Madoff, Banking Bailout and the Mob?

As I've been rather preoccupied with the madoff mess thanks to my connection to this via clients who've been bilked, I have spent quite a bit of time trying to find information on the case and on some of the players I've had contact with. My clients' family dealt with Frank Dipascali. He was their investment manager. In other words, they were being swindled by Madoff's right hand man. So, I did some digging on this guy who has been evasive with the feds so far. He's lawyered up and hasn't been saying much of anything yet, when anyone asked, they'd say nothing happened without talking to Frank first. Frank and Bernie controlled access to the 17th floor. The 17th floor was the floor where Bernie and Frank and 8 others worked. Everyone there was related to Madoff, except Frank. Odd, right?

Well, here's an interesting blog that might shed some light on it.

www.talkingpointsmemo.com...

Frank pushes phony equities and his wife writes worthless mortgages

The checks my clients received from Madoff over the years were drawn on a chase account. Frank's wife worked at chase.

Frank's wife is from Howard Beach, New York. This is one of those areas where there's a heavy mafia residence. Is it possible that Madoff was in with the Mob?

The blog linked above raises some rather interesting points.

The US Attorney General removed himself from the case as his son, Marc Mukasey, was representing DiPascali. Marc Mukasey and his dad have very close ties to Rudy Giuliani. Rudy was well known as the man who went after the mob when he was in the US Attorney's office. Giuliani was, publicly, a mob enemy but, is it possible, he was connected to the mob?
Rudy's business partner and former top NYC cop, Bernard Kerik, has been linked to the mob and has fallen from grace, taking "gifts" from a jersey construction company among his many crimes. Then there's this blog regarding Rudy and a slip-up regarding his "family."

moreyetitrouble.blogspot.com...

Sure, it's reaching but, given the history of the mafia in NYC, is it not possible that Rudy was connected and his long time friends the Mukaseys are also connected, thus, Marc Mukasey is representing mob connected Frank DiPascali?

It wouldn't surprise me one bit to see the mafia linked to this. They've been linked to wall street scams for years.

www.wallstreetscandals.com...

why wouldn't they continue to operate in an arena where the profits were there for the taking?

Interesting I have been following the Madoff case and like I posted on another thread on the issue, it seems that many are expecting this case to become center stage after the holidays.

And will indeed be the biggest case in history, due to the fact that from the 25 elite "clients" of madoff were hedge funds with hundreds of clients of their own.

Now only a few have come forward to tell their loses but more will come forward once they find out where their hedge fund managers were investing their funds.

I guess it seems to be something to keep an eye on right after the holidays.

[edit on 23-12-2008 by marg6043]

reply to post by marg6043


as I mentioned in another thread, the 25 clients was hogwash. he listed them in his financials but the feds think he might have had thousands of clients. I know of ten clients (not including the ones being mentioned in the papers). The MSNBC show last night had interviews with several other clients. He was lying about everything.

They're saying this will impact everything from charitable donations to the real estate market. People put their madoff investments up as collateral for loans. The collateral is gone, the loans are at risk of being called.

January will be an interesting month for sure.

It is impossible to be an enemy of the mob without being a friend to another 'family'. Even if not by design, that's the way it works out. These people are always at war within themselves. So you go after one, the other is likely to 'help' you one way or another.

So it is with politicians..., and especially, politician lawyers.

Your theory is not 'reaching' as far as it might.

Yes you are right, he only mention 25 of his elites but he also have regular people investing under his firm.

The mob link is sure to bring some question into the behind close doors deals.

Because Madoff investments were world wide we may see also more coming from oversea as the domino effect goes on.

Many think that this scam will put the bear market behind from getting a good rally.

In the beginning of next year we may see the pull out of money worldwide from hedge funds linked to Madoff investments and clients, and as the result a lot of pressure in the US markets, this may put a lot of hedge funds out of business causing more troubles to the markets.

The predictions are not good.

What the fed will do, I wonder.

just heard on the news that a fund manager who had 1.7 billion invested with madoff was found dead today. bullet to the head. Seems he was a bit upset over the fact that he invested his clients' without doing his due dilligence

Good find,

I guess this type of news will become more regular as the Ponzi scam keeps unrabeling.

I am no surprised a bit at all.

Well I found this link to more of the Madoff scam that probably started back after the crash of 87s when everybody were starting to use the markets to make money out of scams.

About 20 superelite wealthy investors were doing quite well with their new found wealth.

While Mr. Madoff is talking to the SEC and the FBI, I am going to begin telling you more about the scheme that is bigger than Bernie. Soon, I will name those 20 mega-billionaires, their supporting cast — and the man who is their guru. The evidence is pouring in – there is much to reveal.

But for now, let me leave you with a quotation from the Financial Industry Regulatory Authority’s “Notice 93-77.” Published in 1993, it reads:

Shortly after the market crash of 1987, “then Treasury Secretary Nicholas F. Brady referred to the clearance and settlement system as the weakest link in the nation’s financial system…Gerald Corrigan, President of the Federal Reserve Bank of New York noted: ‘The greatest threat to the stability of the financial system as a whole was the danger of a major default in one of these clearing and settlement systems…”

Will Madoff starts singing like a bird? to the FBI?

www.deepcapture.com...

Another tidbit on Madoff, well it seems that he bought a lot of influences in Washington as usual our whores in congress will sell themselves to anybody.

This getting better and better by the minute as we can see government intervention through lobbyist to buy favors.

Bernard Madoff Was an 'Admirer' of Arthur Levitt's SEC

UPDATE: Politico reports that Bernie was buying influence in Washington via the lobbying firm of Dow Lohnes.

