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Today's Top News
Bernie Madoff
Bernie Madoff, for at least 20 years, ran a Ponzi scheme on thousands of clients, among them the people you and I would consider the best and brightest. Business leaders, celebrities, charities, even some of his own relatives and his defense attorney were taken for a ride (this has to be the first time a lawyer was hosed by the client).
We're clearly in one of those historic, game changing years: up is down, red is blue and black is President. Aside from Obama himself, no person will provide a more iconic face of this end-of-capitalism-as-we-know-it year than Bernard Lawrence Madoff.
Which is too bad. Yes, he stole $65 billion from some already quite wealthy people. I know that's upsetting to them because rich guys like Bernie are not supposed to be stealing from their own kind. Crime, thievery, looting — that's what happens on the other side of town. The rules of the money game on Park Avenue and Wall Street are comprised of things like charging the public 29% credit card interest, tricking people into taking out a second mortgage they can't afford, and concocting a student loan system that has graduates in hock for the next 20 years. Now that's smart business! And it's legal. That's where Bernie went wrong — his scheming, his trickery was an outrage both because it was illegal and because he preyed on his side of the tracks.
Had Mr. Madoff just followed the example of his fellow top one-percenters, there were many ways he could have legally multiplied his wealth many times over. Here's how it's done. First, threaten your workers that you'll move their jobs offshore if they don't agree to reduce their pay and benefits. Then move those jobs offshore. Then place that income on the shores of the Cayman Islands and pay no taxes. Don't put the money back into your company. Put it into your pocket and the pockets of your shareholders. There! Done! Legal!
But Bernie wanted to play X-games Capitalism, run by the mantra that's at the core of all capitalistic endeavors: Enough Is Never Enough. You have the right to make as much as you can, and if people are too stupid to read the fine print of their health insurance policy or their GM "100,000-mile warranty," well, tough luck, losers. Buyers beware!
It would be too easy — and the wrong lesson learned — to put Bernie on TIME's list all by himself. If Ponzi schemes are such a bad thing, then why have we allowed all of our top banks to deal in credit default swaps and other make-believe rackets? Why did we allow those same banks to create the scam of a sub-prime mortgage? And instead of putting the people responsible in the cell block in Lower Manhattan, where Bernie now resides, why did we give them huge sums of our hard-earned tax dollars to bail them out of their self-inflicted troubles? Bernard Madoff is nothing more than the scab on the wound. He's also a most-needed and convenient distraction. Where's the photo on this list of the ex-chairmen of AIG, Merrill Lynch and Citigroup? Where's the mug shot of Phil Gramm, the senator who wrote the bill to strip the system of its regulations, or of the President who signed that bill? And how 'bout those who ran the fake numbers at the ratings agencies, the lobbyists who succeeded in making sleazy accounting a lawful practice, or the stock market itself — an institution that's treated like the Holy Sepulchre instead of the casino that it is (and, like all other casinos, the house eventually wins).
And what of Madoff's clients themselves? What did they think was going on to guarantee them incredible returns on their investments every single year — when no one else on planet Earth was getting anything like that? Some have admitted they did have an inkling "something was up," but no one really wanted to ask what it was that was making their money grow on trees. They were afraid they might find out it had nothing to do with gardening. Many of Madoff's victims have told investigators that, over the years, they have made much more than the original investment they gave Bernie. If I buy a stolen car from the guy down the street, the police will take that car from me regardless of whether I knew it was stolen. If I knew it was stolen, then I go to jail for receiving stolen property. Will these "victims" give back their gains that were fraudulently obtained? Will the head of Goldman Sachs reveal what he was doing at the meetings with the Fed chairman and the Treasury secretary before the bailout? Will Bank of America please tell us what they've spent $45 billion of our TARP money on?
That's probably going too far. Better that we just put Bernie on this list.
Moore's new documentary on the wonders of capitalism will be in movie theaters this fall.
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51 Comments so far
Show AllFinally a ray of truth in this jungle of darkness we call the media. Michael, you forgot to mention that Bernie Madoff catered to the jewish community. Check the list of names making claims o get their plunder back and you will see it is sad but true. If Eli Wiesil thinks Bernie a God does that mean he is worshiping the golden calf? After all that man has been through? What will it take for all people in this country to unite against tyranny, injustice and allow the freedoms we were originally intended to have come home to us so we can live in peace? I love my counry but I can't find it anymore.
