Difference between revisions of "Bernard Madoff"
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| − | '''Bernard L. Madoff''' ( | + | '''Bernard L. Madoff''' (April 29, 1938 - April 14, 2021) was in dollar terms the biggest crook in history. While holding many prestigious positions such as chairman of the [[NASDAQ]] stock exchange, he directed his company, Bernard L. Madoff Investment Securities, in a [[Ponzi scheme]] that lasted for decades. The scheme was exposed in December 2008, revealing that over 13,000 investors, especially from the Jewish community, lost about $13 billion. The exact amount will take years to determine. People invested and Madoff sent them monthly reports showing in detail how their investments were rapidly growing. There actually were no investments. He was using money from new investors to pay off old clients who needed to redeem their holdings. When the [[Financial Crisis of 2008]] broke, so many people needed cash fast—and so few new ones came to invest—that he could not pay anyone. He told his children, and they called the authorities. |
| − | + | The watchdog of Wall Street, the [[Securities and Exchange Commission]], was warned repeatedly of what was happening. It made superficial investigations, accepting at face value Madoff's lies, then cleared Madoff. Canny investors, realizing that Madoff's promises of a guaranteed 10% annual return were impossible, avoided him. But he had a winning personality as he consented when people came and begged him to accept his money. He also had feeder operations in the U.S. and Europe that were complicit in his scheme by directing billions of dollars to his funds in return for very high paybacks; they now face very complex legal proceedings. | |
| − | + | One of the notable investors with Madoff was the Wilpon family, owners of the [[New York Mets]]; they justified their large, deferred payment to former player [[Bobby Bonilla]] on the grounds that the interest paid to him would be recouped by their returns from Madoff. | |
| + | |||
| + | ==Arrest== | ||
| + | Madoff pleaded guilty to securities [[fraud]]. His company was, according to his own words after his arrest, "Basically a giant Ponzi Scheme." <ref>https://edition.cnn.com/2008/US/12/11/madoff.arrest/?iref=mpstoryview Former NASDAQ chairman charged with fraud.</ref> He was sentenced to 150 years in federal prison. | ||
| + | |||
| + | Before his arrest, Madoff was a leader in [[philanthropy]]. | ||
==Silver Lining== | ==Silver Lining== | ||
| + | [[Abortion]] groups invested heavily in Madoff. The result, [[Planned Parenthood]] is laying off about 20 percent of its staff. Another Madoff investor, the [[Florida]]-based Picower Foundation shut down in December. The foundation was worth $1 billion and is one of the top financial backers of pro-abortion groups. The JEHT Foundation gave $24 million in 2008 to abortion groups as well as the [[ACLU]], also announced closing its doors in December.<ref>[https://www.newsmax.com/insidecover/madoff_funding_abortion/2009/01/12/170584.html Madoff Scandal Rocks Pro-Abortion Groups] NewsMax, January 12, 2009</ref> | ||
| − | + | ==Campaign Contributions== | |
| − | + | Madoff gave considerable financial support to the [[Democratic party]]. A partial list of Democrat campaign contributions from Madoff;<ref>[http://www.worldnetdaily.com/index.php?fa=PAGE.view&pageId=91510 Who'da thunk? Dems made off with Madoff loot!] WND, March 11, 2009</ref><ref>[https://www.opensecrets.org/news/2008/12/madoff-and-company-spent-nearl.html Madoff and Company Spent Nearly $1 Million on Washington Influence] OpenSecrets</ref> | |
| − | == Campaign Contributions == | + | |
| − | Madoff gave considerable financial support to the [[Democratic party]]. A partial list of Democrat campaign contributions from Madoff; <ref>[http://www.worldnetdaily.com/index.php?fa=PAGE.view&pageId=91510 Who'da thunk? Dems made off with Madoff loot!] WND, March 11, 2009</ref> <ref>[ | + | |
* Sen. [[Charles Schumer]], D-N.Y.: $10,000. | * Sen. [[Charles Schumer]], D-N.Y.: $10,000. | ||
* Sen. [[Hillary Rodham Clinton]], D-N.Y.: $1,000. | * Sen. [[Hillary Rodham Clinton]], D-N.Y.: $1,000. | ||
| − | * Rep. Richard Gephardt, D-Mo.:$ 2,000. | + | * Rep. Richard Gephardt, D-Mo.:$2,000. |
* Rep. [[Charles Rangel]], D-N.Y.: $2,000. | * Rep. [[Charles Rangel]], D-N.Y.: $2,000. | ||
* Sen. [[Chris Dodd]], D-Ct.; $1,500. | * Sen. [[Chris Dodd]], D-Ct.; $1,500. | ||
| Line 24: | Line 28: | ||
* Democratic Senatorial Campaign Committee: $102,000. | * Democratic Senatorial Campaign Committee: $102,000. | ||
| − | == | + | ==Death== |
| − | + | Madoff died at the Federal Medical Center in Butner, North Carolina on April 14, 2021, of natural causes at age 82.<ref>[https://www.thegatewaypundit.com/2021/04/democrat-donor-ponzi-schemer-bernie-madoff-dies-prison-82/ Democrat Donor and Ponzi Schemer Bernie Madoff Dies in Prison at 82] at the Gateway Pundit</ref> | |
| − | Madoff | + | |
| − | + | ||
| − | + | ||
| + | ==External links== | ||
*[http://www.madoff.com/ Bernard L. Madoff Investments Securities LLC (“BMIS”)] | *[http://www.madoff.com/ Bernard L. Madoff Investments Securities LLC (“BMIS”)] | ||
| − | |||
*[http://www.catholicnewsagency.com/new.php?n=14720 Madoff fallout drains funding of abortion advocacy groups] | *[http://www.catholicnewsagency.com/new.php?n=14720 Madoff fallout drains funding of abortion advocacy groups] | ||
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<references/> | <references/> | ||
| − | + | {{DEFAULTSORT:Madoff, Bernard}} | |
| − | + | [[Category:American Jews]] | |
| − | + | [[Category:Business]] | |
| − | [[Category: | + | [[Category:Corruption]] |
| + | [[Category:Criminals]] | ||
| + | [[Category:Tricksters]] | ||
Latest revision as of 22:28, May 9, 2024
Bernard L. Madoff (April 29, 1938 - April 14, 2021) was in dollar terms the biggest crook in history. While holding many prestigious positions such as chairman of the NASDAQ stock exchange, he directed his company, Bernard L. Madoff Investment Securities, in a Ponzi scheme that lasted for decades. The scheme was exposed in December 2008, revealing that over 13,000 investors, especially from the Jewish community, lost about $13 billion. The exact amount will take years to determine. People invested and Madoff sent them monthly reports showing in detail how their investments were rapidly growing. There actually were no investments. He was using money from new investors to pay off old clients who needed to redeem their holdings. When the Financial Crisis of 2008 broke, so many people needed cash fast—and so few new ones came to invest—that he could not pay anyone. He told his children, and they called the authorities.
The watchdog of Wall Street, the Securities and Exchange Commission, was warned repeatedly of what was happening. It made superficial investigations, accepting at face value Madoff's lies, then cleared Madoff. Canny investors, realizing that Madoff's promises of a guaranteed 10% annual return were impossible, avoided him. But he had a winning personality as he consented when people came and begged him to accept his money. He also had feeder operations in the U.S. and Europe that were complicit in his scheme by directing billions of dollars to his funds in return for very high paybacks; they now face very complex legal proceedings.
One of the notable investors with Madoff was the Wilpon family, owners of the New York Mets; they justified their large, deferred payment to former player Bobby Bonilla on the grounds that the interest paid to him would be recouped by their returns from Madoff.
Arrest
Madoff pleaded guilty to securities fraud. His company was, according to his own words after his arrest, "Basically a giant Ponzi Scheme." [1] He was sentenced to 150 years in federal prison.
Before his arrest, Madoff was a leader in philanthropy.
Silver Lining
Abortion groups invested heavily in Madoff. The result, Planned Parenthood is laying off about 20 percent of its staff. Another Madoff investor, the Florida-based Picower Foundation shut down in December. The foundation was worth $1 billion and is one of the top financial backers of pro-abortion groups. The JEHT Foundation gave $24 million in 2008 to abortion groups as well as the ACLU, also announced closing its doors in December.[2]
Campaign Contributions
Madoff gave considerable financial support to the Democratic party. A partial list of Democrat campaign contributions from Madoff;[3][4]
- Sen. Charles Schumer, D-N.Y.: $10,000.
- Sen. Hillary Rodham Clinton, D-N.Y.: $1,000.
- Rep. Richard Gephardt, D-Mo.:$2,000.
- Rep. Charles Rangel, D-N.Y.: $2,000.
- Sen. Chris Dodd, D-Ct.; $1,500.
- Sen. Frank Lautenberg, D-N.J.: $11,200.
- Gov. Jon Corzine, D-N.J.: $1,000.
- Rep. John Dingell, D-Mi.: $1,000.
- Rep. David Obey, D-Wi.:$1,000.
- Democratic Senatorial Campaign Committee: $102,000.
Death
Madoff died at the Federal Medical Center in Butner, North Carolina on April 14, 2021, of natural causes at age 82.[5]
External links
- Bernard L. Madoff Investments Securities LLC (“BMIS”)
- Madoff fallout drains funding of abortion advocacy groups
References
- ↑ https://edition.cnn.com/2008/US/12/11/madoff.arrest/?iref=mpstoryview Former NASDAQ chairman charged with fraud.
- ↑ Madoff Scandal Rocks Pro-Abortion Groups NewsMax, January 12, 2009
- ↑ Who'da thunk? Dems made off with Madoff loot! WND, March 11, 2009
- ↑ Madoff and Company Spent Nearly $1 Million on Washington Influence OpenSecrets
- ↑ Democrat Donor and Ponzi Schemer Bernie Madoff Dies in Prison at 82 at the Gateway Pundit
