
What Happened To Madoff’s Money?
Almost since the news broke that Bernard Madoff had confessed to running a “$50 billion Ponzi scheme”, one of the key unanswered questions has been, what happened to all that money?
The short answer is, we don’t know yet. “It is still too early to say with any certainty what was going on inside Madoff’s business,” said Stephen Harbeck — who heads the SIPC, which is serving as the receiver for Madoff’s now-defunct brokerage firm — at a press conference outside U.S. bankruptcy court last week.
It’s worth noting at the outset that the $50 billion figure, which came from the SEC complaint quoting Madoff’s own confession, may be inflated. The Associated Press has calculated that investors cumulatively have said they have lost $30 billion.
That’s not exactly pocket change. And despite Madoff’s lavish lifestyle, it would be virtually impossible for him to have blown through that amount, or even a significant fraction of it, on his own or his family’s personal expenses.
Madoff has promised to give an accounting of all his assets by the end of the year. But until the legions of forensic accountants with the FBI, the SEC, and other investigative bodies complete their enormous task of independently tracing the funds, we’ll likely remain largely in the dark.
Still, piecing together various reports, several possible answers are beginning to emerge, which, taken together, may go some way to explaining the mystery.
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Leaders Lie, Civilians Die, and Lessons of History are Ignored
Posted in Commentary, Gaza, Hamas, Israel, tagged Gaza, Gordon Brown, Hamas, Israel, Middle East, Robert Fisk, Tony Blair on December 30, 2008| Leave a Comment »
by Robert Fisk | Published on Monday, December 29, 2008 by The Independent/UK
We’ve got so used to the carnage of the Middle East that we don’t care any more – providing we don’t offend the Israelis. It’s not clear how many of the Gaza dead are civilians, but the response of the Bush administration, not to mention the pusillanimous reaction of Gordon Brown, reaffirm for Arabs what they have known for decades: however they struggle against their antagonists, the West will take Israel’s side. As usual, the bloodbath was the fault of the Arabs – who, as we all know, only understand force.
Ever since 1948, we’ve been hearing this balderdash from the Israelis – just as Arab nationalists and then Arab Islamists have been peddling their own lies: that the Zionist “death wagon” will be overthrown, that all Jerusalem will be “liberated”. And always Mr Bush Snr or Mr Clinton or Mr Bush Jnr or Mr Blair or Mr Brown have called upon both sides to exercise “restraint” – as if the Palestinians and the Israelis both have F-18s and Merkava tanks and field artillery. Hamas’s home-made rockets have killed just 20 Israelis in eight years, but a day-long blitz by Israeli aircraft that kills almost 300 Palestinians is just par for the course. (more…)
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