Tag Archives: fraud

Unmasked

shlomo_unmasked_by_makeapp

MakeApp Shows What Women Look Like Without Makeup, by Madison Malone Kircher:

Clearly, my gelled brows and tinted lips were intended to con some schmuck of the opposite sex into thinking I am extremely good-looking and then make him buy me six iPhone X’s.

Women and jews, and particularly jewesses, go to great expense to hide what they are. The effort to disguise themselves cosmetically extends beyond makeup into nose jobs and name changes. This effort does not change their essence, but instead ironically reveals it. The mask makes plain their bad faith, their willingness to deceive and defraud. And their lie revealed, they inevitably shift blame to the “schmuck” unmasking them.

Moral Fraud

the_ride_never_ends

Concerning elementary morality and the moral inversion by which the active promotion of jewish interests is regarded as right and good for everyone, including the Whites jews demonize, while any expression of White interests is treated as wrong and evil for everyone, including Whites themselves.

This moral fraud is driven more or less directly by jews for the benefit of jews. It both enables and is enabled by jewish power, flowing from the highest levels of government and mainstream corporate media outward.

The jew-driven anti-White guilt-trip harms Whites, causing confusion and even psychological problems. To the extent White “pathological altruism” (see the two previous podcasts) plays any role it is clear that jews are the racial aliens whom White leader-traitors treat most obsequiously. The most poisonous policies (e.g. welcoming invaders and punishing “holocaust denial”) are enacted to satisfy the jews, in spite of the desires of the majority of Whites.

Multiculturalism “moral duty” for Germans, Fria Tider (“Free Times”, nationalist media), 4 May 2015 (automated translation from Swedish):

Germany has a moral obligation to accept more immigrants from the third world than any other country. The reason is the German people’s “barbaric” past, according to the Jewish Central Council President Josef Schuster.

It was during a ceremony commemorating the 70th anniversary of the liberation of the Dachau concentration camp as Schuster declared his harsh judgment upon the German people.

- Germany has spent so much evil to the world. We are deeply indebted to so many countries – we are the last country that can afford to reject refugees and persecuted, he said, according to Junge Freiheit .

Germany is currently the country in the EU, alongside Sweden, currently receives by far the most asylum seekers. The massive inflow has aroused strong protests – which among other things has manifested itself in the Islam-critical demonstrations organized by People’s Movement Pegida.

Josef Schuster took the opportunity during his address to go to the furious attack against Islam critics, which he says makes him “feel bad”.

- When I see that at least 10,000 people in Dresden cheering for an Islam-haters and right populists like Geert Wilders, so I feel bad.

The Jewish leader also emphasized that prisoners who sat in Dachau had to watch how a “supposedly civilized people” as the Germans could turn into a “people of the barbarians”. That “certain citizens” now speak ill of asylum seekers and Jews makes you forced to question how it really stands out with respect for “human dignity” among the German people, he noted. Schuster rounded off by demanding that the government spend more money on fighting right-wing extremism.

German Embassy on Twitter: “In 2015, we are celebrating 50 yrs of GER-Israeli ties. More about this important partnership: http://t.co/6CCrY4asfO http://t.co/YMW7l9BcN8″, 7 May 2015.

German Missions in the United States – German-Israeli Relations:

Remembrance

Germany is profoundly aware of the special responsibility it bears toward the Jewish community and toward the State of Israel as a result of the crimes of the Nazi regime. This responsibility, a cornerstone of German policy, requires remembrance, reconciliation and ongoing vigilance – now and in the future.

Graffiti was evil and beyond mere mischief, Derby Telegraph, 8 May 2015:

Mr Fisher, the father of two mixed-race children, put up street adverts. The nursery logo shows three children, two white and one of mixed race, holding hands together.

What could be more innocent or warming than that, you might think?

But to one or more people, it seems that it was so incendiary that they slapped on stickers announcing that “multiculturalism is genocide”.

Just to add to the menacing effect, a skull and crossbones was also featured.

Who are these people? There can be no question this was an impromptu act. These stickers had been printed, a calculated act to spread whatever perverted message the offenders want to portray.

And what is the message that they want us to accept? That allowing children of different coloured skins to mix together at nursery is a practice which will lead to death and destruction of our civilisation?

Genocide – the word has such horrors, ironically being brought into play as we mark the 70th anniversary of VE Day and victory over a Nazi regime which practised it.

German Left Haunted by the Holocaust — Split Over Israel, Forward.com, 10 May 2015:

Growing up in reunified Germany, Eva Meyer remembers being overwhelmed by the Holocaust studies that were part of each school year. Meyer and her classmates were assigned to read books about the Holocaust. They heard personal stories from Holocaust survivors. They had to write essays about the Holocaust, too.

Learning so intensively about the horrors committed by Germans left her feeling shame and guilt, Meyer said. But that same education communicated something else:

“There is Israel, and that’s the solution,” Meyer said, describing the role that was assigned to the Jewish state in her education. “That’s the salvation. It makes you feel better. All the shame and guilt is not that bad, because there is Israel and everything is fine now. And whatever Israel wants — give it to them. And whatever a Jewish person wants — don’t ask, just give it. That’s what I learned about it.”

Even as Germany’s conservative Christian Democratic government reaffirms its historic commitment to a special relationship with Israel, public opinion polls show that 62% of Germans overall view Israel negatively. A 2012 survey by the German magazine Stern found that 59% of Germans described Israel as “aggressive.” Seventy percent agreed that Israel pursues its interests without consideration for other nations.

Presidential Proclamation –Jewish American Heritage Month, 2015 | The White House

As we celebrate the rich heritage of the Jewish American community, it is impossible to separate their accomplishments from the struggles of Jewish people around the world. American Jews have worked to strengthen the promise of religious freedom because their ancestors were tested from the moment they came together and professed their faith. Today, they continue to teach us empathy and compassion, inspired by the lessons of their parents and grandparents who knew how it felt to be a stranger, and to stand up for a more perfect Union for all — relentlessly pursuing tikkun olam — because they have always understood that we must recognize ourselves in the struggles of our fellow man.

