Who is Bernard Madoff, the man behind the $64 billion fraud?
|Exactly as in the case of AIG/CIA...and Stanford Financial scandles, these seemingly PONZI schemes are in essence the work of the Siamese twins: CIA2/MOSSAD in order to lubricate their False Flag operations worldwide, including rogue and clandestine SOCOM operations. It happened earlier with BCCI, the Al-MADINA Bank fraud in Lebanon and elsewhere...|
AIG is a CIA front....like many other companies...
MADOFF'S PARTNERS ARE TIED TO ISRAELI CRIMINALS
AND ISRAEL'S NOTORIOUS MONEY-LAUNDERING BANK IN NEW YORK
- SO, WHERE DID THE MONEY GO?
The Strange Case of Ira Sorkin
Why Would a Madoff Victim Defend Him in Court?
Understanding the Zionist Fundraising Scheme
Surrounding Bernie Madoff and the Missing $50 Billion
Mega-fraudster Bernard Madoff appeared in court on March 10 to discuss whether his head defense attorney, Ira Lee Sorkin, has a conflict of interest due to the fact that Mr. Sorkin and his family are among the "victims" of Madoff's alleged $64 billion fraud. Indeed, the names of Ira Sorkin and those of his late parents, Nathan and Rosalie, appear no fewer than 9 times on a published list of Madoff's victims. Madoff's parents had at least six accounts with Madoff. Sorkin, however, has yet to appear in a single news photograph with his most notorious client, the much despised Bernie Madoff.
Ira Sorkin, on right in the pumpkin-colored shirt, at a recent Hebrew University event in Palm Beach, has yet to be photographed with his notorious client, Bernie Madoff. Why does he avoid being seen in public with Madoff?
Madoff is usually seen with another lawyer, not Sorkin, when he leaves court.
Prosecutors are asking Madoff to answer questions about a potential conflict of interest concerning Sorkin, who reportedly invested $900,000 with the Zionist con-man who bilked billions of dollars from unwitting investors, according to the New York Post. Madoff was the former national treasurer of such major Zionist organizations as the American Jewish Congress and Yeshiva University (YU). Madoff's defense attorney "Ike" Sorkin had also invested $18,860 with Madoff in a retirement account during the early 1990s prosecutors said in a letter to a federal judge made public today, according to news reports. Madoff has also reportedly said that he will plead guilty to 11 crimes, in two day's time, on Thursday.
Furthermore, from 1995 to 1997, Sorkin served as the Chief Legal Officer and a Member of the Board of Directors for Nomura Holding America, Inc. and Nomura Securities International, Inc., one of the larger corporate victims of the Madoff scam. In December 2008 Nomura Holdings reported losing more than $302 million into Madoff's black hole. Madoff had also defrauded a client's trust fund managed by Sorkin's previous law firm.
Given these obvious connections, the real question being avoided by the controlled-media is: Are Bernie Madoff and Ike Sorkin partners in crime? Three months into the investigation of the Madoff scam and still not one bit of information has been forthcoming about where the billions of dollars disappeared to. In this day and age, after 9-11, when international transactions over $10,000 are scrutinized by federal snoops, how can it be that $50 billion simply disappeared into thin air, or a financial black hole as the case may be? This does not make any sense. Somebody is obviously blowing a very big and thick cloud of smoke around this whole Madoff affair and that cloud obscures the courtroom proceedings and media coverage.
The BBC News reported in February that not one dollar of the Madoff money had been re-invested during the past 13 years. What does this mean? In order for such immense sums to be secretly stashed away, Madoff must have criminal partners in the private banking business who have the ability and capacity to transfer billions of dollars to secret offshore accounts without being seen on the books. Judging by Madoff and the people around him, these accounts are probably in Switzerland or other offshore tax havens, and are controlled by Zionist/Israeli organizations and individuals.
