Who Else Was Involved?

                                    $50 BILLION cannot be stolen by one person.   Who else was involved?
                     Did he bribe the SEC?   John Coffee, a professor at Columbia Law School, said:
                                “It is very rare that a fraud of this proportion could be handled by just one man.
                                 There are trades and redemptions to be done that a 70-year-old man would
                                 have to work 20 hours a day to do.”  

                                   This is another one of the those questions the corporate media is
                       sliding over.  They want investors to think that this all was done by one
                       rogue.   It was not part of a pattern of cheating investors on Wall Street.

                                                    Where's The Money Now?

                               You might think that the media would ask this.  Not so.  They are afraid
                     of rocking too many boats. It is said he and his relatives favored Democratic
                     candidates with $326,000 over the past decade.   Two Senators, Charles Schumer
                     and Frank Lautenberg say they will give back his campaign contributions.
                     Anti-semites will surely claim he gave lots of money to the State of Israel.
                     But they choose not to mention that most of the money he stole in the US
                     was from Jews!

                               Those who got lots of money and charitable contributions from Madoff
                      aren't talking.   For example, Madoff remains the Treasurer for Yeshiva
                      University and chairman of the board of the school's business college since 2000,                         which he has endowed with large donations.  He joined the board of directors
                      in 1996. 
                              One cynic noted "Yeshiva University is clearly trying to erase
                               traces of Madoff from their website, but the cached versions remain.")
                        
                             We do know that Madoff in the days before he was arrest was trying
                     to give away large sums to relatives and friends.  $200 million was given
                     in the form of pre-New year bonuses to many of his employees. 


                                   Who Got Taken?  For How Much?  

                             Madoff cynically exploited his connections in the Jewish world and
                    with Yeshiva University to raise money from Jewish families and foundations.
                    The NY Post quoted one lawyer as saying  "This guy was totally respected.
                     He was a heymishe Jewish guy..."                             

                             Madoff's was the blue chip of hedge funds.  Thousands got taken
                    by Madoff's promise of steady 10% a year, options' trading Ponzi scheme.  
                    It was not just wealthy New Yorkers and Floridians.  Jewish charities and
                    foundations like the Robert I. Lappin Charitable Foundation and the
                    Lautenberg Foundation were hard hit.   the rich and famous lost big. They
                    include the real estate titan Mort Zuckerman, Steven Spielberg's
                    Wunderkinder Foundation and the Elie Wiesel Foundation for Humanity.
                    But with each new day, banks and investment funds are
                    coming forth and admiting that they invested billions with Madoff. 

                             Many of the people the stole from could not afford to lose any money.
                                 
                                "When I think of all the Jewish grandmothers and grandfathers
                                (a.k.a. Bubbies and Zadies) who lost everything with Madoff I get
                                very sad. They weren't being greedy, and they weren't stupid.
                                They just wanted a steady investment managed by somebody
                                they knew and trusted."
                            ( http://seekingalpha.com/article/111256-madoff-s-innocent-victims   )

                             The "Royal Bank of Scotland and Man Group in the UK, Japan's Nomura and
                      France's Natixis also said they were hit by the worldwide scandal... Man Group, the world's largest
                      listed hedge fund manager, said it was exposed to Madoff through its fund of funds business
                      RMF, which has $360 million invested in funds directly or indirectly sub-advised by Madoff.. "

                                                                        Others

"New York Mets owner Fred Wilpon and J. Ezra Merkin, the chairman of GMAC Financial Services,.. 

"Beyond U.S. hedge funds, more corporate names disclosed exposure to Madoff. Late Sunday, some of Europe's biggest banks acknowledged they, too, were exposed to Madoff's investment fund.

"Switzerland's Reichmuth & Co. said the private bank has $327 million at risk. It told investors that they ``sincerely regret'' being affected.

"French bank BNP Paribas estimated its exposure Madoff's fund could lead to 350 million euros ($467 million) in losses.

                                                                  (Source:   )

"Among those who have acknowledged potential losses so far: Former Philadelphia Eagles owner Norman Braman,
New York Mets owner Fred Wilpon and J. Ezra Merkin, the chairman of GMAC Financial Services.

"A charity in Massachusetts that supports Jewish programs, the Robert I. Lappin Charitable Foundation, said it had
invested its entire $8 million endowment with Madoff. The organization's executive director said she doesn't expect
it to survive.

"Other institutions that believed they had lost millions included The North Shore-Long Island Jewish Health System
and the Texas-based Julian J. Levitt Foundation.

"Hedge funds and other investment groups looked like big losers too. The Fairfield Greenwich Group said it had
some $7.5 billion in investments linked to Madoff. A private Swiss bank, Banque Benedict Hentsch Fairfield
Partners SA, said it had $47.5 million worth of client assets at risk.