This year, Jewish American Heritage Month begins as the world commemorates the 70th anniversary of the liberation of Dachau by American soldiers, and we are once again reminded that the vibrant culture of the Jewish people has not always been embraced. As tragic events show us all too often, Jewish communities continue to confront hostility and bigotry, including in America. Our Nation shares an obligation to condemn and combat anti-Semitism and hatred wherever it exists, and we remain committed to standing against the ugly tide of anti-Semitism in all its forms, including in the denial or trivialization of the Holocaust.

Jewish American Heritage Month 2015:

Even those Jewish soldiers and sailors who were serving elsewhere in World War II understood that defeating the Axis would be a defeat for blind hatred of any ethnic group or nationality.

Blind hatred better describes the behavior of the White Allies in that war. The jews, in contrast, were far more conscious of exactly who they hated and why. They were enraged that the Germans recognized them as racial aliens and had rebelled against their rule.

Counter-Currents Radio: Greg Johnson interviews Richard Edmonds is well worth a listen. Edmonds describes the hostility of the contemporary (judaized) British establishment and the BBC toward the native Britons. He traces it back before WWII. He describes how they deceived Britons on immigration, how the Tory (torah) party leaders repeatedly “played the race card”, intimating they’d stop immigration only to increase it once in office. He notes the moral tone of the establishment’s post-war narrative being typified by (jew) Studs Terkel’s The Good War.

This is the moral fraud. That war was good for the jews. For Whites it was an unmitigated disaster.

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Madoff and Friends

The Madoff Circle: Who Knew What?, by Jake Bernstein, ProPublica:

What these men undeniably shared were similar backgrounds and interests. Based largely in New York and South Florida, they moved through parallel milieus of affluent Jewish country clubs and synagogues. They were active in similar philanthropies and served on the boards of foundations, universities and yeshivas.

The cast of characters, spelled out mostly in complaints filed by the trustee and the SEC, includes: Carl Shapiro,, 97, a Boston-based philanthropist who made one fortune in ladies dresses and a larger one with Madoff; Robert Jaffe, 66, Shapiro’s son-in-law; Maurice “Sonny” Cohn, 79, a onetime Madoff neighbor turned business partner; Stanley Chais, 83, a close friend of Madoff’s for more than 50 years and one of his earliest investors; and Jeffry Picower, a lawyer and accountant, who recently died of a heart attack at 67.

None of these men has been charged criminally. Thus far, federal authorities have indicated in court filings that just one of them – Chais – is the subject of a criminal inquiry. A year ago, The Wall Street Journal, citing anonymous sources, reported that the U.S. Attorney’s Office in Manhattan was investigating at least eight investors, including Picower, Chais and Shapiro.

All have denied being anything but victims of Madoff’s.

Chais, Cohn and Jaffe have drawn considerable ire from investors for running so-called feeder funds that channeled huge sums into Madoff’s investment business. Jaffe alone funneled more than $1 billion of investor money to Madoff, according to the SEC. He worked with Cohn in a business called Cohmad – a contraction of Cohn and Madoff – that operated out of Madoff’s offices. Contrary to what some investors in the funds believed, it appears the men did little to manage the money beyond simply collecting it for delivery to Madoff.

Members of this circle not only did far better than other investors, who averaged 10 percent to 12 percent returns annually, they also had a highly unusual level of input into the nature of their returns.

Bernie Madoff
His scheme is alleged to have been helped by wealthy investors who “knew or willfully ignored” signs that it was a fraud.
Jeffry Picower, 67
This lawyer, accountant, and noted philanthropist is alleged to have reaped the most from Madoff’s scheme – $7.2 billion. He died recently of a heart attack.
Carl Shapiro, 97
A Boston-based philanthropist who made a fortune in ladies fashion and allegedly as much as $1 billion from Madoff.
Stanley Chais, 83
A close Madoff friend for more than 50 years. He and his family are alleged to have withdrawn approximately $200 million more than they invested with Madoff.
Robert Jaffe, 66
Shapiro’s son-in-law is believed to have funneled more than $1 billion of investor money to Madoff.
Maurice Cohn, 79
Madoff’s former neighbor and business partner, he worked with Jaffe at a business called Cohmad, which allegedly did little else for investors beyond sending money to Madoff.

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More Fraud Hiding Behind Religion and Philanthropy

The news and commentary below could easily have been appended to Jewish Supremacists Bribing Politicians and Laundering Proceeds of Criminal Activity or Lies and the Lying Liars Who Tell Them. Two weeks ago I really had no idea how common jewish fraud was. Now I find a simple news search for “rabbi” regularly turns up more.

Money-Laundering Rabbi Case in Los Angeles Echoes N.J. Scandal – Bloomberg.com:

In Los Angeles, U.S. prosecutors charged Naftali Tzi Weisz, grand rabbi of a Brooklyn-based Orthodox Jewish group, seven other people and five charities with a scheme to evade taxes through use of phony donations. Weisz and four other defendants are scheduled to plead guilty today.

The case may prove a window onto New Jersey’s scandal. Defendants in California were charged with tax fraud, an accusation not yet made in New Jersey, and prosecutors in Los Angeles have targeted 100 more co-conspirators. Later indictments in California also provided enhanced details of illegal methods and of people and banks involved.

“The 2007 charges were the beginning of a much larger case we’re investigating,” said Assistant U.S. Attorney Daniel O’Brien, who is overseeing the Los Angeles case.

The organization charged has worked with related religious groups “to move money internationally,” he said.

The window this scandal provides is onto the tip of an iceberg of jewish fraud. Here’s how a jewish charity facilitated tax evasion:

Even after paying Spinka a 20 percent commission, a donor in a 30 percent tax bracket would come out ahead, keeping $80,000 of a $100,000 donation in cash and getting $30,000 because of the offset of the tax deduction.

NY-based rabbi pleads guilty in LA fraud case – San Jose Mercury News:

Naftali Tzi Weisz, 61, entered his plea to one count of conspiracy and could face up to five years in prison at his scheduled sentencing on Nov. 16.

Others who pleaded guilty to conspiracy charges were Yaacov Zeivald, 44; Yosef Nachum Naiman, 57; Alan Jay Friedman, 45; and Moshe Arie Lazar, 62, all of Los Angeles. They are scheduled to be sentenced in November.