As usual, Right on Michael! Nevertheless, I expect little will change. Oh, Obama and crew will change the window dressings a bit and tidy up, but I highly doubt we'll see a return to the Rooseveltian controls that existed prior to the Reagan-BV$H era. If Obama and company are really serious about reform of Wall st. and the related Banksters then we should be seeing a re-intro of the Glass-Steagall act. and other regulations that were removed these last 30+ yrs. I'm not holding my breath. I don't think we've really learned that GREED destroys much more then it builds, yet. I think until half the population is reduced to utter poverty nothing will change and even then it won't change. America is not exceptional, it is just another has-been Empire in decline.
A cap on personal net worth decided by a yearly referendum would undo the damage of unlimited wealth. It's effective where progressive taxation is not. Taxation has never worked. The 1% make the tax laws.
Who is going to jail?
Who the f*** is going to jail?
This simple question is CENSORED from debate in all corporate media.
Why?
Because this question would start a chain reaction of public anger and demand for accountability.
Only honest little people go to jail.
"I know that's upsetting to them because rich guys like Bernie are not supposed to be stealing from their own kind."
After the poor and middle classes have been laid low, who's left to prey on?
But see they aren't supposed to prey on rich guys in their own country. That's what wars are for. Rich guys in different countries round up a bunch of the poor guys who don't have anything left to steal and they make them kill each other until one bunch kills enough of the other bunch that they can go steal what the losing bunch's rich guy has. Then they give all that losing rich guy's stuff to the winning rich guy and that way the poor guys get to be honorable.
Bernie isn't honorable because he didn't get anybody to kill anybody.
As an almost sole progressive voice that has managed to find traction in the corporate media, Michael Moore take on the scandal embodied by Bernie Madoff is one that needs to be out there to counter douche bags like Rick Santelli (the putative "inspiration" for the teabaggers). Moore rightly points out that it is the entire financial industry that is guilty, not just a few bad apples. What remains to be seen is how much longer must this sector's misdeeds be tolerated before the temptation to tar & feather the lot becomes overwhelming.
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Please don't forget the splintering and uncomfortably raw hewed _ P O S T _,
for them to ride starkly upon into dark recesses of infamy.
Ah, I am proud to read such patriotic postings! You are all true Sons of Liberty!
And after that, please don't forget to pull down their house. All it takes is a few hundred people who each take one brick a piece out of the wall. If you look at the bank looting (TARP) as an undeclared tax; then pulling down tax collector's houses is a long-known American tradition; a repeatable part our patriotic heritage. (Boston, 1770's)
We could say we are collecting taxpayer's interest on the undisclosed bailout principle. ;-)
TJ
"All tyranny needs to gain a foothold is for people of good conscience to remain silent." - Thomas Jefferson
Madoff perfectly represents both the money mad piracy of the Republican and Democratic parties and the insatiable greed and autocannibalism of the USA's financial sector which will, if given the opportunity, destroy this country.
bernie is the oj simpson of the bank scam
a face to focus on while all the cash gets removed out the back door
who gives a fuck if he ripped off rich, mostly jewish investors and charities
am i supposed to feel sorry for them when they themselves knew they were in on a scam of some kind. so long as th cash flowed they were down with whatever skulduggery big b was up to
now they know how the goyims feel
anyway, it is small potatoes compared to the 12 trillion the banks have stolen with the able assistance of their "man in amsterdam" moore's much vaunted man - prez obama, nwo shill and charming snake oil salesman
unless and until we begin criminal prosecutions for the bank scam we are consigned to great depression that could very well see the end of the republic
think of it this way - obama, as he was meant to do, has helped the rockefellers get their equity out of the american economy through the bailout
fuck bernie madoff - why isn't reckefeller - the 200 year old vampire - in prison
btdubs: nice to hear dick durbin finally admit that goldman sachs owns the government
as jesus said: you shall know the truth and the truth shall set you free
Great post ma g, great post. The bilderBERG group and the Fed must be laughing all the way to the Caymans. We need to stop writing congress because it doesn't do any good, and start writing our generals.
