Madoff

Institutional Complicity: Parallels to Wall Street Corruption

With the accumulated body of scientifically vetted evidence pointing squarely at the reality of incendiary and explosive devices in the WTC complex, apologists for the official theory have forcefully resorted to the absence of (acceptable) whistle-blowers as a reason to dismiss the calls for a new investigation. And it must at least give one pause. Why haven't more people come forward with explicit details?

We may find insight into that question by taking a closer look at the intricate web of deals that allowed the most massive defrauding of the public in recorded history. The specifics are complicated, but a synopsis is useful:

Mortgage companies like Countrywide and Freddie & Fannie, with financing from a handful of household names of the banking world, sold adjustable rate (subprime) mortgages to millions of Americans who previously didn't even come close to qualifying for a home loan.

Larry Silverstein's investments are "Pulled" in Madoff Ponzi Collapse

Actor, baseball legend, big developer, some Canadians on Madoff client list

13 hours ago

NEW YORK — Hall of Fame pitcher Sandy Koufax. Actor Kevin Bacon. World Trade Center developer Larry Silverstein.

All three are among thousands of names on a list of clients of disgraced financial wizard Bernard Madoff.

The list - 162 pages of 84 lines each, but with many omissions of personal names and duplications reflecting multiple accounts - has been made public in a filing in U.S. Bankruptcy Court in Manhattan.

A testament to the sweeping nature of Madoff's alleged fraud, it includes his relatives, prominent business people, celebrities and charitable institutions.

The list does not specify how much money the customers may have lost, nor does it spell out their connection to Madoff. Some names appear merely to have been on his mailing list.

A few Canadians are on the list, including Judy Pencer, sister-in-law of the late Gerald Pencer, former CEO of soft-drink maker Cott Corp. She declined to comment.

FBI Uses Triage to Shift From Terror to Madoff, Subprime Probes

FBI Uses Triage to Shift From Terror to Madoff, Subprime Probes

By Patricia Hurtado

http://www.bloomberg.com/apps/news?pid=20601170&refer=home&sid=aAZwa1ACdRbc

Dec. 22 (Bloomberg) -- The FBI has engaged in “triage,” taking agents off terror and other crimes to respond to a cascade of financial frauds such as the alleged Bernard Madoff Ponzi scheme, the head of the bureau’s New York criminal division said.

The Federal Bureau of Investigation was forced to reallocate its manpower in New York to deal with recent frauds involving subprime mortgages, auction-rate securities and Madoff, who prosecutors said confessed this month to bilking investors out of $50 billion, FBI official David Cardona said in an interview.

“We have to work those cases which we think pose the greatest threat,” he said. “In this case, it’s a threat to the financial system and Wall Street.”