Dems don't intend to return Madoff's stolen contributions to rightful owners

Little-Acorn · Mar 12, 2009

Apparently Bernie Madoff was a heavy supporter of Democrats, and gave much of the money he stole, to Democrat candidates. Now it appears those candidates have no intention of returning the stolen loot to its rightful owners.

-------------------------------------

http://www.wnd.com/index.php?fa=PAGE.view&pageId=91510

Who'da thunk? Dems made off with Madoff loot!
Wall Street swindler gave hundreds of thousands to candidates

Posted: March 12, 2009
10:31 am Eastern

By Jerome R. Corsi

NEW YORK – As Wall Street fund manager Bernard Madoff pleads guilty to 11 counts of criminal fraud in the largest investment Ponzi scheme in U.S. history, prominent Democratic politicians apparently have no intention of returning to Madoff's victims the more than $260,000 he contributed almost entirely to Democratic Party campaigns since the Clinton administration.

While the mainstream media have given considerable coverage to the Madoff scandal, few reporters mention Madoff was a Democrat with a history of thousands of dollars in contributions to Democratic Party candidates.

According to Federal Election Commission records, among Madoff's dozens of contributions to Democrats were the following:

Sen. Charles Schumer, D-N.Y.: $2,000 in 2002, $6,000 in 2004 and another $2,000 in 1998;

Sen. Hillary Rodham Clinton, D-N.Y.: $1,000 in 2000

House Majority Leader Richard Gephardt, D-Mo, presidential campaign: $2,000 in 2003;

Rep. Charles Rangel, D-N.Y.: $1,000 in 2001; $1,000 in 1998;

Sen. Frank Lautenberg, D-N.J.: $10,200 in 2007; $1,000 in 2004;

Gov. Jon Corzine, D-N.J.: $1,000 in 1999.

Madoff appears to have gotten around rules limiting campaign contributions. For instance, he contributed not only to Schumer's campaign but also to a group called "The Friends of Schumer."

Madoff appears to have contributed more than $100,000 to the Democratic Senatorial Campaign Committee while Schumer was chairman, including a $25,000 contribution in 2005.

The offices of Schumer and Rangel did not return WND phone calls asking for comment.

Lautenberg's office referred the call to his attorney in Newark, Mike Griffinger, who also did not return WND's phone call.

Corzine's office indicated he had donated Madoff's campaign contributions to charity.

The State Department did not return a WND phone call asking about how Secretary of State Clinton planned to handle contributions Madoff made to her political campaigns.

(Full text of the article can be read at the URL listed above)

Cookie Parker · Mar 12, 2009

You are aware Jerrome Corsi is a known republican spinner, right?

I dont' see where congress was the one who indicted him. I don't see where you are getting anything from your headline.

Here's real news....

http://news.yahoo.com/s/ap/20090312/ap_on_bi_ge/madoff_scandal

NEW YORK – Saying he was "deeply sorry and ashamed," Bernard Madoff pleaded guilty Thursday to pulling off perhaps the biggest swindle in Wall Street history and was immediately led off to jail in handcuffs to the delight of his seething victims.

U.S. District Judge Denny Chin denied bail for Madoff, 70, and ordered him to jail, noting that he had the means to flee and an incentive to do so because of his age.

Madoff spoke softly but firmly to the judge as he pleaded guilty to 11 charges in his first public comments about his crimes since the scandal broke in early December.

"I am actually grateful for this opportunity to publicly comment about my crimes, for which I am deeply sorry and ashamed," he said.

"As the years went by, I realized my risk and this day would inevitably come. I cannot adequately express how sorry I am for my crimes."

Prosecutors say the disgraced financier, who has spent three months under house arrest in his $7 million Manhattan penthouse, could face a maximum term of 150 years in prison at sentencing June 16.

DeWitt Baker, an investor who attended the hearing and said he lost more than a million dollars with Madoff, called it "fantastic" that Madoff's bail was revoked but belittled the apology.

"I don't think he has a sincere bone in his body," said DeWitt, who added that prison time would be too good for Madoff.

"I'd stone him to death," he said.

Madoff did not look at any of the three investors who spoke at the hearing, even when one turned in his direction and tried to address him.

The fraud, which prosecutors say may have totaled nearly $65 billion, turned a revered money man into an overnight global disgrace whose name became synonymous with the current economic meltdown.

Madoff described his crimes after he entered a guilty plea to all 11 counts he was charged with, including fraud, perjury, theft from an employee benefit plan, and two counts of international money laundering.

