Before you read the Zionist cover-up and propaganda of my Sunday War Daily, please consider:
"Madoff Arrest Sends Shockwaves Through Jewish Philanthropy
The arrest of Wall Street trader Bernard L. Madoff, who federal agents say defrauded investors of an estimated $50 billion, has had immediate consequences in the Jewish philanthropic world. One charity already closed and insiders are worried that the ramifications of Madoff’s financial demise may extend to the many organizations he supported and the wealthy Jews he advised.
Also see: Who is Bernard Madoff?
Feds Argue Return Law Makes Jews Flight Risk
You are now primed and ready for the rubbish sent forth by my lying, Zionist War Daily:
"Financier's alleged swindle confounds; Many old friends probably lost millions with Madoff
This story was reported by Beth Healy, Casey Ross, and Steven Syre of the Globe Staff. It was written by Healy.
In the end, Bernard L. Madoff took back the fortune he helped Carl Shapiro build.
Shapiro is a Boston philanthropist and former women's clothing merchant who has lost at least $145 million in his family's charitable foundation - and probably much more of his personal wealth - at the hands of his old friend Madoff, who last week confessed to swindling $50 billion from wealthy investors.
Can you explain the headline? There is only ONE EXPLANATION!
Now what the Zionist War Daily skate all around the ZIONIST ASPECT of this item!! Talk about COVER-UP OBFUSCATION!!!!
Shapiro, 95, made a fortune by selling his Kay Windsor Inc. clothier to Vanity Fair Corp. in 1971. Dubbed the "cotton king" of the dress industry, Shapiro ran the business from New York's garment district and had a fabric-cutting plant in New Bedford, with revenues of $22 million in 1957. And he would amass multiples of that over the years, after entrusting his money to Bernard L. Madoff Investment Securities in New York.
An "ILLEGALS" TOWN!
Shapiro and his wife, Ruth, have given away hundreds of millions of dollars to Boston hospitals, museums, and universities over the years, and their foundation had $324 million at the end of 2007. And that's not counting their considerable wealth beyond the charitable funds. How Madoff, 70, conned even longtime friends and clients, family members, and sophisticated hedge funds, is a vexing puzzle to the investment world....
Shapiro knew Madoff before the modern mystique had been built around his investment business, before double-digit returns, promised year-in and year-out, enticed well-heeled investors to lobby for entrance to his private club. Getting in, investors say, was as difficult as becoming a member at the tony golf clubs where many Madoff clients socialize. In Weston, it's Pine Brook Country Club. In Florida, it's Palm Beach Country Club, where Madoff rubs shoulders with people like New England Patriots owner Robert Kraft.
Oh, close to the PATRIOTS OWNER is he? Why am I NOT SURPRISED at all?
The Shapiro family would become part of Madoff's empire when a son-in-law, Robert Jaffe, went into business with the New York investor. Jaffe, 64, the husband of Museum of Fine Arts trustee Ellen Shapiro Jaffe, has worked for Cohmad Securities Corp. since 1989, according to regulatory records, a business in which he attracted clients for Madoff.
Cohmad's shareholders include Jaffe and Madoff, as well as three members of the Cohn family. The firm, whose name is combination of Cohn and Madoff, is on the same floor as Madoff's in a New York City office building. Around Boston and Palm Beach, Jaffe became the face of Madoff's business - the man who drew scores of wealthy investors, many of them prominent members of the Jewish community - to the investment firm.
I think that is the LAST REFERENCE to Jews you see in this piece! Yeah, you definitely want to keep that quiet, doncha, Zionist War Daily?
A Suffolk University graduate who once worked at Louis Boston, the high-end Newbury Street clothing store, Jaffe is said to be tall and dapper. He and his wife are frequent attendees at Palm Beach charity balls and, less often these days, Boston-area charity fund-raisers. The couple have homes in Weston and Palm Beach.
The Jaffes' 11,000-square-foot waterfront home in Palm Beach, appraised at $17 million, is two houses away from Madoff's, according to public records; both are about a three-minute drive from the country club. The Shapiros live less than 2 miles away.
All nice and COZY, huh?
Jaffe, like other investors, was fooled in Madoff's con, according to several people who know him. As recently as Thanksgiving, he was talking up Madoff's investment returns, saying the famous New York trader, who was once chairman of the Nasdaq Stock Market, had made an 8 percent return this year.
Ellen Shapiro Jaffe, reached at home in Palm Beach yesterday, said she had "nothing to say," and her husband was unavailable to comment. Madoff launched his firm in 1960, and his brother, Peter, joined him in 1970. He made his name trading Nasdaq stocks and became well known among clients for his strong investment returns.
While some professional investors now say they wondered how Madoff managed to keep churning out positive returns even in falling markets, his alleged gains this year seemed particularly surprising. High-profile investors of every stripe were reporting losses of 20 percent to 40 percent as global markets plummeted. And yet Madoff investors said their statements showed gains of about 1.5 percent in October and 2 percent in November, disastrous months for the stock market.
Well, NOW we KNOW!!
Madoff has told senior executives of his company, and law enforcement officials, that he ran into a cash crunch when investors sought to take $7 billion out of his firm this fall. According to a complaint filed by the US attorney for the southern district of New York, Madoff confessed that he had been running a Ponzi scheme - effectively taking money from one set of clients to pay off others - and that the firm was broke. Madoff faces criminal and civil securities fraud charges....
The fraud could leave Madoff's former clients with little chance of getting their money back. That includes the Shapiros and the Massachusetts state pension fund, which had $12 million invested with Madoff.
You can imagine how happy I am that some scum Jew ripped us off!!!