Dear Four-Star General,
Please defend the constitution and save the republic. Please add Bilderberg Group and Skull and Bones at Yale Univ to your list of predator domestic drone targets. They are clearly terrorist organizations who have been behind most of the grief of US citizens for about a hundred years.
Thank you General,
Signed
The people (remember us?)
"If Ponzi schemes are such a bad thing, then why have we allowed all of our top banks to deal in credit default swaps and other make-believe rackets? Why did we allow those same banks to create the scam of a sub-prime mortgage?"
WE didn't! It was the spineless and corrupt on Hard-on Hill that allowed this fraud to take place.
Madoff robbed richer, better connected people, so they nailed him.
Yes, and notice importantly that the hundreds of complicit Madoff camp followers were ALL let go -- still preferentially being unapologetically elite and _ r i c h .
Namaste
M I C H A E L __ M O O R E ,
Thank you very much, and more power and readership to you.
The entire MEDIA frenzy about high paid salaries of egregiously corrupt and wanton banksters, has been the perfect ruse to cause America to avoid the real issue of sending them to jail and taking back the illicit stolen funds.
It's not a BAIL-OUT it's a RIGHT-OFF and PAY-OFF of bankster's hidden agenda and purposes to inflate the bubbles beyond knowing, and then for their ill gotten pseudo-debt created with illusionary and vacuous derivatives -- Socialize the losses and privatize the profits.
None of the losses or gains were actually real until, the taxpayers were bridled with the loses -- and then the profits became tangible and ludicrously malignant to society.
This is treason, not just outright daylight robbery.
Namaste
As I see it, the whole problem is the concept of getting all you can for yourself. Civilization is based on the fact that we are all better off with group effort, and no one can be completely self-sufficient nowadays. Yet the present system demands that each person struggle for his/her own wealth. Until we arrange for equal distribution of society's products,it will always be the same.
It's rare we have Treachery, Theft and Predation we can feel Good about.
But Sixty Billion dollars separated from 100 Ivory Tower Place, NY, NY?
Awe...that is simply awful, and I feel just terrible about their personal losses.
Because it's no trifle-their children dying or world famine. They lost MONEY. That hurts one with good breeding. One can HAVE more children, don't you know?
Moore says... "It would be too easy — and the wrong lesson learned — to put Bernie on TIME's list all by himself. If Ponzi schemes are such a bad thing, then why have we allowed all of our top banks to deal in credit default swaps and other make-believe rackets? Why did we allow those same banks to create the scam of a sub-prime mortgage? And instead of putting the people responsible in the cell block in Lower Manhattan, where Bernie now resides, why did we give them huge sums of our hard-earned tax dollars to bail them out of their self-inflicted troubles? Bernard Madoff is nothing more than the scab on the wound. He's also a most-needed and convenient distraction. Where's the photo on this list of the ex-chairmen of AIG, Merrill Lynch and Citigroup? Where's the mug shot of Phil Gramm, the senator who wrote the bill to strip the system of its regulations, or of the President who signed that bill? And how 'bout those who ran the fake numbers at the ratings agencies, the lobbyists who succeeded in making sleazy accounting a lawful practice, or the stock market itself — an institution that's treated like the Holy Sepulchre instead of the casino that it is (and, like all other casinos, the house eventually wins)."
There are some pretty good questions here. I'm surprised he asked about getting the mugshot of "the President who signed the [Glass-Steagall] bill'.
This question kind of bothers me though:
"why did we give them huge sums of our hard-earned tax dollars to bail them out of their self-inflicted troubles?"
--WE didn't give them the money. I believe Bush/Paulson/Obama/Congress gave them the money. I believe WE (the People) were overwhelming (80 something percent) against the bailouts - as were over 200 of the most prominent US economists.
Also, what about including the mugshots of ex Goldman Sachs CEO's? Or the mugshots of Rubin, Summers, et al?
And, don't you think it would help to ask a question about why Obama's economic team consists of these same bankers you forgot to mention? I mean, if you are really serious about shining a spotlight on the guilty parties then it may help to include them as well.
Great. I await MM's next film. Just in time to ride the wave of intere$t. But it's too little, too late. So what, Michael?