It may, at first glance, seem quite confusing that Madoff's defense lawyer, Ira Lee Sorkin, is actually a defrauded "customer" of his. Why would a lawyer like "Ike" Sorkin want to defend a fraudster like Madoff who apparently stole his money and that of his late parents? Why would Sorkin even want to defend Madoff? What are Sorkin's interests in this huge case of fraud in which some $50 billion are said to have been stolen? Why are high-profile Jewish "victims" like Steven Spielberg and others not going after Madoff with all the power and money they have? What's going on?
As previously stated, it appears most likely that a great deal of the missing money was sent to offshore Israeli-controlled accounts through such corrupt private banks as Israel Discount Bank, where Madoff's partner at Yeshiva University's business school, Sy Syms, has been a director for many years. The Israel Discount Bank is controlled by the Bronfman family. Sorkin, a Zionist supporter and fund-raiser, fits perfectly into this scenario -- as Madoff's lead defense attorney.
WHO IS IRA SORKIN?
Besides his career as a lawyer, Mr. Sorkin is President and Chairman of the Board of a private company called the American Friends of the Hebrew University, Inc. (AFHU). He is also a member of Hebrew University’s Board of Governors and a member of the University’s Executive Committee. Hebrew University is located in Jerusalem and is the oldest Zionist university in Palestine.
As head of AFHU, Sorkin works closely with fellow director Harvey M. Krueger, former vice chairman of the now defunct Lehman Brothers, Inc. Krueger is the former chairman of the Board of Governors of The Hebrew University of Jerusalem, a position he held for nine years, and was the former President and Chairman of the American Friends of the Hebrew University. Krueger is also the past Chairman of the [Shimon] Peres Center for Peace and has been a major fund-raiser for Israel and Israeli banks since the early 1960s.
Harvey Krueger (on right) at the same 2009 Palm Beach event for Hebrew University that Ike Sorkin presided over, with Israeli Carmi Gillon (left). Gillon is a former head of Shabak, the Internal General Security Service of Israel.
Carmi Gillon, as head of Shin Bet. Israeli spymasters are asked to serve on past retirement age. Gillon is the third head of Shin Bet to have a conspicuous role in 9-11 and the financial scam. Abraham Shalom Ben-Dor and Yaakov Peri, a.k.a. Jacob Perry, are two others. Are we beginning to see a pattern?
THE FATHER OF ISRAEL'S ACCESS TO INTERNATIONAL CAPITAL
Krueger was Vice Chairman of Lehman Brothers, Inc. and had held other senior positions with the firm since 1977, when Krueger merged Kuhn, Loeb, & Co., the investment banking firm of which he was CEO, with Lehman Brothers. He is also honorary chairman of Automatic Data Processing, Inc., a provider of computerized transaction processing, data communication and information services. Krueger was chairman of Automatic Data Processing, Inc. (ADP) from 1982 to April 1998 and was its chief executive officer from 1982 to August 1996.
Harvey Krueger: Father of Israeli Access to International Capital Markets
At ADP, a company that specializes in "computerized transaction processing," Krueger would have worked closely with Madoff's friend, Josh S. Weston, a subsequent chairman at ADP, and the company's founder, Henry Taub. Taub serves on the Board of Trustees at New York University with the likes of Maurice Greenberg, Larry Silverstein, Mort Zuckerman, and Edouard de Rothschild. It is through such charitable networks that a great deal of Zionist networking is done.
Krueger has long been a major player in providing Israel with access to international capital, as an 2004 Lifestyles magazine article says, "Since the '60s, this distinguished banking and investment executive has worked tirelessly -- professionally and personally -- on behalf of the Jewish state."
In 1961, when Krueger went to Israel to work on a financing venture for Bank Leumi, he wasn't even sure where the small country was located on the map. He recollects that "Jerusalem was cold and unfriendly." He also says that he didn't particularly love Israel when he first went. However, in 1962, when he returned to do a financing deal for Israel Discount Bank, he had an experience that changed him and his feelings to that mission...
