A Veritable Prince of a Fellow
With a reputation like his for responsible financial management, who could doubt the veracity of his promises, his ability to take funds and safeguard them, make them grow, gift the owners with greater comfort in the security of the knowledge of their steadily accumulating wealth? And, psst! he's one of ours. Right, a real mensch.A prince of a fellow. Experience? He's had it, throughout his illustrious financial career. Looking for more assurances? Well, he's a former head of the NASDAQ stock market. Good enough? His moral integrity simply cannot be questioned; his financial acumen there, in black and white for all to study. Impressive, isn't it? And, psst! he's one of ours.
Success? Don't you know it. Multi-million-dollar homes in Manhattan, Long Island, Palm Beach. Worth plenty. He knows how to grow money; smart investment is his forte. If this guy can't be trusted, then who can? And, predictably, the allure of doing business with this man ran after his sterling reputation.
European banks and wealth managers, all bought into his funds for their rich clients. And wealthy families, and well-funded charitable organizations, always on the look-out to make money out of their endowments, gave him their wherewithal to do with as he would. And he graciously accepted the trust they placed in him - hard earned trust - and proceeded to do as he would.
Injuriously, implacably, criminally. No mere scoundrel, he. Now, he's receiving death threats.
And no one appears to be unduly concerned about his well-being. He's wearing an electronic ankle bracelet; house arrest, you know. The authorities are trying to figure out what to do - how to apportion his assets of about $300-million. Whoops, that's a lot of loose change. And that's just what it is compared to the $50-billion he has bilked; loose change.
What a peach of a fellow. All that unquestioned trust in his financial genius, his professionalism, his experience, his integrity.
He manipulated thousands of investments world-wide. Fraud is such a nasty word, fraught with condemnatory scorn. It isn't scorn that's weighing so heavily on the minds and hearts of those he scammed, the high-net-worth investors who entrusted their life-savings to him, it's pure, unadulterated hate. He violated everyone's trust.
How could he? How could he descend to such a low place, completely eschew ethics, have no regard for the destruction his manoeuvrings wrought on peoples' hopes for their futures, for the capabilities of charitable organizations to continue with their life-enhancing work? What could he have been thinking?
What could possibly have motivated this man? He's a Jew, did you know that? Have I mentioned that already? Well, did I mention the huge numbers of wealthy Jews and Jewish charities that he has bilked out of hundreds of millions of dollars? True, it's true, he did that.
His fraud reached across oceans, resulting in the single largest Wall Street failure - scam, ever perpetrated. Might that have been his purpose? The Guinness World Record? The Elie Wiesel Foundation for Humanity has lost tens of millions, "substantially all of the foundation's assets". Nice going, fella.
The 'Jerusalem Post' claims that the losses incurred through Mr. Madoff's schemes "may amount to the most spectacular financial disaster to hit Jewish life since the Great Depression, with unconfirmed losses totaling up to $1.5-billion." Will that engender sorrow in the larger community that has lost, let's see, roughly $48.5-billion? I think not. People will sneer about a Jewish conspiracy.
Too much money vested within the Jewish community, anyway. The Jewish losses are likely a screen; the wealthy Jews will recover their lost funds eventually, through the distribution of the vast riches wrenched from the Christian world, representing that latter, immense sum of ostensibly missing money.
That'll encourage the backlash. It'll come.
Wait for it.
Labels: Economy, Realities, Social-Cultural Deviations, That's Life
posted by Pieface @ Sunday, December 21, 2008
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