Spinker Tzadick – Here is one of the best articles w/pictures! « Heimisheh Scandals, dated 18 months ago, has more details about the Spinka rabbi-criminal cabal:

While [assistant U.S. attorney in the major frauds section Daniel J.] O’Brien said he has documentation that the Spinka institutions took in about $750,000 through the scheme — then writing receipts for $8.7 million — in 2007 alone, the assistant U.S. attorney believes the fraud has been going on for decades: “I believe this goes on beyond living memory,” possibly for generations.

This is certainly not the first time an ultra-Orthodox sect has been accused of attempting to break the laws of the secular government — aramos, or schemes, were perpetrated over the centuries in the shtetls of Europe. In the last decade, arrests have occurred in religious communities in Brooklyn, Lakewood, N.J., and upstate New York.

However, this particular case has shocked Los Angeles’ ultra-Orthodox community, not only because Los Angeles had largely been exempt from such cases in the past, but also because some of the city’s prominent members have been charged as being at the center of the scheme.

As a result, the case has sparked a fierce debate about the type of behavior that is acceptable for observant people and what type of religious community Los Angeles would like to be. But there’s also debate about the laws of a moser, an informant, because one person who was not charged was the primary source of information for the federal case — though he allegedly started out as one of the perpetrators.

The article offers some samples of this “fierce debate” (my emphasis toward the end):

CRIME IS NOT SO BAD

“There are a million ways that religious institutions defraud the government,” said one Brooklyn accountant who asked that his name be withheld. However, it’s not just the Jews, he claimed, “churches do the same thing.” Churches and synagogues are exempt from filing tax returns — although many do — and the government usually does not audit unless it has probable cause. As a result, this can make fraud easier.

In the last decade or so, a number of Chasidic institutions on the East Coast have been charged with such crimes, including the 1997 case against the Skverer Hasidim in Rockland County, N.Y., where four men were found guilty of defrauding the government of millions of dollars in federal Pell Grants. But in the Orthodox community, many defended them, despite the crime, because the money was used to support needy yeshiva students.

“Nobody here owns a yacht,” a resident reportedly said, and the feeling then — as with many such institutional fraud cases — that if the money is used to help the community and not line someone’s pockets, it’s not so bad.

That, in fact, is a pervasive attitude these days in Brooklyn, where the Spinka case raised fewer eyebrows than in Los Angeles, because the attitude is everyone does something. This kind of discussion has been a hot topic on many Internet blogs that discuss the ultra-Orthodox community.

“The government are thieves, what gives them the right to take 40 percent to 50 percent of someone’s income? Anyone who can save yiddishe gelt from going down that toilet is doing a mitzvah,” one contributor wrote on the Vosizneias (Yiddish for “What Is News?”) blog.

The blog comments, though, seem to be about evenly divided between two camps: On one hand are those castigating the government or the bloggers posting the news for spreading gossip; on the other are those demanding that the community finally put a stop to criminal behavior.

One particularly poignant plea came from New York white-collar defense attorney Joel Cohen, in an essay published in 2006 titled, “Jewish Felons: The Problem of Criminality in Observant Communities.” Cohen described witnessing a disturbing rise in crime among Orthodox and Chasidic Jews.

“The problem in the observant community, however, is not merely occasional, nor does it often make headlines. Daily, in metropolises around the country, yarmulka-wearing criminal defendants appear before the bar of justice,” he wrote.

Some prisons — especially in New York, Los Angeles and Miami — have daily minyans, visiting rabbis, kosher food, classes and Shabbat meals, Cohen wrote. “The most common charge is fraud: against businessmen and run-of-the-mill citizens alike, most frequently involving victims outside of the Jewish community, against the government, against insurance carriers, against banking institutions, health care fraud, money-laundering and stock-swindling.”

Here’s another criminal rabbi. Ex-Chicago rabbi indicted in tax-fraud case arrested in Israel — chicagotribune.com:

A former Chicago rabbi and nine of his family members and associates have been indicted in connection with a tax-fraud ring that allegedly used the stolen identities of thousands of federal prisoners to file bogus tax returns.

Marvin Berkowitz, 62, who fled to Israel to avoid a tax fraud case in 2003, was arrested in Jerusalem on Sunday night, federal authorities said. Berkowitz allegedly recruited members of the conspiracy to travel to federal courthouses to gather information about prisoners to use in the scheme.

The ring, broken up by the IRS Criminal Investigation Division, submitted fraudulent documents using the stolen identities seeking $35 million, and caused $4 million in refunds to be issued to bank accounts it controlled, authorities said. Berkowitz then allegedly directed $800,000 to be paid to his family members.

It was unclear when Berkowitz might be returned to Chicago, where in the late 1980s he also was convicted of stealing documents from the U.S. attorney’s office in yet another fraud case. He eventually was sentenced to 5 years in prison for that crime.

More criminal rabbis. Unorthodox-Jew A Critical View of Orthodox Judaism: Jewish Felons: The Problem of Criminality in Observant Communities:

There is no shortage of high-profile Jewish crime. Take the infamous New Square scandal, in which four Hassidim were convicted for defrauding the government of $11 million by setting up a fictitious yeshiva to receive federal student aid money. Or the case in Williamsburg, New York, in which the rabbi of a Jewish day school stole 6 million dollars from the Board of Education over several years by falsely identifying more than eighty individuals as school employees.

Here’s some classic anti-anti-semitic apologia for jewish fraud. Z Magazine – Bernard Madoff – Wall Street swindler inadvertently strikes powerful blows for social justice? James Petras turns reality on its head in two separate ways:

Point number nine is that Madoff struck a severe blow against anti-Semites who claim that there is a “close-knit Jewish conspiracy to defraud the Gentiles,” laying that canard to rest once and for all. Among Madoff’s principle victims were his closest Jewish friends and colleagues, people who shared Seder meals and frequented the same upscale temples in Long Island and Palm Beach.

Madoff was discriminating in accepting clients, but it was on the basis of their wealth, not their national origin, race, religion, or sexual preference. He was very ecumenical and a strong backer of globalization as he defrauded the Anglo-Chinese bank HSBC of $1 billion, the Dutch arm of the Belgian bank Fortes of several billion, the Royal Bank of Scotland, the French bank BNP Paribas, the Spanish bank Banco Santander, and the Japanese Nomura of a total of $1.4 billion—not to mention hedge funds in London and the U.S., which have admitted holdings in Bernard Madoff Investment Securities.