And though to this day Krueger continues to say that whatever he is or has become he owes to Israel, truth be told, a lot of what Israel has become is owed to Harvey Krueger. He is the man who brought Israeli companies into international capital markets: From the 1960s until the '90s he effected almost every international debt and equity financing deal for the country. When in the early '90s other firms realized that Israeli business could be profitable, they, too, wanted a piece of the action and Krueger graciously encouraged it because he knew it would be good for Israel. Nonetheless, to this day, Krueger alone is referred to as the father of Israel's access to international capital markets.
Krueger is a director of a number of American and Israeli public companies, and is a co-founder of the Renaissance Fund, which is dedicated to investing in Israeli companies. The Renaissance Fund was founded by Krueger and Charles Bronfman.
The Renaissance Fund was created in the early 1990s when Bronfman joined his Claridge Israel Inc. with Krueger's Stockton Partners to invest in Israeli businesses. Bronfman has created similar Israeli funds, such as Challenge-Etgar, which are designed to funnel billions of dollars from North America to the Jewish State. With the privatization of the Israel Discount Bank, the Bronfman family obtained a controlling interest in an private Israeli bank that has a branch in Switzerland, where it is allowed to operate with all the secrecy of other Swiss banks. Money that is deposited in the IDB bank in Switzerland is in a financial black hole -- just like the $50 billion that disappeared from Madoff Investments.
Harvey Krueger also sits on the five-man Strategic Advisory Board of Markstone Capital Group, where he and Jacob Perry (a.k.a. Yaakov Peri) plan how they will strategically invest the money they control into Israeli ventures. Perry's bio sketch from Markstone's website says this about him:
Yaakov Peri, a.k.a. Jacob Perry, became a businessman after 30 years in Israel's secret service. His first post: CEO of Israeli Cellcom.
Mr. Perry is a leading figure in Israel in both the public and the private sectors. Mr. Perry is Chairman of Lipman Electronics Engineering and United Mizrahi Bank Ltd. and serves on the Board of Directors of Magal Security Systems Ltd. For the past eight years, he served as President and CEO of Cellcom, Israel’s largest cellular operator. During his tenure at Cellcom, Mr. Perry initiated and supervised several acquisitions and mergers. Prior to joining Cellcom, Mr. Perry served for 29 years in Israel’s General Security Service (Shin Bet). There he held a wide variety of positions culminating with his appointment by Prime Minister Yitzhak Shamir to the position of Director of the organization. During his seven years as Director of the Shin Bet, Mr. Perry oversaw the sweeping changes to the country’s security apparatus. He is considered a leading expert in Middle East security matters.
After being the director of Shin Bet for three decades, Perry went back to school and became a businessman in the United States. Perry was then appointed to serve as president and CEO of Cellcom Israel Ltd., Israel's largest wireless telephone service provider. It should be noted that Perry also serves as a member of Bronfman's Challenge-Etgar Fund advisory board. The former Israeli finance minister, Yaakov Neeman, is another strategic advisor for the Markstone Capital Group. Neeman is the group's "Legal Advisor." Neeman served as Director General of Israel’s Ministry of Finance from 1979 to 1981 and as Minister of Finance during 1997 and 1998. Neeman has served as a member of the Board of Governors of the Bank of Israel and as a member of the Central Committee of the World Bank.
The co-founder and managing director of Markstone Capital is the Israeli, Ron Lubash. Prior to joining the Markstone fund, Lubash was a Managing Director of Lehman Brothers and Chief Executive Officer of Lehman Brothers (Israel) Ltd.
Ran Lubash, head of Lehman Bros. (Israel) carried out $25 billion in cross border transactions for the government of Israel. Where did Madoff's $50 billion go? Ask Ran.
Lubash was the head of Lehman Brothers Israel Country Group (with teams in Tel Aviv, New York, and London). In 1994, Mr. Lubash moved back to Israel to open Lehman Brothers’ Tel Aviv office, the first major U.S. investment banking operation in Israel. During his tenure, Mr. Lubash managed a team that was involved as a lead banker with over $25 billion of cross border transactions for the government of Israel and major Israeli corporations. Mr. Lubash was responsible for nine equity financing transactions for Israel’s four leading banks.
