund knew about or was an accomplice in his Ponzi scheme, which lasted at least 16 years and consumed about $20 billion in lost cash and almost $65 billion in paper wealth. Rather, he cited a failure to conduct normal scrutiny.
http://www.nytimes.com/...
Sorry folks, but this is so insanely hysterical to me, because I happen to remember how a great, wizard and true American hero crazy math nerd, Harry Markopolos (who perhaps AG Eric Holder could one day hope to pretend to be like), for NINE VERY VERY LONG YEARS STUCK HIS NOSE UP THE SEC'S ASS AND WENT AFTER MADOFF Like a Pitbull from hell and was completely ignored and feared for his own life and his families life for what he continued to pursue: the ugly truth:
Remember this? I sure as hell do:
But what did the SEC and the NYSE and all the other Regulators do for the nine long years that Markopolos went after Bernie Madoff do? NOTHING.
Again is the exact quote from Madoff:
“They had to know,” Mr. Madoff said. “But the attitude was sort of, ‘If you’re doing something wrong, we don’t want to know.’ ”
And that, my dear dear American friends sums the entire enchilada up in a full crap-o-la-fraud delux scandal with sour cream on top, free of charge, to all of us. (Not of course including your jobs, your homes, your pensions, your crashed economy, your up for grabs safety net, or any of those other meaningless feckless matters).
Not only did the SEC know what was going on, so did the Federal Reserve, so did our own Congress, so did the NYSE, so did everyone. They just didn't give a shit, and now that we are all in the 'total shit whole from hell' they (have all figured out a way to make us, the middle class and poor become their permanent ATM card FOREVER AND EVER) with no accountability, whatsoever, excuse me, if I have one single happy day.......
Oh happy day.....
When Bernie Madoff is admitting the fucking truth.....that we all knew to begin with anyway:
And who was Bernie's best friends? Oh surprise surprise:
NEW YORK — The trustee trying to recover money for investors cheated by Bernard Madoff is suing JP Morgan Chase for $6.4 billion, saying the bank had a central role in abetting the disgraced financier as he carried out his fraud. Trustee Irving Picard announced Thursday the filing of the lawsuit in U.S. Bankruptcy Court in New York.
Picard alleges the bank ignored the fraud and collected fees and profits, even though it had well-documented suspicions about the scam. The lawsuit seeks to recover at least $1 billion in fees and profits and $5.4 billion in damages to be distributed to Madoff victims. The victims lost billions after Madoff revealed in December 2008 that his investment company was a gigantic fraud. Madoff is serving 150 years in federal prison for the fraud.
http://www.huffingtonpost.com/...
NEW YORK — HSBC prolonged disgraced financier Bernard Madoff's ability to burn investors by "engineering a labyrinth" of international sources of funding for his epic Ponzi scheme, a court-appointed trustee alleged Sunday.
Trustee Irving Picard announced a lawsuit in federal bankruptcy court in Manhattan that seeks to recover $9 billion in illicit earnings and damages from the Britain-based bank.
The suit alleges that HSBC ignored warnings from its own accountants that Madoff's phenomenal investment record was suspect.
"Had HSBC and (its executives) reacted appropriately to such warnings and other obvious badges of fraud outlined in the complaint, the Madoff Ponzi scheme would have collapsed years, billions of dollars, and countless victims sooner," Picard said in a statement. "The defendants were willfully and deliberately blind to the fraud, even after learning about numerous red flags surrounding Madoff."
http://www.huffingtonpost.com/...
BANGALORE: The trustee liquidating Bernard Madoff's investment management firm sued UBS AG and various other entities for allegedly profiting from the massive Ponzi scheme, according to a court filing. The lawsuit, filed early on Wednesday in a Manhattan bankruptcy court, claims that UBS and another defendant Access International Advisors LLC extended the Ponzi scheme to European investors and were liable for at least $2 billion for their roles in masking the fraud. UBS was not immediately available for comment. According to the 101-page filing, UBS helped create "feeder funds" including Luxalpha SICAV and Groupement Financier Ltd, which withdrew about $796 million in the 90 days before Madoff's firm filed for bankruptcy.
They also withdrew about $1.12 billion in the preceding six years, the lawsuit by Irving Picard said. Picard also alleged that UBS appeared to have made at least $80 million in fees from the Ponzi scheme. "There were no checks and balances on BLMIS (Bernard L. Madoff Investment Securities LLC), and the UBS defendants knew it because the system - which invited fraud - was knowingly put in place and carried out by the UBS defendants," the court filing said.
http://www.huffingtonpost.com/...
So let me get this straight ok, and correct me if am wrong. Didn't JP Morgan, UBS, and USBC, all get 'TOTALLY BAILED OUT FROM ME AND YOU' who are now either being sued or are trying to sue Madoff?
Excuse me, my brain is fried from all of this, but again, I just wanted to share this news with all of you, because, I knew in the end Madoff would crack open like the ass hat he always was. You can't go from Park Avenue to Prison, without that finally happening.
My heart goes out tonight to Harry Markopolos, a man, that has more integrity, and courage and guts, than our entire three Branches (or 4...whatever) than Eric Holder can even imagine.
I raise my glass to you Mr. Markopolos, because, no matter what happens, the truth will come out in the end.
I leave you with this song (but not because of it's religious implications, but because it rings a joyful noise in my heart for the truth that is now happening all over the world)
The Banks and Wall Street burned our entire world down to the ground, and today, yes, we are sick and tired of being sick and tired, of paying for their greed and mistakes and disrespect for those that gave them the privilege to help others, for the gift they were given in the first place:
Hat tip to Ministry of Truth for helping me get my groove back. BTW, I'm putting the diary up late, and will probably go to bed soon, but I did a ton of diaries on Harry Markopolos, so I just wanted to get this out. I'm just so thankful that the truth is really breaking out worldwide, in so many ways.
As the saying goes, light will and must always give away to the darkness. I honestly believe that truth.
Ms. B.