Can’t you just see Petras smiling smugly to himself and wiping his hands after writing “once and for all”?

First is the typical anti-anti-semitic canard that the long list of indictments and convictions of close-knit jewish conspiracies to defraud non-jews is a “canard” concocted by “anti-semites”. Why would somebody attempt to so blatantly not just deny reality but invert it? For one thing it justifies seeing the prosecution and reporting of jewish crimes as “anti-semitic”, which in turn allows talmudic scholars to rationalize that jewish crime is not really criminal.

Second is the patently false kneejerk assertion that the fraud of close-knit jewish conspiracies has nothing to do with jewishness. With the criminal rabbi cases I’ve cited the central role of jewish networking is crystal clear. In Madoff’s case, his closest jewish friends and colleagues were generally the earliest ones in on the pyramid scheme, the contributions were relatively small and their payouts relatively early. Many knew or suspected what was going on, which is why they called it The Jewish Bond. The big international funds came later, bringing in largely non-jewish money (as opposed to “yiddishe gelt”) which was paid out largely to earlier “investors”, like Madoff and his closest jewish friends and colleagues. In the end Madoff kept his mouth shut and went to jail claiming only he knew. I’m sure the jews who lost money have names for what Madoff did. Moser isn’t one of them. Madoff’s real crime, according to the many very vocal jews who obviously don’t think jewishness is irrelevant, is the supposed damage he did to jewish “philanthropy”. There are similar laments from extremely self-conscious and thoroughly self-interested jews concerning their ever more numerous criminal rabbis.

A natural and healthy response from a secular government to the revelation of this pattern of fraud posing as religious philanthropy would be to subject all jewish charities to extra regulation and scrutiny. Such a response would undoubtedly be crimped if not completely stymied by the older, even stronger pattern of jews uniting to decry, pathologize and punish such normal, healthy responses as irrational jew-hate.

By continuing to treat each incident of jewish financial fraud as an independent case of religious philanthropy gone bad media and government both commit their own fraud. Whether motivated by sympathy, fealty, or fear the behavior is inexcusable, but not inexplicable. The government’s duty to prosecute crime conflicts with it’s special self-appointed “need to combat anti-Semitism”. The government’s drive to defend jewish interests is so strong that it manifests as anti-Whitism. This arises in part from the canard-inverting propaganda discussed above, in part from jewish lobbying, and as a result of jewish political contributions. It is reasonable to also suspect the kind of graft the syrian criminal rabbis are accused of using. When philanthropist-plutocrats talk, politicians listen.

The bottom line is that the more jews are convicted of grubbing too much too blatantly, the louder and more urgent the cries to criminalize “anti-semitism” become. Meanwhile, in contrast, jewish “philanthropy” continues unmolested. This is not at all a coincidence.

bernard-madoff-pointillist

Lies and the Lying Liars Who Tell Them

In The Culture of Deceit Edmund Connelly connects the dots, or more accurately, discusses the pointillist pattern arising from an abundance of dots: the syrian jewish rabbi-criminals, Goldman Sachs, Bernie Madoff, Simon Wiesenthal, Marc Rich, Ivan Boesky, Michael Milken, the Union Générale scandal in 1882, the Comptoire d’Escompte scandal in 1889, the Panama Canal scandal – “an immense labyrinth of financial manipulation and fraud, with [Jewish] Baron Jacques de Reinach right at the middle of it.”, Hirsch Strousberg, and on and on, all the way back to Esther and Abraham.

Connelly writes:

In any case, my aim is to buttress my argument that deceit is a common aspect of Jewish behavior, and we should be mature enough to accept this, even without passing moral judgment.

To the extent there is a problem, it ultimately rests with us. After all, why do we again and again accept fraudulent Jewish behavior or stories that are obviously ludicrous? Consider those junk bonds scandals of twenty years ago, where Lindemann noted “an overwhelming preponderance of Jews — at least ninety percent was a widely accepted figure . . .” I now complete his quote by noting that the “clear correlation [between Jews and financial scandal] seemed to interest the broad American public scarcely at all, or at least it elicited few public expressions of anti-Semitic indignation, and overwhelmingly non-Jewish journalists and politicians skirted the issue.” Why? Fear of the Jews alone? My experience is that American non-Jews mostly willed themselves not to think about it.

He concludes:

I think the point is clear: Western man has been facing this kind of deception and manipulation for hundreds of years now. Yet today, unlike so often in the past, most Whites freeze like deer in the headlights of a car when confronted with evidence.

My accounts of Jewish perfidy do not constitute revelation; this information has been available since Biblical times and can be found now with no effort at all. Never before, however, did it seem to represent such a genocidal threat to Western man. Perhaps the only good news, as a blogger notes, is that “There is a tiny percentage of white people who have not inherited, and therefore do not possess, this maladaptive trait. The survival of the white race is now entirely dependent upon these few righteous Gentiles.”

Connelly’s indictment is thorough and well-founded. I find fault only in his willingness to blame the victim. The breadth and depth of jewish involvement in the scandals he mentions most certainly would constitute revelation to the vast majority of Whites – were we to ever hear the naked totality. Instead, as Connelley himself acknowledges, those confronted with evidence often freeze with fear. They never hear the totality. Why they react this way is no mystery – the consequences for “anti-semites” are well understood, even if only unconsciously. Nor is it their fault – the blame goes to our traitors and repressors.

Whites today face enemies as ruthless as they are powerful as they are numerous. Indeed we face a genocidal reality, not merely a threat. My guess is that more than a tiny percentage of Whites have inherited the “resist your own genocide” gene. What we lack isn’t genetic, it’s widespread exposure and recognition of our genocide.

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The Jewish Bond

We start with some facts as recovered from many sources sprinkled across the philo-semitic media. My emphasis.

‘All Just One Big Lie’
Bernard Madoff was a Wall Street whiz with a golden reputation. Investors, including Jewish charities, entrusted him with billions. It’s gone.

It may be the largest fraud in the history of Wall Street, authorities said. Madoff is charged with stealing as much as $50 billion, in part to cover a pattern of massive losses, even as he cultivated a reputation as a financial mastermind and prominent philanthropist.