"The losses may have extended far beyond the coffers of the wealthy and powerful.

"The town of Fairfield, Conn., said it placed nearly 15 percent of its retiree pension fund with Madoff. Officials were scrambling to determine how much of the $42 million remained.

"Harry Susman, an attorney in Houston, said he represents a group of clients who had unknowingly become entangled
in the scandal by investing in a hedge fund managed by Merkin, which then put almost all of its $1.8 billion in capital in Madoff's hands.

"They had no idea they had exposure," Susman said. He said his clients were now dumbfounded as to how the fund
came to invest all of its holdings with just one man, especially since concerns had been circulating for years about
Madoff's operations.

                         (   http://www.msnbc.msn.com/id/28212191/ )


"The deepest of these pockets appear to be outside the US. First, there’s Spanish bank Banco Santander SA. Optimal, its fund of funds operation, had $3.1 billion (about Rs15,100 crore) of money invested with Madoff. Given that it only had €6 billion (Rs38820 crore) in funds under management at the end of last year, that’s quite a lot of eggs in one basket.

                                     What Were The Red Flags?

               Early in 20007, a firm that does due diligence on investment advisers
            warned its clients not to do business with Bernard Madoff's investment fund
            The red flags they spotted were: 

"1. The Madoff investment strategy, called "split-strike conversion," is known to be very volatile; it involves trading huge positions around options expirations. Despite that volatility, its returns over the past decade were an amazingly stable 8-10 percent.

"2. Aksia discovered a 2005 letter to the Securities and Exchange Commission from a financial advisor who supposedly studied Madoff's operations. That letter asserted Madoff was running a Ponzi scheme. There was also a Wall Street Journal story at the time about one of the Madoff's associated "feeder funds" getting shut down in 1992.

"3. Madoff's strategy was bizarre: He said he would move $13 billion in various trades at once, yet Aksia couldn't find traders who saw his trades. There were also no regulatory filings. And family members were running the firm.

"4. The comptroller of the firm was based in Bermuda. Most mainstream hedge fund investment advisers have their comptroller in-house.   (Source: http://www.cnbc.com/id/28195326 )

                                    There's more....
"Conflicts of interest also proved a concern. "There was no independent custodian involved who could prove
the existence of assets," says Chris Addy, founder of Montreal-based Castle Hall Alternatives, which vets hedge
funds for clients seeking to invest money. "There's a clear and blatant conflict of interest with a manager using a
related-party broker-dealer. Madoff is enormously unusual in that this is not a structure I've seen."

"Some trading pros said Mr. Madoff's purported strategy couldn't be pulled off profitably while managing tens
of billions of dollars.

"It seemed implausible that the S&P 100 options market that Madoff purported to trade could handle the size of the combined feeder funds' assets which we estimated to be $13 billion," Mr. Vos says.

"Recent securities filings showed that the firm held less than $1 billion of shares, raising questions about where the rest of the money was. Some of Mr. Madoff's investors say they were told the firm put the bulk of its money in cash-equivalents at the end of each quarter, explaining why the public filings showed so few shares, but raising questions about where the proof was for all the cash.

"Until at least November, 2006, the firm, which claimed to manage billions of dollars and be among the largest market makers in the stock market, used as its auditor Friehling & Horowitz, a small New City, New York firm.

Mr. Vos says his firm hired a private investigator and determined that the accounting firm had only three employees, one of whom was 78 and lived in Florida, and another was a secretary, and that it operated in a 13 foot by 18 foot office. His firm felt that was too small an operation to keep an eye on such a large firm operating a complicated trading strategy. A message left for the accounting firm was not returned."

             (Sources: http://online.wsj.com/article/SB122910977401502369.html )

                                Where Was Bush's SEC in All This?

"Harry Markopolos, who years ago worked for a rival firm, researched Mr. Madoff's stock-options strategy and was convinced the results likely weren't real.   "Madoff Securities is the world's largest Ponzi Scheme," Mr. Markopolos,
wrote in a letter to the U.S. Securities and Exchange Commission in 1999.  Mr. Markopolos pursued his accusations
over the past nine years, dealing with both the New York and Boston bureaus of the SEC, according to documents
he sent to the SEC reviewed by The Wall Street Journal.

"In a statement late Friday, the SEC said "staff from the Division of Enforcement in New York completed an investigation in 2007, and did not refer the matter to the Commission for enforcement action." The SEC said it reopened the investigation Thursday. It's not clear what the focus of the 2007 investigation was, or why it was closed. A person familiar with the matter said it related to issues raised by Mr. Markopolos.

"Also striking some as odd: Mr. Madoff operated as a broker dealer with an asset management division. Why not simply act as a hedge fund and pocket big gains, rather than profit from trading commissions as the firm seemed to be doing, they asked.