Lubash managed numerous debt transactions for the government of Israel, Israel Electric, and El-Al Israel Airlines, according to his biographical sketch on Markstone's website. Lubash established Lehman Brothers’ private equity investment activities in Israel through the various Lehman-sponsored Funds. Prior to joining Lehman, Mr. Lubash worked for over seven years as a cross-border M&A specialist with the First Boston Corporation and Credit Suisse First Boston in New York and London.
(End of Part 2)
WHERE DID THE MONEY GO?
Where did the Madoff money go? Said to be as much as $64 billion, the key question about this huge scam remains unanswered. After examining 7,000 boxes containing the documents of Bernard Madoff's "investment" company, a U.S. bankruptcy court meeting revealed that there was "no evidence" that any of the money had been re-invested in 13 years, the BBC reported on February 21, 2009:
"...trolling through 7,000 boxes of records dating back 13 years, investigators found no evidence that money paid into the fund offering high rates of return had been re-invested. The monthly statements, they said, "no more than fiction."
Suggested Viewing: "Madoff money 'never re-invested'," BBC News, February 21, 2009
Meanwhile, with incredible arrogance, Madoff is asking the court that he be allowed to keep some $69 million in assets, saying that they are in his wife's name, according to an AP report:
Bernard Madoff is seeking to keep a $7 million Manhattan penthouse and an additional $62 million in assets, saying they are unrelated to the fraud that authorities say cost victims more than $50 billion. In court papers filed Monday, March 2, in U.S. District Court in Manhattan, Madoff and his lawyer claim the apartment, $45 million in municipal bonds and $17 million more in a separate account all belong to Madoff's wife, Ruth.
The bonds in an account held by Ruth Madoff at COHMAD Securities Corp. and about $17 million held by her in a Wachovia Bank account "are unrelated to the alleged Madoff fraud and only Ruth Madoff has a beneficial interest in these assets," Bernard Madoff and lawyer Ira Sorkin said, according to the papers.
Source: Neumeister, Larry, "Madoff seeks to keep NYC penthouse, $62M in assets," Associated Press, March 2, 2009
Stephen A. Weiss, a lawyer who represents about 100 defrauded investors, said investors won't stand for the Madoffs keeping millions of dollars.
"Bernie Madoff has no shortage of chutzpah to suggest as he does that his wife was not the beneficiary of his fraud. It is not only senseless, but offensive," Weiss said after the court hearing on March 3.
The "chutzpah" of Madoff described in the news reports indicates that Madoff is being very well protected by the highest authority in New York and the United States government. After nearly three months, the investigators have not charged Madoff with any crime and he is still allowed to live in his $7 million penthouse -- a home paid for with stolen money while some of his victims have been made homeless by his crimes.
Where does Bernie Madoff get his arrogance and hubris, the "chutzpah" Weiss referred to? There can only be explanation: he knows that he is being protected by the highest power -- and I don't mean our heavenly Father.
Madoff is being protected by his partners in crime, the Elders of Zion, and the State of Israel. The $64 billion did not disappear into an unknown black hole. Such large sums do not simply vanish; these transfers of hundreds of millions are being kept hidden by the investigators and the courts. They have most likely been funneled into Zionist-controlled bank accounts through Israeli banks (e.g. Israel Discount Bank) and private equity funds managed by Israeli intelligence...
Madoff has been funding the rogue war chests of Israeli and American intelligence... As long as Madoff remains silent about this core aspect of the rip-off, he will be allowed to live and justice will be easy with him. This is the quid pro quo of his relationship with Israel and the source of his confidence. He was stealing for a cause - the Zionist and American covert paradigm cause...of the Siamese twins CIA2/MOSSAD and the White House Murder INC,...
Why else have the powerful Zionist individuals and groups supposedly defrauded by Madoff not gone after him tooth-and-nail as they would an Arab or suspected Nazi? Why has the Zionist-controlled media failed to investigate where Madoff's billions disappeared to? Why is Madoff being treated with kid gloves by the court and the media? As we can clearly see from the delayed and obstructed 9-11 tort litigation, the New York courts and U.S. mass media are Zionist controlled instruments of injustice.
Madoff, the criminal Zionist treasurer, has been under home detention since being charged with the theft of as much as $64 billion in early December 2008 (he has had a curfew between 7 p.m. and 9 a.m.). This freedom allowed him to continue to run his criminal enterprise and send millions of dollars of ill-gotten gains to his family and friends. Why has Madoff not been treated like a criminal, water-boarded in Gitmo, and interrogated? His friends think that is the way to treat people who are suspected of having information that is important to the welfare of the American people. Why the special treatment for Madoff? He should hire his own security? What kind of joke is this? The judge who has been so lenient with Madoff is Gabriel W. Gorenstein.
"It's all just one big lie."
- Bernard Madoff to his sons about his $50 billion "Ponzi" scheme
Fraudster Bernard L. Madoff was national treasurer of the American Jewish Congress and Yeshiva University (YU). His business partner at YU was Sy Syms, the long-standing director of the notorious Israel Discount Bank of New York, a bank charged for laundering tens of billions of dollars in 2005. So where did the $64 billion go? The evidence suggests that a large amount of money went to the Zionist criminal network headed by Ehud Olmert and his cronies.
(This article has been read by more than 33,546 people; March 11, 2009)
If a string of similar crimes are committed in the same city by a gang of close associates from the same ethnic group with the same extremist political ideology, one would naturally think there could be a connection. This is precisely the case with the huge financial frauds that have struck New York investment banks, insurance companies, and hedge funds. All of the key players in the current financial crisis are Zionist Jews from a very small political/ethnic community in New York City. But don't expect CNN or the New York Times to fill you in on the details -- the owners of these institutions are part of the same "community."
Three years ago, Bernard Madoff's partner in crime Jacob Ezra Merkin (right) bought Israel's Bank Leumi from the Israeli government headed by Ariel Sharon and then finance minister Ehud Olmert. In January 2007, Israeli State Prosecutor Eran Shendar ordered police to begin a criminal investigation into Prime Minister Ehud Olmert, on suspicion of having influenced the sale of a controlling stake in Bank Leumi. In the Leumi case, Olmert is suspected of having tried to throw the tender to his friend, Australian real estate magnate Frank Lowy, who was a partner with Larry Silverstein and co-lease-holder of the World Trade Center on 9-11.
JACOB EZRA MERKIN - MADOFF'S "GOLDEN BOY"
Jacob Ezra Merkin is one of the key players of the multi-billion dollar criminal fraud carried out by Bernerd Madoff. He is known as the chairman of GMAC, the financial service branch of General Motors and as the general partner of Gabriel Capital LP, a $5 billion family of hedge funds. He has also been the head of the Ariel Fund, based in the Cayman Islands, and a managing partner of Gotham Capital. Merkin secretly diverted vast amounts of money to Madoff's "Ponzi" scheme or pyramid operation. He was seen as "the Golden Boy controlling the Golden Goose."
Merkin and Madoff served together on the board of Yeshiva University, where Merkin was chair of the investment committee and Madoff was treasurer and chair of the Sy Syms School of Business. Merkin invested Yeshiva University money into Madoff's operation. Both quit when the scandal broke. YU has tried to erase their names from its website.
Merkin's cousin Michal is married to Uri Lupoliansky, the former deputy mayor of Jerusalem under Ehud Olmert. Lupoliansky became mayor after Olmert in 2003. Merkin's family is connected to the highest levels of the Israeli government through his mother, Ursula, who immigrated to Palestine in 1933 with her father Isaac Breuer. His father, Gerson Isaak Hermann Merkin, was a fur-trading German Jew who lived in London and New York during the 1930's, years before Hitler invaded Poland, and who became a U.S. intelligence/counter-intelligence agent in 1940 -- 4 years before even becoming a U.S. citizen. (His biographies all say that he fled from the Nazis, of course.) Hermann made a fortune with the Overseas Shipholding Group (OSG) headed by the Israeli Raphael Recanati, and was a director of the Israel Discount Bank in New York.
