Federal Government sources have revealed that New York Governor David Paterson was formally advised last week that interviews in the Bernard Madoff $50 billion fraud implicate the Empire State's senior U.S. Senator, Charles E. Schumer. "The problem is what Schumer knew, and how long he knew it," says the source. "The federal government had an obligation to brief New York's Governor... few believe Senator Schumer will be able to finesse his way out of this." Paterson insiders say the Governor was initially stunned by the allegations but has since embraced the challenge, becoming empowered by the "golden opportunity to restore integrity and the glory that all New Yorkers deserve." New York's Corruption Scandal is everything a fiction thriller would promise: unimaginable greed, widespread corruption and, of course, sex. It may even end with a global financial crisis, a crazy idea led by Wall Street bankers and lawyers in a system void of oversight. Affectionately called 'Tamanny Hall II" since late 2007, you are welcomed to New York- The Big Rotten Apple, an unimaginable cesspool of corruption.
.....More on Tammany Hall 2009 on Wednesday, December 17, 2008...........
.....More on Tammany Hall 2009 on Wednesday, December 17, 2008...........
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22 comments:
What goes up must come DOWN..You PLAY you PAY
But yet the millions of NYC people refuse to elect government leaders, prominent in the state...... like the governor, chief and administrative judges and ruling state officials in Albany from outside of NYC...knowing full well these selections will be willing and compliant with the NYC corruption and its enormity.
Back about 25-30 yrs ago, had the people all throughout NY state been allowed to have fair representation of leadership from their cities, without it all coming from the highest population within the NYC area.... this global disaster would not be happening.
These are words for reflection... as NY is about to appoint a new senator..from of course.. NYC, the governor is running from... NYC and the chief judge and their new administrative judges..will also be picked from the list...that will only consider NYC area judges!
Being from upstate...I am not surprised about any of this garbage, because the worst of it has been thrown at us for many, many years from our ruling city...NYC!
You want less corruption...consider spreading the power across this state...the more room between crooks the easier it is to realize their scams, before they manifest into worldwide ruination!
Wake up call. The corruption is upstate too. When corruption is tolerated downstate, it is also tolerated upstate. The country yokels are just as willing and able to exploit the system and they do it full hog. Corruption is an equal opportunity employer.
I know of 2 dozen people who have gone to Schumer with proof of federal crimes. And he has ignored them all. It'll be a happy new year to see schumer fall- he deserves it. As corrupt as D'Amato was, Schumer is, in many respects, far worse. As always, follow the money, and you'll find it goes either directly to Chuckie or to his cronies. No wonder Hillary so anxious to get the hell out of New York, as the day of reckoning is here in January. The next 2 U.S. Senators from New York should be NON-ATTORNEYS!!! Tonight I go to sleep with dreams of Schumer in handcuffs, and his law license revoked.
I know of 2 dozen people who have gone to Schumer with proof of federal crimes. And he has ignored them all. It'll be a happy new year to see schumer fall- he deserves it. As corrupt as D'Amato was, Schumer is, in many respects, far worse. As always, follow the money, and you'll find it goes either directly to Chuckie or to his cronies. No wonder Hillary so anxious to get the hell out of New York, as the day of reckoning is here in January. The next 2 U.S. Senators from New York should be NON-ATTORNEYS!!! Tonight I go to sleep with dreams of Schumer in handcuffs, and his law license revoked.
Never said corruption has not drifted upwards from NYC, but stated that if the rest of NY state could become part of the power system running all of our lives...the corruption existing while being separated throughout the state..... can be easier to detect and eliminated!
NYC actually forced the illegal hiring of the latest 8th district administrative judge and her assistant, while both quietly slipped in... our present serious state of judicial corruption.
Before NYC got involved in the judicial community in WNY... around 1996- 2000.... our judicial system here... took care of business much more legally and ethically...as if you have to state that about the justice system!
What OCA put in place in WNY in 2003, has doomed this judicial system to unbelievable corruption in the form of provable perjury, conspiracy and alteration of transcripts and judicial documents in evidence...with the full knowledge and participation of our administrative judge and her sidekick political thugs!
This administrative judge is from Connecticut...not upstate at all...first mistake to allow people who have not been born or raised in NY...the ability to rule those of us who have allegiances here! The judge who rules WNY and other courts... OUTSIDE of NYC... is from the downstate area..also...and he is guilty of the same crimes, working in collusion with our NYC appointed judge!