He told the judge that he believed the fraud would be short-term and that he could extricate himself. He implicated no one else, though investigators suspect involvement by relatives and top lieutenants who helped run his operation from its midtown Manhattan headquarters.

The plea came three months after the FBI claimed Madoff admitted to his sons that his once-revered investment fund was all a big lie — a Ponzi scheme that was in the billions of dollars. Since his arrest in December, the scandal has turned the former Nasdaq chairman into a pariah who has worn a bulletproof vest to court.

The scheme evaporated life fortunes, wiped out charities and apparently pushed at least two investors to commit suicide. Victims big and small were swindled by Madoff, from elderly Florida retirees to actors Kevin Bacon and Kyra Sedgwick and Nobel Peace Prize winner Elie Wiesel.

Helicopters circled above the courthouse before the hearing, and federal officers with machine gun-style weapons stood outside as Madoff arrived.

Jilted investors signed in before entering the courtroom on the 24th floor. Richard and Cynthia Friedman turned up to get a glimpse of the man who defrauded them of their life savings of $3 million.

Richard Friedman, an accountant, noticed how well his clients were doing with Madoff and began investing his own money in 1991. He learned it was gone months before he had planned to retire — a plan now on hold.

"I wanted him to see some of the faces of the people he lied to and destroyed," said Cynthia Friedman, 59, of Jericho, N.Y.

After arguments began on whether Madoff should remain free on bail, his lawyer Ira Sorkin described the bail conditions and how Madoff had, "at his wife's own expense," paid for private security at his penthouse.

Loud laughter then erupted among some of the more than 100 spectators crammed into the large courtroom on the 24th floor of the federal courthouse in lower Manhattan. The judge warned the spectators to remain silent.

George Nierenberg, the first of the three investors to speak, approached the podium glaring at Madoff, then said in the financier's direction: "I don't know if you had a chance to turn around and look at the victims."

At the hint of a confrontation, a marshal sitting behind Madoff stood up, and the judge directed Nierenberg to speak directly to the bench.

The courtroom erupted in applause after the judge announced Madoff would go directly to jail. As he was led out of court, a spectator yelled, "Hey, Bernie," but was shushed by investors in court and backed off.

The plea does not end the Madoff saga: Investigators are still undertaking the daunting task of unraveling how he pulled off the fraud for decades without being caught.

Court papers say Madoff generated or had employees generate "tens of thousands of account statements and other documents through the U.S. Postal Service, operating a massive Ponzi scheme," prosecutors said.

The money was never invested, but was used by Madoff, his business and others, prosecutors said.

Authorities said he confessed to his family that he had carried out a $50 billion fraud. In court documents filed Tuesday, prosecutors raised the size of the fraud to $64.8 billion.

Experts say the actual loss was more likely much less and that higher numbers reflect false profits he promised investors. So far, authorities have located about $1 billion for jilted investors.

In addition to prison time, he said Madoff faces mandatory restitution to victims, forfeiture of ill-gotten gains and criminal fines.
Click to expand...

Cookie Parker · Mar 12, 2009

Not as exciting as your lies, but then the truth shall set you free...

Little-Acorn · Mar 12, 2009

Do liberals have ANY tactics besides changing the subject, attacking the messenger, calling names, and making unfounded accusations?

Back to the subject:
Madoff's criminal behaviore has been well known for many weeks now. It's odd that NONE of the people he gave some of the stolen money to, have prepared statements describing what they will do with it now that they know it was stolen property.

Hopefully we will get updates on this soon as the situation of the recipients changes.

Cookie Parker · Mar 12, 2009

Little-Acorn said: ↑

Do liberals have ANY tactics besides changing the subject, attacking the messenger, calling names, and making unfounded accusations?

Back to the subject:
Madoff's criminal behaviore has been well known for many weeks now. It's odd that NONE of the people he gave some of the stolen money to, have prepared statements describing what they will do with it now that they know it was stolen property.

Hopefully we will get updates on this soon as the situation of the recipients changes.
Click to expand...

I did NOT change the subject...I gave YOUR subject credibility.

BTW, he gave $25,000 to democrats in 2008...wonder how much more went to McCain?

Cookie Parker · Mar 12, 2009

And let's not forget that this crime was KNOWN under The Bush camp back in early December 2008

http://www.aim.org/aim-column/is-bernard-madoff-running-the-federal-government/

Business cable network CNBC is asking, in a special report, whether investment manager Bernard Madoff pulled off the “scam of the century.” But Madoff is only accused of a $50 billion heist. That’s peanuts compared to what the politicians have done to us.