As shown by public records , D-L also represents the corporate crime poster child Overstock.com in its jihad to waste regulator resources on the naked shorting hobgoblin. According to OpenSecrets.org, the cash-starved Internet retailer wasted $180,000 pushing Overstock CEO Patrick Byrne's paranoid fantasies.

.

seekingalpha.com...

reply to post by marg6043


I've read in several articles that Madoff's phony transaction date back about 30 years. That would put him ten years ahead of the crash. When I say phony transactions I mean just that. he was reporting pages of transactions to each client, every month. I spot checked a few transactions and found the price on the statement to be outside the boundaries of the trading for that day.

In plain terms, Madoff says he bought a stock on November 12th for $34.90 but the stock traded no higher than $32.25 on that day. Thus, the transaction was fraudulent.

According to the reports, he hasn't been trading in years. He's been reporting trades but they never actually ocurred.

Well Crakeur the more I research in the web the more I find information on Madoff dealings.

I can only imagine the mountain of information that will start getting available as Madoff keeps talking.

Now you said that he has been scamming from 30 years, but he has to be nothing more than a genius to pull a scam for so long.

And he by no means was alone on this one, he needed trusted cronies to be able to last this long.

The trust on the markets and investment firms is going to suffer after this one.

Originally posted by Crakeur
Well, here's an interesting blog that might shed some light on it.

www.talkingpointsmemo.com...

I found the second to last paragraph of the above link very interesting

For what its worth, information about the Dipascalis is fast disappearing from Google.

When I read your post not knowing anything about the Dipascali guy I googled his name and couldn't find very much on or even a picture

Are we talking about the mafia? because business is booming for them with the economic crisis.

www.telegraph.co.uk...

they may not be in the headlines but they are still making a fortune...

I like it where I read that Madoff was also (besides posting suspiciously consistent and good returns) publishing suspiciously low and consistent golf scores...
I was also interested to read that the Thyssen family was (maybe/probably) among the Madoff ripped-off...
[clusterstock.alleyinsider.com...]
because often in conspiratorial world history versions the Thyssen name comes up...

Originally posted by Crakeur
just heard on the news that a fund manager who had 1.7 billion invested with madoff was found dead today. bullet to the head. Seems he was a bit upset over the fact that he invested his clients' without doing his due dilligence

he was found dead on sept. 4 2008 in his pool, cause... heart attack.

www.nytimes.com...

i don't know if this the guy your talking about

or is the guy

www.marketwatch.com...

i have not seen anything about a "bullet"

[edit on 23-12-2008 by jimmyx]

[edit on 23-12-2008 by jimmyx]

[edit on 23-12-2008 by jimmyx]

reply to post by jimmyx


the french guy. That Seth dude's story is very interesting in the soft core porn movie of the week kind of way

Now going back to the Mafia link, I am very interested in this quote,

Well the scandal on Madoff he was sleeping with the SEC, now can even be linked to JP Morgan, let's see how far the investigation will go. Or we are to learn that no only our corporate is ridden by corruption linked to government but also to Mafia.

This is getting better and better.

Update: Joanne Dipascali actually works out of JPMorgan Chase's Iselin NJ office which is the center of the firm's mortgage business. JPMorgan Chase frantically pushed mortgages to anyone who could sign on the dotted line and then pooled them for resale. The statistics in this 2007 offering tells all. Out of a $473 million mortgage pool, only $181 million of mortgages issued were supported by any income verification whatsoever. $440 million of the mortgages are interest only, $238 million had second liens at inception and the average outstanding balance is $476k.

Nice family. Frank pushes phony equities and his wife writes worthless mortgages.

JP Morgan may have been involved in the scam, now that is something that I would love to learn more about.

reply to post by marg6043


JP Morgan isn't going to be linked to the scam. Madoff had an account with them, which he used to issue checks to his investors. He had a couple of accounts with Bank of America as well. As far as I know, that's the extent of their involvement.

You are right about that, after all with all the fraud been done by he financial system and still they got rewarded by our own government is enough to see that in America under capitalism and free markets you only fall when you admit of wrong doings.

As with Madoff.

reply to post by Crakeur

Of course that rat bastard Giuliani was connected & its a wonder they didn't do a Robert Kennedy on his stinking rotund ass, but he was to big of a public figure there in N.Y. & they didn't want to have to go through what Giancana went through with those stinking Kennedys. "Big" Paul Castellano wasn't just whacked because Gotti & Sammy "TheBull" wanted to take over, Giuliani put out the word that Castellano was gonna rat out & its a known fact that he wasn't. Sure he was in custody by the Feds but they had him & he wasn't talking he was just gonna let the chips fall where they may. But you have to understand that a majority of N.Y.'s law enforcement including the D.A.'s office & Judges were on the take at the time. They had everyone from higher ups in legal postions locally to janitors in Courthouses to street vendors in front of police stations & courthouses covered, words could & would get back to Stodt hill & to Little Italy. I just saw on the news where one of the Investors was just found dead of an alleged suicide...Yeah right, & I wanna sell ya the old Yankee Stadium.

If you'll pardon the opinion. But I think there is a real possibility that in the final analysis there is only ONE bank. The wealth flows one-way it seems - and it all heads to the center of the central banking-dominated states of our planet.

The rest is mere shadow puppetry.., and why should the stockholder's care..., it's all their money anyway - from their perspective. The mentality we associate with 'mobs' is fairly well-represented in the financial leadership of the world. Even the Vatican Bank was absorbed into their domain (I think I lost a Pope over that.)

The governments of the world are little more than an elite social order; the perfect tool for those whom they serve.

To quote the late-great Carlin: "It's a club; and we ain't in it."