Madoff’s investors included a number of prominent hedge funds and the firm of Fred Wilpon, the owner of the New York Mets. Several may have sustained billions of dollars in losses.

But the damage appears to be deepest in the small world of Jewish philanthropy, where Madoff was a leading figure. The North Shore-Long Island Jewish Health System said it lost $5 million. The Julian J. Levitt Foundation, based in Texas and focused on Jewish causes, lost about $6 million. Yeshiva University, a New York institution where Madoff served on the board, said it was examining how much money it invested with his firm.

Madoff’s own $19 million foundation, which gave to a range of New York and Jewish causes, also was wiped out.

Madoff’s alleged $50 billion fraud hits other investors

“Madoff’s investors included captains of industry, corporations — some of which are publicly traded — that used Madoff almost as a high-yielding cash management account, endowments, universities, foundations and, importantly, many high-profile funds of funds,” said Douglas Kass, who heads hedge fund Seabreeze Partners Management.

“It appears that at least $15 billion of wealth, much of which was concentrated in southern Florida and New York City, has gone to ‘money heaven,’” he said.

Federal agents arrested Madoff at his apartment on Thursday after prosecutors said he told senior employees that his money management operations were “all just one big lie” and “basically, a giant Ponzi scheme.”

One woman said that when she called the firm’s offices on Thursday she was told it was “business as usual.”

Another investor groused, “Business as usual? Of course it’s business as usual. We’re getting screwed left and right.”

“I expect to get back zero,” said Floridian Susan Leavitt, who invested through Madoff. “When he tells the feds he has $200 million to $300 million left out of billions, what can you expect?”

Madoff said “there is no innocent explanation” for his activities, and that he “paid investors with money that wasn’t there,” according to the federal complaint.

Prosecutors also accused Madoff of wanting to distribute as much as $300 million to employees, family members and friends before turning himself in.

Charged with one count of securities fraud, he faces up to 20 years in prison and a $5 million fine. The U.S. Securities and Exchange Commission filed separate civil charges.

Madoff is a member of Nasdaq OMX Group Inc’s nominating committee. His firm has said it is a market-maker for about 350 Nasdaq stocks.

He is also chairman of London-based Madoff Securities International Ltd, whose chief executive, Stephen Raven, said the firm was “not in any way part of” the New York-based market-maker.

Fund Fraud Hits Big Names

Details emerged Friday of how Mr. Madoff ran the alleged scam, fostering a veneer of exclusivity and creating an A-list of investors that became his most powerful marketing tool. From New York and Florida to Minnesota and Texas, the money manager became an insider’s choice among well-heeled investors seeking steady returns. By hiring unofficial agents, tapping into elite country clubs and creating “invitation only” policies for investors, he recruited a steady stream of new clients.

During golf-course and cocktail-party banter, Mr. Madoff’s name frequently surfaced as a money manager who could consistently deliver high returns. Older, Jewish investors called Mr. Madoff ” ‘the Jewish bond,’ ” says Ken Phillips, head of a Boulder, Colo., investment firm. “It paid 8% to 12%, every year, no matter what.”

One of the largest clusters of Madoff investors was in Florida, where losses could be substantial. Mr. Madoff relied on a network of friends, family and business colleagues to attract investors. According to investors and agents, some of these agents were paid commissions for harvesting investors. Others had separate, lucrative business relationships with Mr. Madoff.

“If you were eating lunch at the club or golfing, everyone was always talking about how Madoff was making them all this money,” one investor says. “Everyone wanted to sign up.”

Jeff Fischer, a top divorce attorney in Palm Beach, says many of his clients were also Mr. Madoff’s clients. “Every big divorce that came through my office had portfolio positions with Madoff,” he says.

Two of his investors said that among his clients, Mr. Madoff was considered a money-management legend; they would joke that if Mr. Madoff was a fraud, he’d take down half the world with him.

Mr. Madoff’s main go-between in Palm Beach was Robert Jaffe, say several investors. Mr. Jaffe is the son-in-law of Carl Shapiro, the founder and former chairman of apparel company Kay Windsor Inc. and an early investor and close friend of Mr. Madoff’s. Mr. Jaffe, a philanthropist in Palm Beach, attracted many investors from the Palm Beach Country Club in Palm Beach, Fla.

“He was a low-key guy,” Ms. Manzke says. “He would say, ‘Look, I’m a market-maker, and I don’t want anyone to know I’m running money.’ It was always for select people. He was always closed, he wasn’t taking new money.”

The federal complaints against Mr. Madoff allege his fraudulent activities came through a secretive private wealth-management wing of Bernard L. Madoff Investment Securities, the investment firm he founded in 1960. On Wall Street, his company was perhaps better known for its operations in market-making — the business of serving as a middleman between buyers and sellers — and proprietary trading.

Through those higher-profile parts of his operation, Mr. Madoff was a pioneer in trading New York Stock Exchange shares away from the exchange. He is a past chairman of the board of directors of the Nasdaq Stock Market as well as a member of the board of governors of the National Association of Securities Dealers and a member of numerous committees of the organization, according to his firm’s Web site.

Mr. Madoff owns a home in Roslyn, N.Y., records show, and an elaborate beachfront home and grounds in Montauk on Long Island.

Mr. Madoff and his wife live in an apartment building on Manhattan’s Upper East Side where property records list individual apartments valued at more than $5 million. One property database estimated the 2008 market value of Mr. Madoff’s two-floor unit to be roughly $9 million. For years he has served as president of the building’s co-op board, according to a tenant.

Madoff’s arrest in billion-dollar fraud case shocks Palm Beach investors

Bernard Madoff didn’t accept money from just anyone. Clients ideally had to have at least $10 million to open an account with his New York investment firm.

While such wealthy people don’t turn up just anywhere, the Palm Beach Country Club provided enough to make Madoff’s membership in the predominantly Jewish club worthwhile.

Investing with Madoff also was attractive because the returns were so high, Rampell said. Even in recent years, when other securities tanked, returns were as high as 11 percent to 15 percent, he said.

“There is no innocent explanation,” Madoff told FBI agents, according to court documents. He told the agents he “paid investors with money that wasn’t there,” that he was “broke” and that he expected to go to jail.

The only bright spot for investors is that they may be able to get tax refunds if the investment returns were bogus, Rampell said. But, he acknowledged, that would be little compensation, either financially or psychologically, for those who knew him at the country club.

The auto industry may have to grovel for government money, but “bright spots” magically appear for the members of Madoff’s network.

Madoff Investors May Be Protected By Government
Judge Says Those Duped Need Aid Under The Securites Investor Protection Act

Meanwhile, a federal judge on Monday threw a lifesaver to investors who may have been duped, saying they need the protection of a special government reserve fund set up to help investors at failed brokerage firms.

U.S. District Judge Louis L. Stanton ordered that clients of Madoff’s private investment business seek relief under a federal statute created to rescue cheated investors. Stanton also ordered that business be liquidated under the jurisdiction of a bankruptcy court and named attorney Irvin H. Picard as trustee to oversee that process.

Stanton signed the order after the Securities Investor Protection Corporation asked that steps be taken to protect investors in the scheme, which has ensnared several major banks and prominent figures as victims and could result in as much as $50 billion in losses.

Congress created the SIPC in 1970 to protect investors when a brokerage firm fails and cash and securities are missing from accounts. Funds can be used to satisfy the remaining claims of each customer up to a maximum of $500,000. The figure includes a maximum of up to $100,000 on claims for cash.

SIPC President Stephen Harbeck said in a statement that the fund’s task will be harder than in other bankruptcies because of the size of the misappropriation and the condition of the defunct firm’s records.

Harbeck said it would be unlikely that the trustee can transfer the firm’s customer accounts to a solvent brokerage firm. He added that it was impossible at this point to determine what share each investor might hold in any remaining assets.

From its inception through December 2007, the SIPC has advanced $507 million and made possible the recovery of $15.7 billion in assets for an estimated 626,000 investors, the fund said on its web site.

If the SIPC bails out the Madoff scheme “investors” it will amount to roughly the sum total the SIPC has paid out over its entire 38 year lifetime. Sure, that’s reasonable. Ben Bernanke will just have to print another $15B.

Sailer’s Bernie Madoff as an “affinity scam” is noteworthy mainly for its comments, including:

up yours new yawk said…

What’s interesting about this Madoff scandal is the growing list of liberals and neoconservatives who felt that involvement with charities that work to keep the Jewish bloodlines clean are respectable enterprises to be involved with.

How many Jews are castigating whites for the slightest hint of racial identity and then at the same time funding various “keep it Jewish” charities?

And links in the comments, including I Knew Bernie Madoff Was Cheating, That’s Why I Invested with Him:

So why did these smart and skeptical investors keep investing? They, like many Madoff investors, assumed Madoff was somehow illegally trading on information from his market-making business for their benefit.

Auster writes in Catalog of believers:

Here is a story from today’s New York Post that names many of Bernard Madoff’s clients along with how much they lost. It seems that virtually 100 percent of his believers/followers/marks were Jews and Jewish organizations, and many of them believed in him so much that they had given 100 percent of their investment capital to him.

And from Madoff discussion:

Mark P. writes:

I’m still amazed that a handful of Jews managed to amass $50 billion…

It’s like some kind of…overclass…

(wink) (wink)

He links a video of a round table discussion featuring Madoff discussing his business in October 2007, Bernie Madoff on the modern stock market. Watch this video and note the similarity to the financial bullshit shoveled on your TV every evening. The jargon. The confidence. “We make money by taking risks.” Risk? What risk? When these brainiacs get in trouble their cronies in government put taxpayers on the hook to bail them out.

One thing that could be revealed by this scandal, but probably won’t be, is just how much wealthy jewish “philanthropy” actually goes to exclusively jewish causes. Sailer commenter “up your new yawk” notes the double standard. For jews it is considered perfectly normal to support jewish causes, but the idea of Whites contributing to or participating in or even saying nice things about exclusively White causes is grounds for an accusation that you want to load all the non-Whites onto boxcars and gas them.

A theme that is coming through, loud and clear in what I’ve heard from the MSM, Auster, and Michael Savage, is sympathy for the “investors”. It’s disgusting. The people who participated in this scam, whining now that they’ve lost everything, don’t deserve any sympathy. They’re like the border-running aliens packed in a van that veers off a cliff trying to escape the police. They’re like the bank robbing accomplices who get cheated out of their share by their crooked ringleader.

For years these “investors” thought they were golden, wringing their soft greedy hands with glee over the returns from their invite-only too-good-to-be-legal “jewish bond”. It paid them far more than the lowly nobody putzes, ie. the rest of us, could make via honest means, and they knew it. We nobodies must accept a return that is stable but doesn’t even beat inflation, or we play 401K roulette and take on real risk. Hands up, how many of you lost big money in your 401K this year and can expect the government to bail you out? Hands up, how many don’t have any savings?

This Madoff scheme is being described as the “biggest fraud in history”. No, that would be the September bailout as a whole. Madoff is but a small window into finance capitalism’s corruption and insolvency. Even so, Madoff’s collapse exposes a few major lies upon which the thoroughly judaized progressivist-globalist regime is based: “we’re all equal, but some of us are more equal”, “we deserve these big profits because we take big risks”, and “trust us, we’re really smart and know what we’re doing”.

The white-collar criminals have been running amok for some time. The rest of us have only recently been informed that we and our children will be paying the bill, and though we don’t know what the total is we can be sure it’s enormous. The brainiacs told us we needed millions of aliens to build homes for millions of aliens. Now we have too many homes and the next thing they’ll be telling us we have to legalize all the aliens, right away, and import even more in order to save the Holy Economy – that mother of all pyramid schemes.

Now come these poor jewish millionaire “investors” – “getting screwed left and right”. It’s perfectly natural for us to wonder, how did a handful of jews manage to amass so many billions? And it’s perfectly natural to conclude that it involved screwing the rest of us left and right.

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Minority Disproportions and the Fraud They Produce

Steve Sailer has written several essays noting the disproportional large involvement of “minorities” in the housing bubble that triggered the Wall Street bailout, and noting the disproportionately small amount of attention the media has paid to it. More specifically he has focused on the role of “NAMs”, non-asian minorities, the euphemism he and his regular commenters use for blacks and latinos.