Others who entrusted funds to Madoff include the Sidney R. Rabb Charitable Trust, one of two trusts run by the Goldberg family, which once owned the Stop & Shop supermarket chain. The Robert I. Lappin Charitable Foundation in Salem on Friday said it had to shut down because Madoff had lost all of its money.
I really couldn't give a shit about him ripping off those of his own tribe, 'kay?
No one in the Shapiro family was willing to be interviewed for this story. Madoff's fall will have far-reaching consequences beyond Boston and Palm Beach.
"We've been contacted by people all over the country and around the world, as far away as Hong Kong," said Brad Friedman, an attorney at the New York law firm Milberg, one of a number of firms representing people allegedly defrauded by Madoff. "We have a scary number of clients who literally had all their liquid assets, everything but their home, tied up with this guy."
Friedman said he had spoken with more than 60 alleged victims in the past 24 hours. And many of them are not sophisticated or ultra-wealthy, he said, but rather retirees who had placed their entire life savings, in the $7 million to $10 million range, with Madoff.
And the LOOTING JEW STOLE 'EM!!!!
Among Madoff's alleged victims, too, are firms paid to evaluate firms like his. One such firm is Tremont Capital Management, a Rye, N.Y.-based fund of hedge funds owned by Springfield's MassMutual Life Insurance Co. MassMutual and Tremont declined to comment yesterday.
MassMutual? This thing is HUGE!!!!!!!
So HOW was he able to DO THIS?
"Complex financial statements stumped investors" by Casey Ross and Steven Syre, Globe Staff | December 14, 2008
Oh, that's how. No wonder I am so non-plussed about finance!
Lawrence R. Velvel said his monthly financial statements from Bernard L. Madoff Investment Securities were indecipherable. They detailed dozens of complex, six-figure trades he couldn't understand, yet consistently produced the same result: double-digit returns.
Until Bernard L. Madoff's arrest Thursday, Velvel said neither he nor his accountant had any reason to question how the prominent Wall Street investor, a former chairman of the Nasdaq Stock Market, had been managing his money.
"This all looked kosher to us," Velvel said yesterday. "Far from being greedy, this was a deliberate decision to accept lower, steadier returns than what was going on in the market."
Nice choice of words!
Now, Velvel wonders why he did not know Madoff's business was divided into two, one for clients like him, and another, more exclusive operation for hedge funds and people with vast fortunes.
"We didn't have a whisper of knowledge that he was running money for a small number of extraordinarily rich people," said Velvel, who is dean of the Massachusetts School of Law. "When someone has a whole other side to their business, they have to be careful that the other side doesn't take them down, like it did with banks and investment securitization."
Velvel and other Massachusetts investors said they are now combing through financial statements to find hints of what federal investigators say is one of the nation's largest financial frauds....
One Boston businessman who invested with Madoff became suspicious of his operations this fall, when his financial statements reported gains of 1.5 percent to 2 percent while most other investment firms were experiencing massive losses. The businessman, who asked for anonymity because he didn't want his losses publicized, also questioned how Madoff's strategy of quickly buying and selling bundles of stocks could generate significant returns.
"I didn't understand how it could possibly be a profitable business," said the businessman. "So I went to my financial advisers and said, 'We should check this out and make sure we're comfortable.' " But after meeting with Madoff's firm in New York, the advisers said that they could find no reason for alarm, a conclusion that others, including the Securities and Exchange Commission, also reached over the years after looking into Madoff's operations....
The government looked the other way, huh?
Velvel would not reveal how much he had invested with Madoff, but said: "For a person like me, it was a lot of money. I'm a law school dean, not a financier."
And if he could bilk a lawyer, I'd stand no chance! Would you?
The firm's strong performance induced some investors to entrust all of their savings to Madoff, whose reputation seemed to guarantee that their money could not be lost. "People would sell their family businesses and you gave everything to Bernie," said one investor who asked for anonymity. "It was like putting it in a savings account. It was safe. He was your nest egg guy. Nobody ever took money out. Why would you take money out?"
Yeah, why would you ever take money out of a nest egg? So the WALL STREET LOOTERS won't STEAL IT?
Individuals and nonprofit organizations that invested with Madoff are now coping with losses in both their charitable funds and savings accounts. Former employees of the Robert I. Lappin Charitable Foundation, which closed its doors after losing all of its $8 million to Madoff, are now wondering what happened to their 401(k) retirement accounts, also managed by Madoff's firm.
He TOOK IT ALL, folks!!!!
Several investors said the only difficult part of doing business with Madoff was understanding his financial statements, which typically ran six pages and outlined a dizzying array of transactions. Tax records from two charitable trusts overseen by former Stop & Shop owners Avram and Carol Goldberg, both of which employed Madoff to manage some of their money, reflect a extraordinarily high amount of trading activity. Securities were purchased and sold, over and over, during the course of a single year.
One Goldberg family trust, with assets of $20.1 million, reported asset sales of $99.8 million by Madoff in 2006. A second trust, with assets of $9.3 million, reported asset sales of $56.4 million directly attributed to Madoff that year. Both trusts had given Madoff only a portion of their total assets to manage.
Velvel said the detail reported in the monthly statements makes it hard for him to believe that all of the transactions were simply conjured up as part of a Ponzi scheme. If they were, he said, it seems implausible that the scheme could have been perpetrated solely by Madoff, the one man now in custody.
"I wonder who else lubricated this for him and what did they know," he said. "Who else must have known this was going on and said nothing?"
How much do you wanna bet they are JEWISH?
Huffington Post: Madoff and the Palm Beach Jewish Club
NY Times: Madoff was called the Jewish T-Bill
Madoff the National Treasurer of Jews: