UP Ibalon Bicol: Ponzi

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Bernie Madoff’s pal dies in pool

10/26/2009 | Posted by mesiamd | Edit Post

Jeffry Picower, the friend of Ponzi scam artist Bernie Madoff was found lifeless in his private pool in 1410 Ocean Blvd. in Palm Beach, Florida. The 67-year old man suffered Parkinson’s Disease and had heart probllems. His wife Barbara called 911 to report the incident. Fished out from the swimming pool, he was rushed to a nearby hospital, but was pronounced dead on arrival.

Picower, a philanthropist who donated to the Massachusetts Institute of Technology, New York Public Library and Harvard Medical School had been accused by disgruntled Madoff clients as the largest beneficiary of money fraud.

“In 1999, the Picowers received a 950-percent profit from the Ponzi-scheme investments, according to a $5 billion lawsuit by the trustee overseeing liquidation of Madoff’s companies, Irving Picard. Picard is seeking $6.7 billion back from the Pickowers to help repay Madoff victims.”-----New York Post (10/25/09, Kay, J.)

Police officers cut off access of the Picower home as they investigate the cause of the death. (Photo Credit: Zadrian) =0=

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Labels: Bernard Madoff, death, Jeffery Picower, money, Ponzi, Pyramid scam, Totie Mesia

After a “life of splendor” Madoff’s wife is sued to turn in $45 million

7/30/2009 | Posted by mesiamd | Edit Post

A trustee representing the victims of the notorious Ponzi artist Bernie Madoff sued the swindler’s wife Ruth. Irving Pickard, the appointed trustee of U.S. Bankruptcy Court in New York, claimed Madoff’s wife who led a “life of splendor” got $44.8 million in six years prior to her husband’s financial downfall. He wanted the money to be seized for the benefit of the scam victims.

"While Madoff's crimes have left many investors impoverished and some charities decimated, Mrs. Madoff remains a person of substantial means. The inequity between Mrs. Madoff's continuing financial advantages and the economic distress of Madoff's customers compels the trustee to bring this action."----CNNMoneey.com (07/29/09, Smith, A.)

After federal authorities seized the assets of Bernie Madoff, his wife who was not charged of a crime, was left with $2.5 million. Her swindler-husband who pleaded guilty of bilking his trusting clients in a decades-long $65 billion pyramid scheme is serving a sentence of 150 years in the Butner Federal Correctional Institution in North Carolina. The huge financial fraud left thousands of investors in financial ruin.

The money involve in this Madoff crime reminds us that America has become dishonest and extravagant in its spending. There are many US citizens who live a high life way beyond their means at the expense of others. They are not used to simple living. It augurs badly on their adaptability in the face of financial hardship.

One can just point to the billions and trillions being spent by the government that many cannot fully understand. With mismanagement and lack of accountability, it is likely to compromise the financial future of taxpayers and the next generation.

The budget deficit of the country is at an alltime high that even China is starting to question USA's ability to pay. The extravagant spending of the Obama administration doesn't match his rhetoric of belt-tightening and cost-cutting---his campaign promise during the election. There is a time when America is thought to be too big to fail, but in times of economic crisis, even the strong can slump down on his knees. (Photo Credit: NY Post) =0=

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Labels: bankruptcy, Bernard Madoff, financial, fraud, investments, Ponzi, prison, Pyramid scam, Ruth Madoff, swindler, Totie Mesia

King Ponzi schemer Bernard Madoff gets max of 150 years in jail

6/30/2009 | Posted by mesiamd | Edit Post

After irate testimonies from his victims, the financial whiz Bernard Madoff who defrauded his clients of some $65 billion in a Ponzi scheme, the largest in recorded history, was sentenced to 150 years in prison. It was the maximum that could be handed for a crime of such magnitude. The sentence was far more than the 12 years his lawyer asked for the reviled deceitful defendant. He stole huge money from trusting investors all across the globe right under the noses of government regulators.

US District Judge Denny Chin of the Manhattan Federal Court in New York handed the verdict to the cheers of a crowd that included his disgruntled clients from all across the social economic spectrum----investors from all races--- rich and poor, young and old, known and incognito who have lost their life savings and humiliated in a spurious money operandi masterminded by Madoff.

"Here, the message must be sent that Mr. Madoff's crimes were extraordinarily evil," Chin said. "This kind of manipulation of the system is not just a bloodless crime that takes place on paper, but one instead that takes a staggering toll."---Judge Denny Chin (06/29/09, New York Daily News (06/29/09, Zambito, T, Martinez;Siemaszko, C.)