Sailer attributes the past decade of frenzied borrowing and spending in large part to the trendy but misplaced faith among our politically correct managerial class that relatively poor, uneducated, irresponsible blacks and latinos would pay back loans at the same rate as relatively wealthy, educated, responsible Whites. He labels this zeitgeist The Bullshit Years and calls the resulting bubble-bailout The Diversity Recession.

As usual there are some misguided souls who spring forth to defend the “brown people”. Often their argument is based on the rationale that putting minorities in a negative light, i.e. discriminating against them, is nothing but a nefarious attempt to blame everything on them, to make them scapegoats, because this is the only thing racists driven mad by hatred can think to do.

This is a dishonest but predictable response made by seemingly intelligent people. It epitomizes the prevailing political correctness and actually helps demonstrate Sailer’s point that “the Establishment” is infected with a mental disease which causes them to deliberately deny certain facts, as well as the consequences of this denial – and to villify anyone who will not behave likewise.

The fact is the plutocrats and their managerial class are more than willing to discriminate, to see minorities and their disproportions, even to the point that this willingness motivates offical policies which disproportionately aid minorities, even to the point where such policies are obviously detrimental to indigenous Whites.

Yesterday Sailer posted a reader’s more intelligent objection to his ideas. The argument in The Diversity Recession: A debunking is not based on the virtue of ignoring minorities, or the evil of not ignoring them, but instead aims at denying that minorities were disproportionately involved.

In accepting the validity of discussing disproportion such an argument is a small concession to the truth, and possibly even made in good faith, but the net result is the same: it is an attempt to defuse and deflect attribution of blame away from where it rightfully belongs. When “the Establishment” wishes to do favors for minorities there is little hesitation not only to fudge the numbers in whatever way is required to produce disproportions that need correcting, but also to blame those disproportions, sometimes explicitly, sometimes by implication, on the machinations of Whites who are ostensibly disporportionately “racist”.

In the case of Sailer’s would-be debunker, if the argument that blacks and latinos were not disproportionately involved in housing bubble foreclosures is correct, then by implication Whites and/or asians must have been. Sailer and his commenters have already provided plenty of evidence countering this debunking, and at any rate it seems a moot point. Under the leadership of Carter, Clinton, and Bush the government stated its belief that blacks and (later) latinos were disproportionately suffering injustice and explicitly sought to right that wrong by applying new, discriminatory standards. Those are the facts.

Sailer’s point, which several of his commenters have pointed out to his you-just-want-to-blame-brown-people critics, is not that the “NAMs” conspired to enrich themselves. The point is that intelligent non-”NAMs” in positions of authority consciously chose to pander to “NAMs” and pursue related fiscal policies that on their face would seem highly unintelligent because the macroeconomic consequences are turning out, as some predicted, to be incredibly bad.

This begs the question: why assume these otherwise supra-intelligent people in government and finance were behaving stupidly? Obviously some people got wealthy in the feeding frenzy leading up to the collapse. Some are now getting wealthy shorting and speculating during the collapse. Still more stand to get wealthy by securing taxpayer subsidies for themselves. There are plenty of people who simply do not care how much the macroeconomy suffers as long as their microeconomy gains.

Indeed Sailer and many of his commenters don’t really seem to assume “the Establishment” is stupid. They insinuate that the negative results of the malfeasence were mostly unintentional and attribute the blame in part to short-sighted greed and in part to the hopeless naivete of “whiter people” – i.e. liberal, politically correct “whites”.

For me this also is only a partial and thus unacceptable concession to the truth. The truth is there is another minority embroiled in this scandal. A minority whose participation nobody seems to want to note. I posted the following comment to The Diversity Recession: A debunking, but it did not make it past moderation:

As long as we’re examining disproportions of minorities, what about the disproportion of jews who:

A) argue any disproportion perceived as harmful to a minority is caused by White racism (described variously as redlining, institutional racism, White privilege)

B) “innovated” ways around regulation and created new forms of leverage built on the loosened lending resulting largely from A (described variously as mortgage-backed securities, credit default swaps, collateralized debt obligation)

C) advocate taxpayer-funded subsidies for private enterprises (described variously as loans, buyouts, bailouts)

D) enriched themselves via A, B, or C

E) are in positions of authority and oversight, and should now be seeking to ferret out and punish wrongdoing rather than what they are doing, which is trying to find some way, any way to provide more C

I have a theory that explains why the disproportionate involvement of the jewish minority goes even less frequently mentioned than the disproportionate involvement of either blacks or latinos. It has to do with the phrase “anti-semitism”.

First, obviously, anyone who would mention the jewish minority in such a negative light can expect it to be denounced as “anti-semitism” (refer to item A). Second, but more important, this same defensive tendency means that if even a relatively small number of the jewish minority perceived that the effects of either the housing bubble or the bailout were bad for themselves or jews in general (disproportionately or not) then they would have already blamed either situation on “anti-semitism”.

My theory is that the general jewish perception is that they have participated and benefited disproportionately. But most pundits, even the non-jewish ones who realize this and are un-PC enough to attribute blame to other minorities, dare not even mention jewish involvement for fear of the consequences of criticizing the most powerful and favored minority of all.

Perhaps someone here would do those of us in the White soon-to-be-minority who have been disproportionately defrauded the favor of trying to debunk this theory.

To support my assertion of jewish disproportions I direct the reader to look into the matter for themselves. This would involve familiarizing yourself with the concept of disproportion, jewish population statistics, and the rather laborious process of finding and reading wikipedia and NNDB biographical entries of the principals involved. The most common objections are likely to be based on either innumeracy or an inability to discriminate.

These obstacles should not impede Sailer or his disproportionately intelligent commenters. They have already expended great energy researching and arguing statistics concerning “NAM” disproportions. News From The West has started the task, but it’s only the very tip of the jewish-disproportion iceberg. If jews are not disproportionately benefiting, then why haven’t they been complaining about disproportionately suffering? It’s fairly obvious that jews comprise more than 3% of the reality-twisting race hustlers, government officials who legislated that hustle, financiers who built the house of cards on top of it, economists who validated it, bureacrats and advisors negotiating a “fix” for it, and political and market pundits whose words and voices are right now so overwhelmingly shilling in favor of that fix. Are we to believe that jews enjoyed precisely 3% of the loosened lending largesse and 3% of the financial wizardry profits, and stand to receive only 3% of the bailout money and pay only 3% of the taxes that will fund it?

