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The employees were transfixed. Standing on the mid-Manhattan trading floor of Bernard L. Madoff Investment Securities in late 2007, a half-dozen staffers stared up at the ceiling-mounted TV as CNBC aired a report on the mysterious Palm Beach death of a hedge fund manager who had been leading a double life. The police, it appeared, were even considering the possibility that he had been murdered. "Bernie," someone casually asked as Madoff happened to walk by, "have you heard of this guy?"
Madoff glanced at the screen, blanched, and exploded: "Why the F would I be interested in some S--- like that?" The employees recoiled. "I never saw him react like that before," says a Madoff trader who witnessed the outburst. "It obviously hit a nerve."(visit the link for the full news article)
Edited to complete paragraph.
[edit on 24-4-2009 by grover]
... Then there was the man who ran the floor, Frank DiPascali, Madoff's chief deputy on 17. He was a 33-year veteran of the firm, with a rough Queens accent and a high-school education, but nobody was quite sure what he did or what his title was. "He was like a ninja," says a former trader in the legitimate operation upstairs. "Everyone knew he was a big deal, but he was like a shadow."...
... Now that fog may be about to lift. Fortune has learned that Frank DiPascali is trying to negotiate a plea deal with federal prosecutors in which, in exchange for a reduced sentence, he would divulge his encyclopedic knowledge of Madoff's scheme. And unlike his boss, DiPascali is willing to name names.
According to a person familiar with the matter, DiPascali has no evidence that other Madoff family members were participants in the fraud. However, he is prepared to testify that he manipulated phony returns on behalf of some key Madoff investors, including Frank Avellino, who used to run a so-called feeder fund, Jeffry Picower, whose foundation had to close as a result of Madoff-related losses, and others. If, for example, one of these special customers had large gains on other investments, he would tell DiPascali, who would fabricate a loss to reduce the tax bill. If true, that would mean these investors knew their returns were fishy.
If, for example, one of these special customers had large gains on other investments, he would tell DiPascali, who would fabricate a loss to reduce the tax bill. If true, that would mean these investors knew their returns were fishy.
Originally posted by mmiichael
overt scam operations
Originally posted by THX-1138
I think Madoff did it with the help of many others in high places. The money probably went to Israel. The big clue is the huge numbers of Jewish persons and institutions that were placing money with Madoff. The money would be made to "disappear" and the American public would be made to feel sorry for the people that lost the money. The money would fund Israeli black ops and the U.S. taxpayers would be made to pay back the money to the poor, poor Jews that lost it.
It is a funnel to Israel. Madoff will probably disappear under strange circumstances and be reported dead. He'll vacation for the rest of his life in some place that Americans don't visit often. He will be taken care of for life as a reward for bringing $60 billion to Israel.
Originally posted by THX-1138
Madoff was a community organizer. He was the point man to gather money from Jewish people and organizations that was then made to 'disappear' to who knows where. Now that the money has been sent away to its destination the U.S. taxpayers are being asked to cover the bill. It was a bunch of Jewish people pooling money and sending it away and now asking for the Government to reimburse them. It is only logical to think the money was pooled for some major Jewish interest. That would be? Hmmm.......