Where are the local upstate people governing our citizens? So yes... we are corrupt...because NYC found fertile ground in upstate, to bust out their corruption, while the naive upstaters are too afraid to deal with this master power!
SHAME ON SCHUMER!! Now a lot of this is making a lot sense and it makes me sick.
Senator Schumer, say hello to Maxine for me..You both belong in JAIL.
It's been common knowledge since Schumer took over that if Chuck considered you a friend, you were covered----COMPLETELY COVERED. You could do no wrong, and you would NEVER be held accountable.
How did New York become such a shit hole!?!
SEC Official Married into Madoff Family
Madoff Boasted of Close SEC Relationship, "My Niece Even Married One"
ABC By BRIAN ROSS and JOSEPH RHEE
Dec. 16, 2008—
A top Securities and Exchange Commission compliance official who worked for the SEC when it found no problems at Bernard Madoff's firm in 2005, later began to date and married Madoff's niece, who was a compliance lawyer for the company.
A spokesman for Eric Swanson, who has since left the SEC, said Swanson "did not participate in any inquiry of Bernard Madoff Securities or its affiliates while involved in a relationship" with Shana Madoff.
The failure of the SEC to detect the alleged fraud carried out by Madoff, estimated by Madoff himself at $50 billion, has raised questions about the SEC's performance.
"The Securities and Exchange Commission failed the American people," said Senator Charles Grassley (R-IA).
Since 1992, the SEC has at least twice dismissed concerns about Madoff's firm, following complaints.
At a business roundtable meeting last year, Madoff boasted of his "very close" relationship with a SEC regulator, chuckling as he said, "in fact, my niece even married one."
A spokesman for Swanson, the former SEC official who married Madoff's niece and compliance lawyer, said Swanson met the niece "through her trade association work in the industry. Throughout his career, Eric has displayed the highest ethical standards and his reputation has been and continues to be above reproach."
Madoff formally registered with the SEC as an investment adviser in 2006, but the SEC failed to conduct the standard review that normally follows such a new registration.
Was Madoff Running a Ponzi Scheme?
Madoff made headlines last week when an unsealed criminal complaint in federal court in New York charged that he has been running a decades long Ponzi scheme that defrauded investors of $50 billion dollars.
A former chairman of NASDAQ, Madoff was an investment advisor who catered to a handful of high net worth clients, one of whom told ABC News that Madoff was so sought after that, as recently as two months ago, he was turning down potential new business. His handful of clients routinely expected -- and received -- double digit returns, up market or down.
Bernard Madoff Investment Securities and the SEC
According to a SEC document filed in Jan. 2008, and cited in the complaint, the firm had between 11 and 25 clients for the fiscal year ending Oct. 2007 and managed about $17 billion in assets in 23 different accounts.
Bernard Madoff Investment Securities, in addition to that private client practice, is also a market maker that trades with other dealers in bonds, the S&P 500 and NASDAQ, according to Bloomberg News.
The firm was the 23rd largest market maker on NASDAQ in October, handling a daily average of about 50 million shares a day. The firm specialized in handling orders from online brokers in some of the largest U.S. companies, including General Electric Co. and Citigroup Inc., Bloomberg News reported.
But on Dec. 10, Madoff allegedly told senior employees at his firm that his entire business was a fraud. According to the federal complaint, Madoff told those employees that he was "finished" and that "it's all one big lie." Madoff estimated "the losses from the fraud to be at least approximately $50 billion," the complaint states.
At that time Madoff also told those employees that he intended to surrender to authorities, but before he did he planned to use $200-300 million he had left to make payments to "selected employees, family and friends," the complaint states.
Madoff started his business in 1960 with $5000 in savings. He resides in New York City and, according to clients, also maintains a posh waterfront home. Known to his clients as Bernie, he has a long and significant history on Wall Street and has been a chairman of the board of the NASDAQ and was a founding member of the board of the International Securities Clearing Corp. in London.
The Web site for Madoff's firm, in its company profile, says, "Clients know that Bernard Madoff has a personal interest in maintaining the unblemished record of value, fair-dealing, and high ethical standards that has always been the firm's hallmark."
