Related: Madoff, Mossad and the AmeriKan MSM
Who’s behind Madoff?
Thus we get such superficial, cover-up coverage passing as incisive investigative reporting!
"Fund firm behavior faces state scrutiny; MassMutual's link to unit questioned after $3.3b lost to Madoff" by Beth Healy, Globe Staff | May 6, 2009
Secretary of State William F. Galvin is investigating Massachusetts Mutual Life Insurance Co.'s relationship with a hedge fund operation that lost $3.3 billion to admitted swindler Bernard L. Madoff.
Galvin, who oversees the state Securities Division, said his office is looking into MassMutual as part of an ongoing probe of investment firms that placed clients' funds with Madoff. Springfield-based MassMutual owns Tremont Advisers Inc., a Rye, N.Y., hedge fund firm that sustained the second-biggest loss of all the confessed swindler's clients.
"We're particularly interested in not just the entity that had the loss," Galvin said, referring to Tremont, but also in the hedge fund company's interaction with its parent, MassMutual. The Globe reported yesterday that in 2001, when MassMutual was considering buying Tremont, a consultant warned the company that Tremont was placing too much of its clients' funds with Madoff. MassMutual decided to buy Tremont despite the warning, from Hennessee Group. Hennessee executives said they did not know Madoff was running a Ponzi scheme, but they warned MassMutual it wasn't prudent for a hedge fund to place so much of its money with any single investor.
MassMutual declined to comment. MassMutual and Tremont are facing at least 18 lawsuits by investors who say they were not sufficiently informed of the Madoff investments, or that the companies did not do adequate due diligence on Madoff. But some legal specialists said the plaintiffs may have difficulty holding MassMutual liable because Tremont is separated from the parent company by a number of subsidiary layers.
Galvin acknowledged the difficulty of "piercing the corporate veil," as the legal strategy is called, and holding MassMutual liable for its subsidiary's action. But he said his office has the authority to investigate whether MassMutual and others did "what they should have done for their clients and whether they fulfilled their fiduciary duties."
The Securities Division has already filed an action against Cohmad Securities Corp., a New York firm that for many years had a Boston office from which broker Robert Jaffe worked. The division alleged that Cohmad failed to cooperate with his investigation, and that the firm was an arm of Madoff's firm. Jaffe, who denies any wrongdoing and says he and his family lost large sums of money to Madoff, placed some Boston-area clients with the now-disgraced financier.
The state also has filed a complaint against Fairfield Greenwich Group, a New York feeder fund, alleging the firm defrauded its investors and failed to do proper due diligence on Madoff. Fairfield is the only firm to lose more to Madoff than MassMutual's Tremont, at $7.2 billion. Both Cohmad and Fairfield Greenwich have denied wrongdoing and are fighting Galvin's charges.
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And the tell-nothing stories continue:
The trustee in the bankruptcy case of swindler Bernard L. Madoff has told a hedge fund business owned by Massachusetts Mutual Life Insurance Co. to return money that it received from Madoff over the past six years.
Responding to a Boston Globe inquiry, bankruptcy trustee Irving Picard confirmed that he had sent a so-called clawback letter to Tremont Group Holdings Inc. Tremont is among more than 225 former Madoff investors who have received such letters from Picard, on the grounds that the money belonged to other investors, because Madoff never generated any real investment profits. Picard wants to recoup the disbursed funds to have more money to repay investors for their losses. He has threatened to sue anyone who doesn't return the funds.
No, but somehow billions ended up in Israeli banks.
Picard did not disclose how much he asked Tremont to return. The company, a "feeder fund" that funnels clients' money on to other investment firms, has said it lost $3.3 billion of its customers' money in the Madoff scam. Both Tremont and MassMutual declined to comment yesterday.
Picard is looking to retrieve $735 million from individuals, and billions more from investment firms such as Tremont, that received payouts from Madoff in the six years before he confessed to running a massive Ponzi scheme last December. Under Madoff's scheme, money was never invested; one customer's money was used to pay off another....
--more--"It's one cover story after another from the mafia media paper:
"Lawyer says Madoff stole to fund lavish life; Money allegedly covered expenses for his inner circle" by Globe Wire Services | May 7, 2009
Bernard Madoff turned his investment firm into a "personal piggy bank," using millions in client funds to cover costs for employees and family members, court papers say.
Money from Bernard L. Madoff Investment Securities LLC was used to pay loans, fund real estate purchases, and hire employees for Madoff's children, wife, brother, and workers, according to documents filed by Irving Picard, the trustee liquidating Madoff Securities.
"He essentially used BLMIS as his 'personal piggy bank,' having BLMIS pay for his lavish lifestyle and that of his family," David Sheehan, a lawyer for Picard, wrote in papers filed in US Bankruptcy Court in New York. "Madoff used BLMIS to siphon funds which were, in reality, other people's money . . . Plain and simple, he stole it."
The filing is part of a request by Picard to consolidate the bankruptcy proceedings of the business with the bankruptcy of Madoff's estate. According to the documents, Madoff Securities lent $9 million to Madoff's brother, Peter; gave $5.5 million to Madoff Technologies LLC, in which family members owned a majority stake; and provided a $1.7 million capital contribution to Madoff Energy Holdings, which was owned by his sons Mark and Andrew and niece Shana. The firm also used $4.5 million in client money to satisfy capital calls on behalf of his wife to funds in which she invested; paid $11.5 million for two yachts his family used; and sent $4.4 million to law firms on behalf of Andrew Madoff and $6.4 million to law firms on behalf of Mark Madoff.
That doesn't add up.
"BLMIS received no apparent benefit" for the funds, wrote Michael Slattery, a Picard investigator. Madoff's longtime secretary, Eleanor Squillari, said yesterday that she believes he is not cooperating with authorities in order to protect others. She declined to speculate as to whom.
He is KEEPING QUIET to STAY ALIVE! If he STARTS BLABBING ABOUT his MOSSAD and ORGANIZED CRIME LINKS, he is a dead man!!!!
Squillari spent two months helping the FBI gather evidence. In an article in the June issue of Vanity Fair, she said her former boss often made sexually suggestive remarks and frequented massage parlors. Madoff's attorney said he has no comment.
Typical scum.
Squillari said Madoff was preoccupied before his arrest, and his health deteriorated. "He was taking medication. He was having a lot of back pain. . . . He would have to lie on the floor to give himself relief."
What, I'm supposed to feel sorry for him -- or his looted victims?
They were richer jews from his own class!!!
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