Some of Madoff’s Victims
------------------------------------------Description---------------------Amount
Fairfield Greenwich Advisors-----investment firm--------------$7,500,000,000
Banco Santander------------------Spanish bank-----------------$2,870,000,000
Bank Medici-------------------------Austrian bank----------------$2,100,000,000
HSBC--------------------------------- British bank-------------------$1,000,000,000
BNP------------------------------------French bank-------------------$431,170,000
New York University------------------University--------------------$24,000,000
Korea Teachers Pension----------Korean Pension Fund---------$9,100,000
Marc Rich------------------------------fugitive financier--------------Not available
Yeshiva University---------------------NY private university--------$14,500,000
Int’l Olympic Committee--------------Olympic organizer----------$4,800,000
Zsa Zsa Gabor-------------------------actress------------------------$10,000,000
Diocese of St. Thomas--------------Cath. Church (Virgin Is)-----$2,000,000
Source: http://s.wsj.net/public/resources/documents/st_madoff_victims_20081215.html

In a statement Madoff’s wife Ruth who was not charged of a crime spoke of her shame and embarrassment, saying she too was betrayed. Most of those who followed the case, including the victims believe, Madoff who lived an extravagant life, got what he deserved.

His clients had been hurting since the discovery of the fraud. The 71 year-old former Nasdaq chairman apologized for his wrongdoing which ruined the finances of many. After a 6-minute statement of regret, the king of Ponzi was led by gurards to a solitary maximum security seclusion at the Manhattan Federal jail. More investigation had to be done to uncover the money trail in the confusing gargantuan scam. (Photo Credit: GiganticPanda) =0=

RELATED BLOGS: "Bernard Madoff, accused top Ponzi scheme artist is allowed bail" Posted by mesiamd at 1/13/2009; "Ponzi wiz Bernard Madoff sent to prison" Posted by mesiamd at 3/13/2009

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Labels: Bernard Madoff, financial, fraud, jail, laws, money, Ponzi, prison, Ruth Madoff, scandal, sentence, Totie Mesia, verdict

David Letterman vs. Gov. Sarah Palin: Jokes in bad taste and an "epidemic" of (in)sincere apologies?

6/12/2009 | Posted by mesiamd | Edit Post

When Pres. Gloria M. Arroyo was caught in an foul phone call in the “Hello Garci” case, she had no choice but to apologize to the Filipino people. When the seemingly straight arrow US Senator Tom Daschle was found to have evaded taxes during a background check, he apologized to the Americans.

Many followed through with their own mea culpas for certain wrong-doings. Bernard Madoff did so for defrauding his trusting clients of $65 billion in his Ponzi scheme. Dr. Hayden Kho was “remorseful” for spreading his scandalous sex videos which humiliated his girl friends and insulted the medical profession.

Now it’s late-night comedian David Letterman’s turn to apologize for making fun of Gov. Sarah Palin and her family. Letterman, the 62 year-old ageing laughbag who should know better, made some sexual jokes on Willow, one of Palin’s underaged chidren of having to fend off Eliot Spitzer (a sexual problem) and getting raped by Yankees sportsman Alex Rodriguez during a New York visit.

The joke relates to the hateful and long-standing rough handling of Palin who espouses conservative beliefs on pre-marital sex---obviously her freedom to do so being in America.

After offending people, which of these public apologies are real? Where is the sincerity? In spite of the outrage from tolerant people, why is the mainstream media, TV, and cause-oriented groups silent of the mockery of the Palins?

The conservative family from Alaska was offended and issued a statement which was quickly answered with a lot of back-hand humor by Letterman to the delight of his fans. Had Gov. Sarah Palin never run for vice-president during the last election, her family could have been left alone. For her conservative views, the governor of Alaska had been a target of unfair "minding" by secular individuals who don't agree with her opinion.

It looks like USA is degenerating into a warped society whose beneficient culture is going down the drain. At the expense fairness and in the guise of humor, some people like Letterman have become insensitive. Mockery seems in vogue for certain people, but off-limits to others like Pres. Barack Obama's children.

Political correctness takes a double standard. For those who watched Letterman “apologize” in camera, many are struck by the (in)sincerity and appalled by the hideousness of his jokes. (Photo Credit: gettyimages/ Fame/ Extracomposite; http: extratv.warnerbros.) =0=

UPDATE: June 16, 2009--- Amidst vociferous protests and criticisms versus David Letterman, the late night comedian apologized to Gov. Sarah Palin and her family. Letterman said for a joke that was wrong. Gov. Palin who protested that such joke was degrading to women----encouraged disrespect and exploitation of to certain group of people, accepted the apology.

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Labels: apology, comedy, culture, David Letterman, Dr. Hayden Kho, entertainment, Gov. Sarah Palin, insult, Justice, political correctness, Ponzi, Totie Mesia, truth

Ponzi wiz Bernard Madoff sent to prison

3/13/2009 | Posted by mesiamd | Edit Post

"It's a little bit like seeing the devil," said Burt Ross, a lawyer from Englewood, NJ who lost $5 million in Madoff’s swindle. Feeling betrayed, DeWitt Baker, an investor who lost more than $1 million angrily fumed "I'd stone him to death." ----AP (03.12/09, Neusmeister, L; Hays, T)

Bernard Madoff, the personification of Wall Street greed and reckless extravagance has admitted guilt of pulling the biggest Ponzi scam in history. In the Federal Court of Manhattan, in New York, US district judge Denny Chin revoked Madoff’s $10 million bail and ordered the disgraced swindler's confinement to a windowless room at the Metropolitan Correction Center instead of being comfortably holed in his lavish $7 million home at 133 E, 64th Street.

