"...The latest massive financial scandal is the giant $50 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.
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.
ISRAELI BANK LAUNDERED TENS OF BILLIONS
The Jerusalem Post, however, reported on November 2, 2006, that the scale of money-laundering going on at the Bronfman-owned bank was much larger than the Brazil case. The Post reported that U.S. regulators fined the Israel Discount Bank of New York $12 million for violating federal and state laws designed to thwart money laundering. Bronfman's bank had failed to set up an adequate program to identify and report money laundering, according to federal and state regulators. A "substantial" part of $35.4 billion in third-party wire transfers during the year ended March 2005 showed traits common to laundering operations, the complaint said.
So, how did Madoff lose $50 thousand million? How does $50 billion vanish? Did it disappear to Israel through the Israel Discount Bank?
Madoff told two "senior employees," i.e. his sons, Mark and Andrew, at his apartment the night before his arrest that the Madoff hedge fund and his investment advisory business was "basically, a giant Ponzi scheme," according to court documents. His investment fund business was insolvent, and had been for years.
Thursday morning, December 11, at 8:30, FBI agent Theodore Cacioppi confronted Mr. Madoff. "We're here to find out if there's an innocent explanation," the agent said.
"There is no innocent explanation," Madoff said, saying he traded and lost money for institutional clients. He said he "paid investors with money that wasn't there" and expected to go to jail.
Many of Madoff's victims were fellow Jews looking for consistent returns on their investment, which his "Ponzi" scheme had been able to provide until a large number of investors tried to withdraw some $7 billion worth of funds in November. As the Wall Street Journal reported:
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 $50 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."
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