Madoff was arrested last Thursday morning by FBI agents and charged with criminal securities fraud by federal prosecutors in Manhattan. The complaint states that he used "manipulative and deceptive practices." The complaint cites two senior employees in describing how Madoff kept his client records "under lock and key" and how he left them in the dark about how he managed the private client funds. One of those employees, in interviews with the FBI, said that Madoff was "cryptic" in his statements. This, according to clients, is in keeping with the aura that Madoff cultivated among his clients, some of whom have kept funds under management with him for generations.
Madoff Struggled to Obtain Liquidity in December, Complaint Says
But by the first week of December, when clients began clamoring for redemptions -- to the tune of $7 billion -- the complaint states that Madoff began a struggle to obtain the necessary liquidity. The stress began to show, the employees said.
In a meeting at their boss's Manhattan apartment -- held there following a confrontation in the office Wednesday because Madoff wasn't sure "he would be able to "hold it together" if the conversation took place in the office -- the employees came away believing that Madoff was "saying, in substance that he had for years been paying returns to certain investors out of the principal received from other, different investors."
The next day, Dec. 11, Madoff spoke with FBI agent Theodore Cacioppi and invited the agent and another agent to his apartment. Cacioppo stated in the complaint that he told Madoff he came by to see if "there's an innocent explanation."
"There is no innocent explanation," Madoff replied, according to the sworn complaint.
Madoff's lawyer, Dan Horwitz, a partner at Dickstein Shapiro in New York, said his client is cooperating fully with the federal investigation.
"Bernie Madoff is a long-standing leader in the financial services industry and he is cooperating fully with the government investigation into this unfortunate set of events," Horwitz said.
Madoff was released on $10 million bond following a court appearance in Manhattan. He is expected back in court today.
Even Charles Schumer can't B.S. his way out of this. Watch him try to blame the Republicans. When that doesn't work, he'll blame some Democrats. The question will still remain: are you saying you didn't know anything Senator Schumer? I second: SHAME ON YOU SCHUMER
Dipascali + Schumer + Madoff = Disaster
(connect the dots and you will find....)
A lot of D.C. people are licking their lips at the thought of taking a bite of Schumer. Pay back's a bitch, Chuck. I 3rd the SHAME ON YOU SCHUMER. You have sold your soul, and the good people of New York, all for money and power. SHAME ON SCHUMER. You knew what Madoff was doing. Why did you look the other way? SHAME ON YOU SCHUMER.
No one should jump to any conclusions, but surely Senator Schumer has much explaining to do! Hasn't he been one of the "watch dogs" of Wall Street, along with Spitzer and Bruno, etc. If he didn't know, he should have known about a fraud this big.
charles schumer is an admitted new york attorney and has many questions to answer. why i'm quite happy with our elected officials, our 'officers of the court' as we call them in new york. how about 'officers of selfish greed' or 'officers of cronyism' or 'officers of new york's cesspool.' hey chuck, ever hear of misprison of felony. look it up, you're a lawyer, or get one of your whitewashing hacks to look it up for you. m-i-s-p-r-i-s-o-n o-f f-e-l-o-n-y
I can think of no one better than New York Governor David Paterson to pick New York's new Chief Judge, and two (count them TWO) new U.S. Senators- all in the month of January 2009.
Get rid of these 3 stooges (Kaye/Hilary/Schumer) We need real change in New York and getting rid of these 3 is a very good start.
Make us proud, Dave. Restore our faith in our government!
The last ten years have been a complete blur, a sad nightmare.
Made-off Madoff was know to take care of everybody, if you know what I mean. Chuck Schmucker was around looking to be helpful with both his hands extended. Madoff has two sides, bad and bad.
"golden opportunity to restore integrity and the glory that all New Yorkers deserve."
Looking forward to the restoration.. now make those good intentions happen Governor...
OK Schumer, start talking. With all your contacts, you never heard about Bernie's problems, what people were saying? Don't believe you, Chuck.
No surprise. Chuck's a player and all about money and power.
NEED A SLAVE? GO SEE SENATOR CHUCKIE CHEESE WITH A SATCHEL FULL OF MONEY.
That is what the Sentosa Nursing Home organization did: They gave CC about 175K, and he wrote letters to the Philipine Government to rescind their ban on Sentosa recruiting nurses by Sentosa. Shortly after that, CC got another 75K, or just about 250K that we only know of.
When that didn't work because the nurses didn't get what was promised if when they signed up, CC opened the door for Sentosa to go to the Suffolk County DA and had them arrested for crime made up in the imagination of the DA.
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