Moore should next focus on the Media in this country. It's what's produced the Roger Smiths, the Columbines', the wars, our "healthcare system" and ongoing thievery by Big Financial. At the heart of the media is advertising. They will scream that they just report the news. The fact is they define, decide and promote the stories that will drive the money.
Get to the root, Michael.
Get to the media.
"Copyright © 2009 Time Inc." ...indeed.
moonpie wrote:
"Get to the root, Michael.
Get to the media"
_____________________________________________________________________________
The media is just a tool owned and controlled by big money/business.
So, the root of the problem is big money/business.
Too late now, Madeoff's in jail. Should have filmed a Weekend At Bernie's Part II party. Go to all his mansions with a group of his victims and have everyone take his stuff, stick him in a wheelchair with a hat and sunglasses on, drive him around and take back what the government won't give back (no mention of that anywhere, or how much money recovered).
Nah, the "Weekend at Bernie's" gambit has been done to death-- just ask the late (?) Ken Lay.
· Yr Obd't Servant
Madoff did the unforgivable. He ripped off the rich. If he had just done what everyone else does, ripped off the poor, he'd still be running around.
When the people fear their government there is tyranny,
when the government fears the people there is liberty.
~ Thomas Jefferson
You know, the concept of a Ponzi scheme is interesting. Quite often, this accusation can be levied or proven because the company one invests in produces nothing of value. Yet the "value" is usually based on "profit." Of course, "profit" is only money that someone else has been convinced to invest in some aspect of the business or its products.
If one fools a businessman into investing in the business no adequate product exists, and the business ultimately folds, that's a Ponzi scheme.
If one fools a client into buying a rotten product to pay back the businessman who invested in the rotten business, that's sales.
If one produces a rotten product, and the business fails because no one wants to buy it, so the investors lose their investment, whether this is a Ponzi scheme or just a failed business appears to be exclusively a question of the intent of the founder of the business.
If one claims falsely to be elected to run an enterprise, then gets people to invest in a war run by that enterprise, claiming falsely that the war produces some non-existent product, is this less fraudulent because the money to pay for that project cannot yet be said to exist?
Ah, Bernie, ye werent' grand enough.
In the rather foreboding world of "high" finance, there is a new game in town, which from my reading is another super-PONZI scheme, where nothing becomes something but only long enough for Gollum Sacks to become richer.
See this
The Incredible Shrinking Market Liquidity, Or the Upcoming Black Swan of Black Swans
Here: http://www.sott.net/articles/show/183455-The-Incredible-Shrinking〓snip〓
Paste below, at the end of truncated URL above:
-Market-Liquidity-Or-the-Upcoming-Black-Swan-of-Black-Swans
This is mostly financial wizard tech-speak, so it is nice that they point ot this article, which summarizes a few key aspects of above avalanche of details :
Does Quant Fund Unwinding Explain Bullish Market Behavior?
Here:
http://seekingalpha.com/article/131138-does-quant-fund-unwinding〓snip〓
Paste below, at the end of truncated URL above:
-explain-bullish-market-behavior
For example :
"Evidence is starting to mount that the recent bullish action in U.S. equity markets may be partially due to an unwinding of quant positions--a situation that may have adverse repercussions for the market in the near term.
"Anyone who is doing anything sensible right now is either losing money or is out of the market entirely.
First, a sharp fall in beta could be a contrarian bullish for equities if HFs are forced back in. Secondly, HFs are an important source of liquidity for the markets - particularly true of quant funds employing high-frequency algorithmic and programming trading strategies. A big drop in HF presence in the equity markets could result in rising volatility.
For example, Goldman Sachs (GS) and Morgan Stanley (MS) are most likely in better shape than Bank of America (BAC) and Citigroup (C)
What does this mean for the market going forward? At first, one may be tempted to say that once the forced unwindings have diminished, the market will fall of its own weight, or at the very least there will be a convergence between financials and consumer discretionary stocks, on the one hand, and energy, staples, and utilities, on the other. But another possibility is that because the dips have been bought repeatedly as this rally has progressed, investors may now be in the collective mindset that the dips will continue to be bought. And thus, in a self-fulfilling way, investors may continue to buy the dips, thereby stretching the rally beyond what many would have initially thought was possible (or reasonable)."
I take this to mean that there is a new 'pump and dump' going on and that GOLLUM SACKS is 5-fold poised for major increases in profit.