Hypothetically, if a disproportion of blacks and latinos in “the Establishment” had arranged to dole taxpayer money out to a disproportion of black and latino borrowers and then reward disproportionately black and latino financiers for “failing” because of those policies, then I trust intelligent and honest people would notice and discuss it as the ethnically motivated scandal it would be. Is the fact that the actual circumstances involve a jewish minority indirectly disproportionately enriching themselves by first lobbying for and then leveraging the disproportionate enrichment of blacks and latinos really so much harder to understand or accept?

Come now, what’s constraining this discussion of minorities and disproportions?

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The Greatest Ripoff in History

It has been difficult to compose a reaction to the past few weeks worth of economic news. Each time it seems the totality of this monstrous putsch is finally in view yet another grasping tentacle flops out. One inconceivably brazen move has followed another, each pushing farther past precedent and revealing a new, previously unimaginable depth of avarice. The taxpaying cattle have been informed, drip by drip, that we are on the hook for whatever the bankers and their agents in “our” government demand of us. Tens of billions here. Hundreds there. A trillion should fix it. Maybe.

The massive fraud now unfolding demonstrates how financiers hold the real power in this country. Not Bush – nor Obama or McCain after him. And not Congress. The only role for these political figureheads is to point fingers for a while, scream that the sky will fall if they don’t act immediately, and finally to join together and rustle the cattle into capitulating to the banker blackmail.

We are witnessing a transfer of wealth unprecedented in size and rate. It is the mother of all liquidity events. The details change on a daily basis, but this much is clear: This is not a constitutional republic. It is not democracy. We live under a plutocracy.

Takuan Seiyo’s The Case Of The “Disappeared” Subprime Minority Borrower identifies the most recent roots of this transformation (original links and emphasis):

The financial debacle of a $1.4 trillion pool of subprime mortgages of which at least half are unpayable and 25% are irrecoverable did not start in a political vacuum. For years, the American political Establishment badgered the banking industry about the “racism” implied in its loan portfolio. The denial of mortgage loans to “minorities” at a greater percentage than denial to whites has been deemed a prima facie evidence of racial discrimination.

Finally, with further pushing by different government branches and agencies, mortgage lenders found a solution to inconvenient reality. It was the subprime loan, with sub-viable variations such as “interest-only” and “no-money-down.”

No forces were available to combat the American economy’s unbalancing by cultural Marxists, socialists, noisy “minority” chieftains and power-hungry opportunists. Instead of leading a counteroffensive, the federal government (mostly under Republicans) pushed toward the fall. And the bankers went along—even though it was their depositors’ capital they were converting to cotton candy.

Banks started dishing out mortgages as though they were consolation prizes for the poorly educated of shaky employability, or achievement awards for the undisciplined and uneducable with no collateral.

Overwhelmingly, these prize-winners have been “people of color.”

In trampling on rules of sound banking going back at least to medieval Italy, our financial wizards discovered the eternal quest of alchemy—how to convert lead into gold, for a while at least, before it turns into garbage. Employing PhD’s in high mathematics, they diced and mixed financial offal, stuffed it into sausage skins, gave this dubious bologna properly pinstriped labels such as “Mortgage-backed Securities” and “Collateralized Debt Obligations”, and sold it off by the slice to equally greedy and heedless financial institutions down the line.

Seiyo’s analysis is good so far as it goes. He mentions the other prize-winners, the financial wizards, but fails to note the disproportionate participation of the most noisy, self-interested minority of all – jews. Not only are jews disproportionately represented in the concocting of the financial “innovations” whose astoundingly fraudulent scope is now laid bare, they are also disproportionately represented amongst those who got the ball rolling by demonizing “discrimination”, and amongst those negotiating the terms of the ripoff-”bail out”, and amongst those being “bailed out”, and amongst the 24/7 parade of pundits shamelessly shilling for “bail out” via the disproportionately jewish-owned media.

If our nominal leaders insist on pointing at the disproportion of black and latino home ownership as a problem, then it’s only right that they also acknowledge these same groups were disproportionate benefactors of loosened lending practices. And as long as group disproportions are worthy of discussion, let’s not forget to notice the “contribution” of the US’s most wealthy and favored minority group of all. Jews.

“The liberties of our country, the freedoms of our civil Constitution are worth defending at all hazards; it is our duty to defend them against all attacks. We have received them as a fair inheritance from our worthy ancestors. They purchased them for us with toil and danger and expense of treasure and blood. It will bring a mark of everlasting infamy on the present generation – enlightened as it is – if we should suffer them to be wrested from us by violence without a struggle, or to be cheated out of them by the artifices of designing men.” – Samuel Adams

Sorry Sam. We failed.

UPDATE 26 Sep 2008: One trillion, five trillion, who’s counting? According to a Bloomberg analyst:

So now they try to solve the problem by having this credit bubble actually extended and I think the $700 billion will be like a drop in the bucket because the total credit market in the U.S. is something close to $60 trillion, then you have the CDS market – credit default swap – of around $62 trillion. Then you have the whole derivatives worldwide worth about a notional $1,300 trillion. So the $700 billion is really nothing and the Treasury is just giving out this figure when actually the end figure may be $5 trillion.

He also says that last year total Wall Street compensation amounted to $68B, and of that, executive bonuses were $39B.

Tonight Juan and Hussein bickered over $18B in “earmarks” and $300B in tax cuts. Five and a half years of war in Iraq has cost almost $600B. Imagine how the big boys in the $1300T derivatives market (some 100 times the size of the US GDP, or 2000+ Iraqs) must view these trifling amounts. Think how precious their magically-derived pile of funny money is to them and how it would evaporate if middle class taxpayers got the gumption to revolt en masse. Imagine the gold-plated diaper changes even one month’s worth of widespread late mortgage payments would cause. The media pundits have been trying to guilt-trip us for being over-leveraged. Seems to me the big boys are far more leveraged than even the most irresponsible Mr and Mrs Sixpack.