"Joe Aaron, for long a hedge fund professional, found that structure suspicious and in 2003 warned a colleague to steer clear of the fund. "Why would a good businessman work his magic for pennies on the dollar?"

                (Sources: http://online.wsj.com/article/SB122910977401502369.html
                               http://www.finalternatives.com/node/6358 )

                       I Warned You That The SEC's Cox Was A Fox
                   in The Henhouse.  What Did They Know and
                   When Did They Ignore It.

                          The SEC is clearly inept and guilty of derilection of duty.  Their
                 failure to catch Madoff matches their unwillingness to go after corporate
                 executives and their pals who engaged in insider trading or to impose
                 heavy fines on the companies that were responsible... A British fund manager
                 blamed the "deliberately nonexistemt US government regulation and oversight."

                                        “It is astonishing that this apparent fraud seems to have been
                                   continuing for so long, possibly for decades. The allegations appear
                                  to point to a systemic failure of the regulatory and securities markets
                                  regime in the US,” [Fund manager Nicola Horlick] told The Sunday Telegraph. )

                 Tiger Soft Blog - 7/18/2008 - The SEC's Bear Market. How The SEC Has Made The
                              Bear Market Much Worse.   SEC Chairman, Christopher Cox is a LIAR, who is more
                              concerned about protecting Wall Street crooks ...
                             TigerSoft Blog and News Service - 9/21/2008 - Monopoly Finance ...
                             Under Cox, insider trading has became rampant and common place. TigerSoft has
                             documented many cases of this. Under Cox. all the New Deal restrictions on ...
                             June 28, 2007 A   Who's Guarding The Investors' Hen House?.  SEC Chairman Cox?

                             TigerSoft - Insider Trading Is Rampant Thanks To The SEC'd ookinmg The Other Way.:    

    

                                Wall Street Crooks Need A Lot More Than
                                    A Slap on The Wrist.  

                      A crook like Madoff should go to jail for life and have every cent
            he has be taken away to offer some resitution to his victims.  But that
            is not the way White Collar criminals are treated in the class-biased
            American justice system.                   

                      In 2002, ten large Wall Street firms were fined $1.4 billion for alleged conflicts
               of interest, as they traded ahead of, or gave advance notice to big mutual funds,
               before   making the same recommendations to smaller individual investors. One e-mail
               from a Lehman Brothers analyst stated "well, ratings and price targets are fairly
               meaningless anyway, but yes, the "little guy" who isn't smart about the nuances
               may get misled, such is the nature of my business." In response, Ralph Nader wrote:
                   "Criminal enforcement actions are infrequent. The Wall Street firms, like almost all corporate defendants,
              know that corporate crime prosecution budgets are so inadequate that state and federal agencies are hard-pressed
              to enforce criminal laws for blatantly defrauding small investors. With no credible threat and no credible deterrent,
              corporate criminals, and then bigcorporate law firms, need not be worried.  For Citigroup, $300 million in fines and
              disgorgement is less than 1 percent of last year's revenues, which topped $92 billion. Likewise, Credit Suisse First
              Boston's penalty of $150 million is barely pennies on the dollar of the $56 billion in revenues it took in last year. These
              fines come nowhere near the $7 trillion dollars that investors lost since it became apparent that the corruption on
              Wall Street is endemic...Truly shocking is that the majority of the settlement may yet be tax deductible and/or
              covered under insurance - everything except $487 million in civil penalties, according to Sen. Charles Grassley
              (R-Iowa), head of the Senate Finance Committee.

                          Swanky accomodations in Malibu with a view - for Wall Street crooks? 
              "Just a few of the first prisoners expected to serve terms at Zuma Beach are:
              Kenneth Lay and Michael Kopper, of Enron; Tyco’s Ex-CEO, Dennis Kozlowski;
              WorldCom’s Ex-CEO, Bernard Ebbers; ImClone’s Sam Waksal; John Rigas and sons,
              founders and management of Adelphia. Also expected, but not yet RSVP’d, are
              representatives from Global Crossing, AOL/Time Warner and a slew of Andresen
              accounting personnel.  Lifers," such as Michael Milken and Ivan Boesky will take up
              residence at the facility’s maximum security wing, where they will be expected to give
             lectures and motivational speeches for the inmates. "
                                         See - http://www.lalatimes.com/newsfea/lb_3_wallstre.php         

                            How Many More Ponzi Crooks on Wall Street
                                  Are Still Out There? 

               Greed on Wall Street being what it is, the absence of normal standards
                 of ethics being quite commonplace in business now and in the absence
                 of serious SEC regulation, we have to be concerned that there are many
                 more crooks out there on Wall Street that have not been discovered.  The
                 simple fact is that Wall Street cannot be trusted.  People should learn
                  to manage their own money.  Use TigerSoft and Peerless.  People would be
                 much better served.