On Monday, December 15, in a story that went unnoticed, the Government Accountability Office (GAO) reported that the federal government has failed another financial audit. It was the 12th year in a row that the federal government has been unable to accurately report on its fiscal condition. Frankly, nobody knows precisely where the money is going. But we know where it’s coming from―the beleaguered taxpayers.

We have all seen the film footage of Madoff leaving his New York apartment and being pushed around by a horde of photographers and cameramen trying to get a shot of him. Why aren’t the politicians being surrounded in similar fashion for destroying the financial stability of our country?

Almost every day we see a story that misses the big picture. On Thursday, President-elect Obama announced his pick to run the Securities and Exchange Commission (SEC). Politicians are demanding to know why the agency failed to detect the Madoff fraud and what it will do in the future to uncover other fraudulent financial schemes. But what about the federal government’s own massive financial fraud, as documented by the GAO itself?

The GAO report was released one day before President Bush told CNN’s Candy Crowley that, in order to avoid economic collapse, he had to abandon freedom in order to save it. “I’ve abandoned free-market principles to save the free-market system,” he declared.

When I heard that Bush had made that statement, I thought it had to be a misquote. But then I played the tape of the interview and heard it for myself. “Stop me before I throw a shoe” was conservative commentator Michelle Malkin’s reaction to Bush’s CNN comments.

“I feel a sense of obligation to my successor to make sure there is not a huge economic crisis,” Bush told Crowley. So he was panicked by Treasury Secretary Henry Paulson into pushing Congress to approve a $700-billion Wall Street bailout plan. What he got was a huge economic crisis. Our salvation now lies in Obama, a socialist who wants to spread the wealth around and spend even more money, perhaps as much as $1 trillion in a new “stimulus.”

The Bush comments about destroying free markets to save them wasn’t much of a controversy in the major media. Perhaps this was because so many media personalities were busy with other things. Some were lining up at the White House Christmas Party on Tuesday night to get a photo with the President. On Fox News on Wednesday morning, the hosts were blubbering over their attendance at the event and told viewers to go to their website for photos of the affair.

Unfortunately, when the President claimed “there’s a lot of blame” to go around for the financial and economic crisis, Crowley didn’t follow up by citing the Celent study finding that the claims made by Paulson and Federal Reserve chairman Ben Bernanke to justify a socialist takeover of the financial industry were demonstrably false. The study suggests that the result of the bailout could be Weimar-style hyperinflation.

“Celent’s report is exhibit A in a trial for putting Paulson in jail,” is how one person responded to my column on the study. This feeling can only grow as awareness spreads through the alternative media about the looting of the taxpayers. It is time for talk radio to make this into the number one issue as we enter a new year. We are increasingly facing a federal government that is acting in a lawless fashion.

Nevertheless, Bush confirmed that his administration was working on a federal financial bailout of the auto industry. A good question would have been: how is that justified when Congress declined to provide the funds?

Bush said the financial system had become “inebriated” and this led to the current crisis. What kind of “democratic” system do we have when the people’s representatives in the House and Senate are bypassed by an executive branch or a Federal Reserve drunk with power?

Why is the Federal Reserve refusing to comply with a Freedom of Information Act request from Bloomberg News for information about “emergency” loans in the crisis? Bloomberg has been forced to go to court to get the information.

In regard to the auto bailout, comedian Jay Leno probably had the best line. He said, “Don’t you love watching congressmen lecture auto executives on how to run their business? I mean, you got people that put us a trillion dollars in debt lecturing people who put us a billion dollars in debt?” The trillion dollar figure, of course, is only a reference to the current projected federal deficit. It could get far larger.

Asked about Madoff, Bush told CNN’s Candy Crowley that he didn’t know much about the case. She should have asked him why the federal government copies Madoff’s accounting procedures.

Peter Schiff of Euro Pacific Capital points out that “The Social Security Administration runs its ‘trust funds’ with precisely the same methods used by Madoff and Ponzi. As money is collected from current workers, the funds are then dispersed to those already receiving benefits. None of the funds collected are actually invested, so no investment returns are ever generated. Those currently paying into the system are expected to receive their returns based on the ‘contribution’ made by future workers.”

