From Prison, Madoff Says Banks ‘Had to Know’ of Fraud
By DIANA B. HENRIQUES
Published: February 15, 2011
BUTNER, N.C. — Bernard L. Madoff said he never thought the collapse of his Ponzi scheme would cause the sort of destruction that has befallen his family.
Excerpts:
...he asserted that unidentified banks and hedge funds were somehow “complicit” in his elaborate fraud, an about-face from earlier claims that he was the only person involved.
He spoke with great intensity and fluency about his dealings with various banks and hedge funds, pointing to their “willful blindness” and their failure to examine discrepancies between his regulatory filings and other information available to them.
“They had to know,” Mr. Madoff said. “But the attitude was sort of, ‘If you’re doing something wrong, we don’t want to know.’ ”
He spoke with great intensity and fluency about his dealings with various banks and hedge funds, pointing to their “willful blindness” and their failure to examine discrepancies between his regulatory filings and other information available to them.
“They had to know,” Mr. Madoff said. “But the attitude was sort of, ‘If you’re doing something wrong, we don’t want to know.’ ”
http://www.globalresearch.ca/index.php?context=va&aid=23304
by Danny Schechter
Excerpts:
“I actually, sort of, feel sorry for this man. He was just doing what many investment firms were doing at the same time. He has been imprisoned as a scapegoat- yet many people since then and to this day are doing the same thing. Where are the indictments against the thousands of other people who did the same thing, and knowingly led this country into financial disaster?
The Times report added, “He spoke with great intensity and fluency about his dealings with various banks and hedge funds, pointing to their “willful blindness” and their failure to examine discrepancies between his regulatory filings and other information available to them.
The New York Times reported, “Representative Stephen Lynch, Democrat of Massachusetts, warned: “You think regulation is costly? How about the $7 trillion we just lost from not regulating the derivatives markets?”
The other day, economist Jeff Sachs, who has a lot of atoning to do for his own misguided/destructive economic advice to Russia after the fall of the Soviet Union, warned that little is being done about economic inequity and the growing ranks of the poor in the United States.
The Times report added, “He spoke with great intensity and fluency about his dealings with various banks and hedge funds, pointing to their “willful blindness” and their failure to examine discrepancies between his regulatory filings and other information available to them.
The New York Times reported, “Representative Stephen Lynch, Democrat of Massachusetts, warned: “You think regulation is costly? How about the $7 trillion we just lost from not regulating the derivatives markets?”
The other day, economist Jeff Sachs, who has a lot of atoning to do for his own misguided/destructive economic advice to Russia after the fall of the Soviet Union, warned that little is being done about economic inequity and the growing ranks of the poor in the United States.
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