Namaste
Excellent post Namaste,
One reason we've avoided a further crash imho, is that all of wall street is a giant poni scheme. We can't be losing nearly a million jobs a month and still be trading sideways? And GM has sold how many cars the last reporting period? (they won't even report the numbers on many news outlets because they are so bad.)
How do you say a recovery is happening with no visible means of support? Check out the "Plunge protection Team":
Plunge Protection Team
"Plunge Protection Team" was originally the headline for an article in The Washington Post on February 23, 1997,[2] and has since become a colloquial term used by some mainstream publications to refer to the Working Group.[3][4] Initially, the term was used to express the opinion that the Working Group was being used to prop up the markets during downturns.[5][6] Financial writers for British newspapers The Observer and The Daily Telegraph, along with U.S. Congressman Ron Paul and writers Kevin Phillips (who claims “no personal firsthand knowledge” and is “not interested in becoming a conspiracy investigator”) [7] and John Crudele,[8] have charged the Working Group with going beyond their legal mandate. Claims about the Working Group, which are labeled conspiracy theories by some writers, generally include that it is an orchestrated mechanism that attempts to manipulate U.S. stock markets in the event of a market crash by using government funds to buy stocks, or other instruments such as stock index futures—acts which are forbidden by law. In August 2005, Sprott Asset Management released a report that argued that there is little doubt that the PPT intervened to protect the stock market.[9] However, these articles usually refer to the Working Group using moral suasion to attempt to convince banks to buy stock index futures.
http://en.wikipedia.org/wiki/Plunge_Protection_Team
All smoke and mirrors, imho, since Nixon couldn't pay the french back their silver in 1972 and took the dollar off the gold standard. Now the dollar is backed up by what exactly? More worthless dollars. I think I'll stop accepting paper money. Got barter goods?
National Boycott
National Strike
TJ
"All tyranny needs to gain a foothold is for people of good conscience to remain silent." - Thomas Jefferson
what can you say about this article? it's TIME mag for heaven's sake. he makes some great points.
and you people crying "omg, rich people got screwed!" there were plenty of non-profits, charities, universities & colleges, and private philanthropies that got screwed, too. some of them maybe should have known better, but.......
rush limbaughs taint, yes. And all of them were hauling in unbelievable profits, and not wondering how could this be.
I watched a local high school here in Eugene screw up an orientation meeting for middle school graduates, and then cover up and blame the middle school. That was 14 years ago, and I realized that this country had gone from honor and accountability to CYA. Still is. If people didn't look into why they were making so much money, it's because they didn't want to know. They wanted to have the money and stay in their comfort zone. You know, the eat your cake and have it too.
When the people fear their government there is tyranny,
when the government fears the people there is liberty.
~ Thomas Jefferson
Honor among thieves
"Will the head of Goldman Sachs reveal what he was doing at the meetings with the Fed chairman and the Treasury secretary before the bailout?"
Probably having a good laugh that people like you (Progressives? Ha!) were out there campaigning for the bailout by campaigning for Obama. Instead of opposing the bailout through a third party candidate who actually represented your views.
Hey Mike, enjoy your change. Goldman Sachs is loving it. Have they thanked you yet?
In GOLDMAN Sachs AKA "MEN WITH SACKS OF GOLD" We TRUST. That is what should be on every bank note with a picture of the Golden Calf we all worship. One Nation Under GOLD.
D o e s _ G o l d m a n _ S a c h s _ r u n _ t h e _ g o v e r n m e n t ?
See here: http://www.sott.net/articles/show/183423-Does-Goldman-Sachs〓snip〓
Paste below, at the end of truncated URL above:
-run-the-government-
Also see here :
J a c k _ B a u e r _ c a n ' t _ s t o p _ ' T h e _ G o l d m a n _ C o n s p i r a c y '
See here: http://www.sott.net/articles/show/182789-Jack-Bauer〓snip〓
Paste below, at the end of truncated URL above:
-can-t-stop-The-Goldman-Conspiracy-
Namaste
P . S .
What type of 'golden parachutes'
do GOLLUM SACKS executives get ?
Thank you Michael Moore for once again bringing truth to power.
Right now is a good time to address the problem of the people being in thrall to wealth. Church-goers can encourage their ministers to discuss it in their "sermons".
