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Anfang
Wednesday, December 24th, 2008, 10:16 PM
Wiesel Foundation loses nearly everything in Madoff scheme
The Elie Wiesel Foundation for Humanity lost more than 15 million dollars -- nearly all of its assets -- in the alleged fraud scheme run by Wall Street baron Bernard Madoff, the fund said Wednesday.

"We are writing to inform you that the Elie Wiesel Foundation for Humanity had 15.2 million dollars under management with Bernard Madoff Investment Securities," said the foundation, which aims to combat anti-Semitism, on its website.

"This represented substantially all of the Foundation's assets," it said.

"We are deeply saddened and distressed that we, along with many others, have been the victims of what may be one of the largest investment frauds in history."

The statement added that the foundation "remains committed to carrying on the lifelong work of our founder, Elie Wiesel. We shall not be deterred from our mission to combat indifference, intolerance, and injustice around the world."

Wiesel, 80, a Nobel laureate and prolific author who survived the Holocaust, created the foundation some 20 years ago to foster international dialogue and youth programs to teach tolerance.

He is among dozens of wealthy Jews to have lost substantial amounts of money in Madoff's scheme.

Prosecutors say Madoff confessed to losing upwards of 50 billion dollars over years of running a pyramid scheme, where new investors were secretly fleeced to pay returns to earlier investors.

The 70-year-old former chairman of the Nasdaq stock market and a mainstay of the powerful American Jewish community is currently free on bail of 10 million dollars as police continue their probe.

BeornWulfWer
Wednesday, December 24th, 2008, 11:11 PM
"We are deeply saddened and distressed that we, along with many others, have been the victims of what may be one of the largest investment frauds in history."

Ain't Karma a bitch!


He is among dozens of wealthy Jews to have lost substantial amounts of money in Madoff's scheme.

I rest my case.

bruno
Saturday, December 27th, 2008, 08:17 PM
Madoff moved the money to Israel
_____________________________

As more info comes in regarding the Madeoff scheme, news from several sources say that Madeoff and his clients were the largest bank account holders listed on a computer disk leaked by a Swiss bank worker regarding US persons with hidden Swiss bank accounts.

As the IRS approached him regarding the repayment of taxes from his hidden swiss account, Madeoff reportedly became admamant that his wealth would not be taxed by the US. He also realized that once the swiss records were exposed that his and his client's wealth were also within reach of seizure or judgement by a US court regarding past frauds of him or his clients.

Realizing that he was be certain to arrested on other securities and market making fraud issues in the near future, insiders say that it was at this point
he made the decision to just say it was all lost in trading and move it directly to Israel. Insiders also report that he was ready to pay the taxes on the money in Israel but was adamant that taxes in the US would not be paid nor would any of the money be available for US court judgements in subprime, fraudlent trading and misrepresentation charges in the future.

Sources say that most of his and his clients wealth were gained through issuing subprime mortgages to unqualified borrowers and then tranching the
mortgages into CDOs and circulating the CDOs among US pension funds including GM, GE, IBM and Califorina's State pension fund. Some of the wealth was also gotten through investments in Vegas housing sub divisions and Miami condo projects at the height of the real estate bubble.

Finally, sources say that the wealth from Madeoff's has been fully transfered to Israel and that "most if not all of the clients have been made aware" that their money is available to them in Israel and that it was felt that this was a necessary measure in protecting certain high level clients in the face of a collapse of the USA.

A European bank executive has said early this morning that the Banks involved in Madeoff's fund were exposed through loads and leveraging and that these loans will be repaid in full from Israel. All of the charities involved have Israeli offices, so they also are of an understanding that their money is now available there. Sources say that Madeoff has a base in Israel and that he will offer all clients his services there as a continuem to his services in New York.

Speculation has it that he is advising transfer of client's funds into physical gold holdings in coded safety deposit boxes. This advise jives with
the notion that the money needed to be taken out of the US on fear of collapsing US dollar and seizure of funds by IRS and courts for frauds
committed during the sub prime bubble.

The Swiss bank client leak has caused these banks to no longer be viable avenues for asset concealment. Madeoff's clients are not just in the US. He has moved funds to Israel for clients in Russia, France, England and Swiss in the scheme in which he is involved. Some insiders are saying the amount involved may be closer to $100 Billion.


Source http://groups.google.sk/group/misc.activism.progressive/browse_thread/thread/7160d517201bfbbb/7fb2a56299e45c08%20/%207fb2a56299e45c08 (http://forums.skadi.net/redirector.php?url=http%3A%2F%2Fgroups.g oogle.sk%2Fgroup%2Fmisc.activism.progres sive%2Fbrowse_thread%2Fthread%2F7160d517 201bfbbb%2F7fb2a56299e45c08%2520%2F%2520 7fb2a56299e45c08)

bruno
Saturday, December 27th, 2008, 08:31 PM
A really scary prediction by Nouriel Roubini known as Dr. Doom, the NYU economics professor saw the mortgage-related meltdown coming.

We are in the middle of a very severe recession that's going to continue through all of 2009 - the worst U.S. recession in the past 50 years. It's the bursting of a huge leveraged-up credit bubble. There's no going back, and there is no bottom to it. It was excessive in everything from subprime to prime, from credit cards to student loans, from corporate bonds to muni bonds. You name it. And it's all reversing right now in a very, very massive way. At this point it's not just a U.S. recession. All of the advanced economies are at the beginning of a hard landing. And emerging markets, beginning with China, are in a severe slowdown. So we're having a global recession and it's becoming worse.

Things are going to be awful for everyday people. U.S. GDP growth is going to be negative through the end of 2009. And the recovery in 2010 and 2011, if there is one, is going to be so weak - with a growth rate of 1% to 1.5% - that it's going to feel like a recession. I see the unemployment rate peaking at around 9% by 2010. The value of homes has already fallen 25%. In my view, home prices are going to fall by another 15% before bottoming out in 2010.

For the next 12 months I would stay away from risky assets. I would stay away from the stock market. I would stay away from commodities. I would stay away from credit, both high-yield and high-grade. I would stay in cash or cashlike instruments such as short-term or longer-term government bonds. It's better to stay in things with low returns rather than to lose 50% of your wealth. You should preserve capital. It'll be hard and challenging enough. I wish I could be more cheerful, but I was right a year ago, and I think I'll be right this year too.
By Beth Kowitt, Jon Birger and Brian O'Keefe
Source FORTUNE http://money.cnn.com/galleries/2008/fortune/0812/gallery.market_gurus.fortune/index.html

Papa Koos
Saturday, December 27th, 2008, 09:16 PM
Ya see? Good can come from the worst of circumstances.