Merkin's $500 million check seen above was for the controlling shares in Bank Leumi. The check is made out to the State of Israel and is being paid by Barnea Investments B.V. ("Barnea"). Barnea, the "preferred bidder" was incorporated in the Netherlands, and is a wholly owned subsidiary of Barnea S.A.R.L., which was incorporated in Luxembourg, and which is held jointly and indirectly by Stephen Feinberg (chairman of Cerberus, the owner of Chrysler) and Ezra Merkin (chairman of the now bailed-out GMAC), through the Cerberus and Gabriel private investment fund groups controlled by Feinberg and Merkin respectively. I suspect that Stephen Feinberg is another Mossad-run criminal operator.
STEPHEN FEINBERG'S SECRET - HE RUNS ARMY FACILITIES IN IRAQ & AFGHANISTAN
“We try to hide religiously. If anyone at Cerberus has his picture in the paper and a picture of his apartment, we will do more than fire that person. We will kill him. The jail sentence will be worth it.”
- Stephen A. Feinberg on his business "philosophy"
Why is Feinberg so secretive? Why does he "try to hide religiously?" This Feinberg is trying so hard to hide that his Who's Who biography says he is "deceased." I have never seen that mistake made before in Who's Who for a living person. Feinberg and his father, Martin, avoid the press like the plague. Martin Feinberg, contacted by the Free Press (Detroit) at his home in Connecticut in May 2007, had very little to say. "We're fairly private people," he said.
DOES FEINBERG WORK FOR ISRAELI INTELLIGENCE?
The evidence indicates that Stephen Feinberg and his father avoid the limelight for one reason: they are working for Israeli military intelligence. A "Martin Feinberg," who may be Stephen's father, made a series of trips to Israel in the mid-1950s, which is the period when a network of Israeli agents and American "sleeper" agents was created in the United States after the Israeli false-flag operation known as the Lavon Affair failed exposing Israel's attempts to bomb U.S. and British facilities in Egypt. Like the trips to Israel made by Michael Chertoff's father and grandfather at the same time, these trips are indicative of involvement with Israeli military intelligence. Judge Alvin K. Hellerstein, the federal judge presiding over the 9-11 litigation made a similar trip in the mid-1950s, via Mexico, after finishing his education.
In May 2004, Feinberg's "private investment group," Cerberus Capital Management, L.P., named for the three-headed dog from Hell, became majority owner of IAP Worldwide Services, Inc., one of the Army’s largest contractors in Iraq. Having given $500 million to Ehud Olmert and Ariel Sharon, imagine how easily Feinberg would place Israeli intelligence agents into key positions in their company providing services for the U.S. Army in Iraq and Afghanistan.
In Afghanistan, Feinberg's IAP runs a "drugs and addiction facility" in Kunduz. What would make IAP a proper choice to run a drug facility in the middle of the largest opium supplying nation in the world? Could it be Feinberg's college thesis on the legalization of drugs and prostitution?
IAP also provides infrastructure support for the British Ministry of Defence in Kandahar. In Iraq, apart from supporting the U.S. Army, IAP has a contract to provide "infrastructure project work" in Basra. The Israelis could hardly wish for a better source of information from Afghanistan and Iraq than Stephen Feinberg.
John W. Snow, Secretary of the Treasury under George W. Bush, was named chairman of Cerberus on 19 October 2006. Feinberg's IAP also serves "a broad array of federal customers," including the U.S. Department of Defense, NASA, the U.S. Geological Survey, the U.S. Agency for International Development, the Internal Revenue Service, and a variety of other federal agencies.
On 30 December 2008, it was reported that the U.S. Treasury will provide $6 billion more for GMAC, which is headed by Merkin and the secretive Feinberg, the two Zionist Jews who bought Bank Leumi from the State of Israel. The Treasury is now reportedly buying a $5 billion stake in GMAC and lending $1 billion to GM. The latest "loan" is in addition to $13.4 billion the Treasury lent earlier to GM and Chrysler LLC. GM sold 51 percent of GMAC in 2006 to Feinberg's private equity firm Cerberus Capital Management LP, which also owns Chrysler.
(More information on the Israeli Merkin-Olmert connection is forthcoming.)
The latest massive financial scandal is the giant $64 billion pyramid or "Ponzi" scheme run by a New York Zionist Jew, Bernard Lawrence Madoff. Madoff was chairman of the Syms business school at Yeshiva University with his partner, Sy Merns, a.k.a. Sy Syms, who has been a director at Israel Discount Bank (IDB) since 1991. The IDB bank is well known for its money laundering business.
SYMS AND THE ISRAEL DISCOUNT BANK
The IDB is the Israeli bank at the center of the 9-11 funding matrix connected to the Bronfman family and Israeli military intelligence. IDB is the Israeli financial institution at the center of the Zionist crimocracy. (See: "The Architecture of Terror: Mapping the Israeli Network Behind 9-11," especially the section on Joseph Ciechanover, the former chairman of IDB's New York branch.)
On January 31, 2006, a controlling interest in the Bank was acquired by an investor group led by Matthew Bronfman and Rubin Schron. The deal gave Bronfman ownership of IDB's wholly owned subsidiary, the Israel Discount Bank of New York. Bronfman is a younger brother of Edgar Bronfman Jr., chairman and CEO of Warner Music Group Corp.
Matthew Bronfman (left) is the chairman of the board of the World Jewish Congress. He is the son of Edgar M. Bronfman (center), former president of the WJC. Here the Bronfmans stand with the newly elected president of the WJC, Ronald S. Lauder, after the Zionist organization known for corruption and financial irregularities held elections in New York, 10 June 2007.
The Bronfman-Schron group paid $300 million for a 26% stake, with an option on a further 25%, in IDB. Regulators approved the transfer after the bank agreed to pay $25 million to settle a money-laundering probe of its New York unit by the Manhattan District Attorney and the New York State Banking Department. On Dec. 17, 2005, the New York Times reported that some $2.2 billion of illegal funds had been transmitted from Brazil through the IDB in New York (IDBNY) -- but that was just the tip of the iceberg.
The IDB has a long history of criminal fraud going back to the 1980s, when Merkin's father had been a director for more than 20 years: A notice to the shareholders of PEC Israel Economic Corp. from May 23, 1995, reveals the criminal nature of Israeli banks, especially the IDB, the bank Jacob Ezra Merkin's father was a director of since 1966:
In February 1994, following a lengthy trial in Israel, the four largest banks in that country, including Israel Discount Bank Limited ("IDBL"), and its former parent IDB Holding, and members of their senior management were found guilty, in connection with acts that occurred prior to October 1983, of engaging in fraudulent securities transactions and making false statements within the meaning of certain provisions of that country's banking, securities and other laws. The violations involve activities, which terminated in October 1983, relating to shares of these Israeli institutions. Mr. Raphael Recanati, who was chief executive officer of IDBL, and Mr. Eliahu Cohen, who was a member of senior management of IDBL, are among the defendants found guilty.
Joseph Ciechanover and Merkin's father, Hermann, were both on the board of IDB Holding and Discount Investment Corp. (IDB) at the time the criminal fraud was committed.
The Lipstick Building: Madoff rented three floors in this Israeli-owned tower in Manhattan. He, however, "worked" on a separate floor with a small team that used a computer system that was not connected to the rest of the company network.
John Coffee, a professor at Columbia Law School, said: “It is very rare that a fraud of this proportion could be handled by just one man. There are trades and redemptions to be done that a 70-year-old man would have to work 20 hours a day to do.”
News of money manager Bernard Madoff's alleged fraud sent shock waves through upscale communities in the New York area and Florida where wealthy individuals had entrusted billions of dollars to Mr. Madoff for decades. Ira Roth, a New Jersey resident, who says his family has about $1 million invested through Mr. Madoff's firm, is "in a state of panic."
"This is going to kill so many people," said a current investor in Mr. Madoff's fund. "It's absolutely awful."
...Many of his clients knew Mr. Madoff personally but had little understanding of his investment strategy, which reported remarkably consistent returns of some 1% per month. They often referred to it as a "black box."
Madoff also allegedly said that the losses from the fraud were at least $64 billion, according to the criminal complaint. He told his sons that he was "finished," and that he had "absolutely nothing" and "it's all just one big lie."
Madoff at Yeshiva University's (YU) 79th Hanukkah dinner, from the left: Bernard L. Madoff, YU's treasurer and chairman, Syms School; Sy Syms, vice chairman, Board of Trustees; and Josh S. Weston, chairman of Boys Town Jerusalem foundation. It should be noted that Sy Syms has long been a director of the Israel Discount Bank, a scandal plagued Israeli bank based in Tel Aviv.
Sy Syms has been a Director of Israel Discount Bank of New York since December 1991. The Israeli bank's 2004 annual report shows Syms (standing third from left) with the other directors of the bank. The tall one in the back is Lt. Colonel (res.) Giora Offer, president & CEO of Israel Discount Bank. He has also been the chairman of the board of directors of Israel Discount Bank (Switzerland) Ltd. since March 2001, according to the website of IDB. The Israelis who ran IDB are (sitting) Arie Mientkavich, then chairman of both IDB and IDBNY, and Arie Sheer, general manager of IDBNY. The New York bank has long been the IDB’s main source of profit.
Madoff is a former national treasurer of the American Jewish Congress (AJC) of New York City, one of the major Zionist organizations. Founded by the Hungarian Zionist rabbi Stephen S. Wise, the AJC claims to be "the first Jewish Defense Agency to support the establishment of a Jewish state" and to boycott Germany in the 1930s. In 1936 the American Jewish Congress was instrumental in establishing the World Jewish Congress (WJC). Wise, president of the AJC, was also elected president of the WJC. Wise was a Zionist who had been trained at the Jewish Theological Seminary in New York City, where Michael Chertoff's rabbi father and grandfather, both noted Talmudic scholars, studied and taught.
Belfer Hall is the main building at Yeshiva University.
Isn't it lovely?
Madoff has been a member of Yeshiva University’s Board of Trustees since 1996, and was elected chairman of the board of Syms School of Business in 2000. (Yeshiva University is clearly trying to erase traces of Madoff from their website, but the cached versions remain.)
Merkin and Hellerstein also attend the same orthodox synagogue, Kehilath Jeshurun. If you wonder why Merkin and Madoff are being treated with kid gloves in the courts of Manhattan, despite having stolen some $50 billion, look no further than their connections to the Israeli government and the orthodox Zionist community of New York City. The courts in New York, the U.S. Dept. of Justice, and the Dept. of Homeland Security under Michael Chertoff are all run by members of this foreign anti-Christian sect, the tiny orthodox Jewish community from New York City.
Sources & Recommended Reading:
Bollyn, Christopher, "9-11 and the Crisis on Wall Street", September 17, 2008
Bollyn, Christopher, "The Architecture of Terror: Mapping the Israeli Network Behind 9-11," July 24, 2008
Rushe, Dominic and Dey, Iain, "Only Fools and Horlicks: possibly the biggest fraud in corporate history," The Sunday Times, December 14, 2008
Shahak, Israel, Jewish History, Jewish Religion: The Weight of Three Thousand Years, Pluto Press, London, 1994
Vekshin, Alison, "Discount's New York subsidiary fined in money laundering case," The Jerusalem Post, November 2, 2006
* * * * * * *