For defrauding his clients of $65 billion, at sentencing date in June this year, the former chairman of Nasdaq could get a life sentence---a maximum of 150 years in jail for perjury and financial fraud.

Without implicating anyone except himself, the apologetic Madoff who gave no comfort to his victims, pleaded guilty in all counts of fraud. In doing so, many believed his acceptance of full responsibility was a way to protect his wife Ruth, his family, and friends. His victims were fuming mad. Wall Street regulators ignored the flags of deception which allowed the once respected investment guru to operate without being caught for decades.

Thousands of defrauded clients in the United States and abroad include banks, charities, financial institutions, pension funds, retirees, and private individuals whose life savings and investments have been damaged. In their ranks are those who have suffered irreparable financial ruin with no chance to recover. At least one victim has been driven into committing suicide.

Some of Madoff’s Victims
------------------------------------------Description---------------------Amount
Fairfield Greenwich Advisors-----investment firm--------------$7,500,000,000
Banco Santander------------------Spanish bank-----------------$2,870,000,000
Bank Medici-------------------------Austrian bank----------------$2,100,000,000
HSBC--------------------------------- British bank-------------------$1,000,000,000
BNP------------------------------------French bank-------------------$431,170,000
New York University------------------University--------------------$24,000,000
Korea Teachers Pension----------Korean Pension Fund---------$9,100,000
Marc Rich------------------------------fugitive financier--------------Not available
Yeshiva University---------------------NY private university--------$14,500,000
Int’l Olympic Committee--------------Olympic organizer----------$4,800,000
Zsa Zsa Gabor-------------------------actress------------------------$10,000,000
Diocese of St. Thomas---------------Cath. Church (Virgin Is)-----$2,000,000
Source: http://s.wsj.net/public/resources/documents/st_madoff_victims_20081215.html

The imprisonment of Madoff is just the tip of the iceberg to the massive scandal that rocks Wall Street. Trust in the financial institutions is at an all time low. Many Americans adversely affected by the economic meltdown are demanding for accountability and prosecution of those responsible in the betrayal of trust. (Photo Credits: Acteon; Jason Smith) =0=

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Labels: Bernard Madoff, crime, fraud, Justice, Madoff schemes, money, Ponzi, Pyramid scam, swindler, Totie Mesia, Wall Street

Bernard Madoff, accused top Ponzi scheme artist is allowed bail

1/13/2009 | Posted by mesiamd | Edit Post

Ponzi scheme artist Bernard Madoff who was accused of swindling the business world of a staggering $50 billion had been granted bail against the assertion of prosecutors that he is a flight risk and an economic threat to the community. During the holidays while waiting for indictment, the former Nasdaq chairman sent friends and relatives diamond bracelets, jewelries, and gifts amounting to about $1 million in violation of a court-ordered freeze.

But Federal Magistrate Judge Ronald Ellis of Manhattan ruled that Madoff (who did not have prior convictions,) could stay in his luxurious $7 million Eastside Manhattan apartment with some additional restrictions--- instead of being locked in jail.

“The anxiously awaited bail decision does put additional restrictions on Madoff, including forcing him to come up with a list of items at his apartment and allowing a security firm to check on the items. The security company will also be allowed to search all outgoing mail from Madoff to ensure that no property has been transferred”.---AP (01/12/09, Neumeister, L)

The judge’s decision disappointed and infuriated many who were victimized by the fraud, supposedly the largest ever in financial history. They believed the accused swindler who was reportedly fitted with an electronic surveillance tag on his ankle got a “different brand of justice than the guy in the street.”

Madoff’s decades-long fraudulent business activity operated similar to a pyramid scam under the guise of a legitimate trading powerhouse which promised high investment yields with low fees. His company which started in 1960 attracted high profile banks, industry leaders, well-connected individuals, loyal friends, and rich celebrities. R. Thierry Magon de la Villehuchet, a prominent hedge fund manager-client who lost $1.4 billion committed suicide in his office in Madison Avenue last month.

In spite of the gravity of the accusations and the public clamor that Madoff be confined in prison, the judge’s decision to put him on house arrest shows how the legal system operates. Following the course of a criminal proceeding, it will take some time before a conviction, if apt for this case, will be decided.

Of course this isn’t consolation. The erosion of trust is astounding. At the back of this monumental fraud, the government regulators appear negligent for the red flags of fraud has been there for years. They have not done a good job in protecting American citizens---especially those ordinary investors on the street. (Photo Credit: Adam Crowe) =0=

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Labels: Bernard Madoff, business, crime, fraud, money, Ponzi, Pyramid scam, R. Thierry Magon de la Villehuchet, swindler, Totie Mesia

UP Ibalon Bicol

Bernie Madoff’s pal dies in pool

After a “life of splendor” Madoff’s wife is sued to turn in $45 million

King Ponzi schemer Bernard Madoff gets max of 150 years in jail

David Letterman vs. Gov. Sarah Palin: Jokes in bad taste and an "epidemic" of (in)sincere apologies?

Ponzi wiz Bernard Madoff sent to prison

Bernard Madoff, accused top Ponzi scheme artist is allowed bail

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