He adds, “The United States Government runs its own balance sheet based on the Ponzi principal as well. Our national debt always grows and never shrinks. As existing debt matures, proceeds are repaid by issuing new debt. Interest payments on existing debt are also made by selling new debt to investors. The whole scheme depends on an ever growing supply of new lenders, or the willingness of existing lenders, to continue to roll over maturing notes. Of course, as was the case with Madoff, if enough of our creditors want their money back, the music stops playing.”

In terms of the financial “rescue” package, Bloomberg’s latest estimate is that the cost has reached a staggering $7.7 trillion.
Click to expand...

Gee, let's see.....$25,000 to the democrats...and got away with Billions and scamming under Bush....wonder who Madoff favored the most?

top gun · Mar 16, 2009

Cookie Parker said: ↑

You are aware Jerrome Corsi is a known republican spinner, right?

I dont' see where congress was the one who indicted him. I don't see where you are getting anything from your headline.

Here's real news....

http://news.yahoo.com/s/ap/20090312/ap_on_bi_ge/madoff_scandal
Click to expand...

We were both noticing the same thing!

You know someone once told me that a little acorn was both a little nut and poisinous... don't know why that came to mind but...

Note to all: Anytime you see the words like "the mainstream media hasn't covered or evil devil child mainstream media"... that's a Republicant snake oil salesman!

If anyone believes that the Democrats aren't every bit as disgusted at Madoff ripping innocent investors off as everyone else... I feel a little sorry for you.

Pandora · Mar 16, 2009

Little-Acorn said: ↑

Apparently Bernie Madoff was a heavy supporter of Democrats, and gave much of the money he stole, to Democrat candidates. Now it appears those candidates have no intention of returning the stolen loot to its rightful owners.

-------------------------------------

http://www.wnd.com/index.php?fa=PAGE.view&pageId=91510

Who'da thunk? Dems made off with Madoff loot!
Wall Street swindler gave hundreds of thousands to candidates

Posted: March 12, 2009
10:31 am Eastern

By Jerome R. Corsi

NEW YORK – As Wall Street fund manager Bernard Madoff pleads guilty to 11 counts of criminal fraud in the largest investment Ponzi scheme in U.S. history, prominent Democratic politicians apparently have no intention of returning to Madoff's victims the more than $260,000 he contributed almost entirely to Democratic Party campaigns since the Clinton administration.

While the mainstream media have given considerable coverage to the Madoff scandal, few reporters mention Madoff was a Democrat with a history of thousands of dollars in contributions to Democratic Party candidates.

According to Federal Election Commission records, among Madoff's dozens of contributions to Democrats were the following:

Sen. Charles Schumer, D-N.Y.: $2,000 in 2002, $6,000 in 2004 and another $2,000 in 1998;

Sen. Hillary Rodham Clinton, D-N.Y.: $1,000 in 2000

House Majority Leader Richard Gephardt, D-Mo, presidential campaign: $2,000 in 2003;

Rep. Charles Rangel, D-N.Y.: $1,000 in 2001; $1,000 in 1998;

Sen. Frank Lautenberg, D-N.J.: $10,200 in 2007; $1,000 in 2004;

Gov. Jon Corzine, D-N.J.: $1,000 in 1999.

Madoff appears to have gotten around rules limiting campaign contributions. For instance, he contributed not only to Schumer's campaign but also to a group called "The Friends of Schumer."

Madoff appears to have contributed more than $100,000 to the Democratic Senatorial Campaign Committee while Schumer was chairman, including a $25,000 contribution in 2005.

The offices of Schumer and Rangel did not return WND phone calls asking for comment.

Lautenberg's office referred the call to his attorney in Newark, Mike Griffinger, who also did not return WND's phone call.

Corzine's office indicated he had donated Madoff's campaign contributions to charity.

The State Department did not return a WND phone call asking about how Secretary of State Clinton planned to handle contributions Madoff made to her political campaigns.

(Full text of the article can be read at the URL listed above)
Click to expand...

I had not thought about that but you are right, I also have not heard anyone who he donated money to say they are willing to give it back so the people he stole from can get some sort of compensation. I wonder why there is no outcry about it.

Mr. Shaman · Mar 16, 2009

Little-Acorn said: ↑

Apparently Bernie Madoff was a heavy supporter of Democrats, and gave much of the money he stole, to Democrat candidates. Now it appears those candidates have no intention of returning the stolen loot to its rightful owners.
Click to expand...

....And, we've got WorldNutzDaily's word, on that, huh?

Maybe you & the rest o' Porky Limbaugh's Dead-O-Heads should wait until this is verified, in one o' Rupert Murdoch's tabloids.

PLC1 · Mar 17, 2009

Little-Acorn said: ↑

Apparently Bernie Madoff was a heavy supporter of Democrats, and gave much of the money he stole, to Democrat candidates. Now it appears those candidates have no intention of returning the stolen loot to its rightful owners.

-------------------------------------

http://www.wnd.com/index.php?fa=PAGE.view&pageId=91510

Who'da thunk? Dems made off with Madoff loot!
Wall Street swindler gave hundreds of thousands to candidates

Posted: March 12, 2009
10:31 am Eastern

By Jerome R. Corsi

NEW YORK – As Wall Street fund manager Bernard Madoff pleads guilty to 11 counts of criminal fraud in the largest investment Ponzi scheme in U.S. history, prominent Democratic politicians apparently have no intention of returning to Madoff's victims the more than $260,000 he contributed almost entirely to Democratic Party campaigns since the Clinton administration.

While the mainstream media have given considerable coverage to the Madoff scandal, few reporters mention Madoff was a Democrat with a history of thousands of dollars in contributions to Democratic Party candidates.

According to Federal Election Commission records, among Madoff's dozens of contributions to Democrats were the following:

Sen. Charles Schumer, D-N.Y.: $2,000 in 2002, $6,000 in 2004 and another $2,000 in 1998;

Sen. Hillary Rodham Clinton, D-N.Y.: $1,000 in 2000

House Majority Leader Richard Gephardt, D-Mo, presidential campaign: $2,000 in 2003;

Rep. Charles Rangel, D-N.Y.: $1,000 in 2001; $1,000 in 1998;

Sen. Frank Lautenberg, D-N.J.: $10,200 in 2007; $1,000 in 2004;

Gov. Jon Corzine, D-N.J.: $1,000 in 1999.

Madoff appears to have gotten around rules limiting campaign contributions. For instance, he contributed not only to Schumer's campaign but also to a group called "The Friends of Schumer."

Madoff appears to have contributed more than $100,000 to the Democratic Senatorial Campaign Committee while Schumer was chairman, including a $25,000 contribution in 2005.

The offices of Schumer and Rangel did not return WND phone calls asking for comment.

Lautenberg's office referred the call to his attorney in Newark, Mike Griffinger, who also did not return WND's phone call.

Corzine's office indicated he had donated Madoff's campaign contributions to charity.

The State Department did not return a WND phone call asking about how Secretary of State Clinton planned to handle contributions Madoff made to her political campaigns.

(Full text of the article can be read at the URL listed above)
Click to expand...

WOW! $260,000 out of fifty billion! Why, that's 0.04% of the total stolen! Why, that would make a real difference!

Of course, they should give back that 0.04%, if they still have it, which is doubtful, but what difference would it really make? The guy who lost $100,000 would get back four bucks. Why, he could go and buy a Starbucks with that.

Pandora · Mar 17, 2009

PLC1 said: ↑

WOW! $260,000 out of fifty billion! Why, that's 0.04% of the total stolen! Why, that would make a real difference!

Of course, they should give back that 0.04%, if they still have it, which is doubtful, but what difference would it really make? The guy who lost $100,000 would get back four bucks. Why, he could go and buy a Starbucks with that.
Click to expand...

Well its the point of it all. Who ever got donations, democrat or republican should return those funds.

It is kind of strange because usually they run to return money like this before even asked or called out on it.

PLC1 · Mar 17, 2009

Pandora said: ↑

Well its the point of it all. Who ever got donations, democrat or republican should return those funds.

It is kind of strange because usually they run to return money like this before even asked or called out on it.
Click to expand...

Yes, it is strange. It isn't really that much money in the scheme of politics, and it would be a great opportunity to grandstand.

Pandora · Mar 17, 2009

PLC1 said: ↑

Yes, it is strange. It isn't really that much money in the scheme of politics, and it would be a great opportunity to grandstand.
Click to expand...

I guess they could be trying to keep their own names from being connected to the guy. but no one knew he was a bad guy so its not a bad thing to have taken his donations, its just bad not to return them

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Dems don't intend to return Madoff's stolen contributions to rightful owners

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Dems don't intend to return Madoff's stolen contributions to rightful owners

Little-Acorn Well-Known Member

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New analysis shows 2016 elections worse for dems

Dems told why HRC lost

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Empty bench fir the dems

Is Obama The Reason The Dems Will Lose?

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