Anyone who knows lawyers/judges can encourage them to emphasize the negative impacts of greed in their arguments and judgements.
College students can do graduate theses on bankster greed, and accelerated US shift to social democracy, and tell their families/friends all about their findings.
Those looking for an excuse to get out of cog-in-corp jobs, in any industry, can let the general greed be the reason.
Those in the military can decide that defending the banksters interests is no longer so noble an occupation.
The banksters pay computer techies extremely well, as much as they pay lawyers. Ask these techies if the annual new SUV is really worth the ethical limbo.
Hey RR...
The reason few people challenge your assertions about socialism and true communism and the historical dialectic that capitalism will eventually give way to socialism once the industrial base is built... Is that there are no convincing arguements that justify capitalism...
Folks have been trying for over 150 years to pick apart Marxist theory... Still waiting... All they can do is demonize it and attempt to discredit socialist theory by confounding it with the gangster communism of Stalin or Mao...
On the flip-side... We haven't even had true capitalism yet, where unfettered market forces drive the economy... With corporate personhood & subsidies and war, we have a perverted form of gangster capitalism...
There is not much difference between an oligarchy running a capitalist or communist economy... They are still gangsters...
Great piece by Michael Moore.
Simple truth is that there WERE laws in place to deal with this, but they were not enforced by those charged with enforcing them.
The law did not fail, its enforcment, lack thereof, is what failed.
If Bernie had just followed the lead of Rubin, Weill and other Wall Street swindlers and written some big checks to Barack Obama's campaign, Geithner would have rushed to the rescue with tens of billions of dollars borrowed from Asians in our children's and grandchildren's names and he could have continued business as usual. That's the one real investment he should have made.
"To live outside the law you must be honest."
---Bob Dylan
-30-
Social Security is a Ponzi scheme.
Interesting idea. Is the only difference the fact that we KNOW SS is a Ponzi scheme?
"I know that's upsetting to them because rich guys like Bernie are not supposed to be stealing from their own kind." You're right Michael, Bernie was not supposed to steal from the other richfilth blood drinking animals - he was supposed to steal it from us, he was supposed to destroy our lives, he was supposed to steal our futures, he was supposed to rape us to death, the way the other richfilth blood drinking animals do. Let them burn. Let them die. Let them die screaming and screaming and screaming the way we screamed when we died...kill them all, fertilize your lawns with their blood and entrails as they have paved their driveways with the bones of our children. Who said life was supposed to be fair, hmmmmnn? Then we can eat them. Roasted richfilth animals on toast with a creme sauce. Yum Yum.
there's not much mention here about all of those working class blue collar sorts who generously support the stock market "casino" referred to by moore, who, combined with a lack of knowledge of the schemes pointed out in the article, are just as guilty as the madoffs of the world.
Americans like to call ourselves brave and free. Nonsense. Cowards and captives all. If we really had guts, we would be emulating the French in the 1790s at the Bastille. Bailing out the Wall Street bandits? A nation of cowardly idiots. Sorry Obama, but you're on the wrong side of history.
It was clear from day one that Madoff was simply a distraction and I am glad that MM has pointed this out.
MM tells us that Phil Gramm wrote the bill to deregulate the Banking industry
and the president signed it...What MM is not telling us is that it was
Bill {Bubba} Clinton who gave us Nafta and Nafta Flu that signed the bill
that would deregulate the Banking and Financial Industry.
It is high time for MM and all those Big-shot Democrats to admit to the
public that Bill {Bubba} Clinton sold out the working classes during his
term in office. Bubba is responsible for the sell-out of our industrial base
to China and other 3rd world countries. Today Bubba is hauling in Millions
of dollars every day from some of those countries. What a sellout.
It was former Sen Phil Gramm with Chris Dodd and the approval of Bubba that
they were able to write a bill to eventually screw the working classes.
Says Moore, "Many of Madoff's victims have told investigators that, over the years, they have made much more than the original investment they gave Bernie. If I buy a stolen car from the guy down the street, the police will take that car from me regardless of whether I knew it was stolen. If I knew it was stolen, then I go to jail for receiving stolen property. Will these 'victims' give back their gains that were fraudulently obtained?"
Great question! Why haven't I heard it before?