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( who sent this one again? Sorry I lost you, and thank you. DS)
Bernard Madoff $50 billion Ponzi scheme ignites outpouring of anti-Semitism online
Friday, December 19th 2008, 1:32 PM
Acker/Bloomberg Bernard Madoff, accused mastermind of a $50 billion Ponzi scheme, walks along Madison Ave. near his home on Wed. Dec. 18. Coverage of the fraud has sparked an outpouring of anti-Semitism.
Bernard Madoff's bust for perpetrating a $50 billion Ponzi scheme has stoked up the anti-Semites - never mind that his biggest victims were other Jews.
The Web has been deluged with the brayings of bigots about "the greed and corruption of the Jews," the Anti-Defamation League reported Friday.
"Jews are always a convenient scapegoat in times of crisis, but the Madoff scandal and the fact that so many of the defrauded investors are Jewish has created a perfect storm for the anti-Semites," said the league's Abe Foxman.
"Nowadays, the first place Jew-haters will go is to the Internet."
They're not just spreading slander on the neo-Nazi or white-supremacist sites. Several Florida newspaper sites have been hit with this nonsense.
"Just another jew (sic) money changer thief," a poster identified as 'Adolf' wrote on one. "Jews have only one god (sic) - money."
The Securities and Exchange Commission was "filled with Jewish gatekeepers who routinely turn a blind eye to jewish (sic) financial bandits," a crackpot wrote on another site.
Even the Web site of Forbes Magazine was hit with e-mails from bigots who falsely claimed Madoff was funnelling stolen money to Israel and passing "the losses on the U.S. investors."
Madoff, 70, was arrested two weeks ago. He is under house arrest in his $7 million upper East Side penthouse and forced to wear an electronic ankle bracelet.
His assets were frozen and he was ordered to come up with a list of all the people he ripped off. That list includes a Who's Who of Jewish philanthropists who have donated millions to charitable causes of all kinds in the U.S.
The SEC, headed by a Catholic named Christopher Cox, has admitted it blew several chances over a decade to uncover what may be the biggest financial fraud ever.
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Bernie Madoff and the end of the Jews
The mess caused by Bernard Madoff's alleged $17 billion Ponzi scheme is much worse for American Jews than I thought. Originally, I assumed it would give fodder to anti-Semites along the lines of the financial meltdown. Turns out Madoff's hedge fund was backed heavily by Jewish individuals, institutions and organizations. At least two foundations have already closed their doors. We're talking less than four days since the story broke.
I'm looking right now at how this will shake out for the Los Angeles Jewish community. Early indications are that the hit will be big.
For one, the Jewish Community Foundation, which manages the endowments for a number of major Jewish institutions, had invested $18 million with Madoff. At the end of October, that investment, mostly made years ago, was valued at $25.5 million. Today it is essentially a big fat goose egg. And I've heard the story is the same for a number of salt-of-the-earth members of the Jewish community, many of whom had invested the bulk of their savings with Madoff.
Madoff was, reportedly, an affable, intelligent guy. He was incredibly well-respected here in Los Angeles and even more so back east. At the end of the day, he was a salesman, and what he sold were returns good enough to keep folks happy but not so good that they grew suspicious.
The Jewish Community Foundation, like, I imagine, thousands of others, has retained counsel and is weighing its options. However, the Wall Street Journal reports that investors are unlikely to recover their losses—and that those who got their money back from Madoff previously may have to surrender any gains they received.
It seems we've only scratched the surface of the shake out in—or better yet, shakedown of—the Jewish community. The prediction one macher gave me today was startling:
You will be happy to know that most of the clients who lost money are jewish, I'm sure.
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On Sat, Dec 13, 2008 at 11:33 AM, Frank Neubauer <frank@neubauergroup.com> wrote:
From: New Order [mailto:neworder@execpc.com]
Sent: Friday, December 12, 2008 9:38 PM
To: neworder@execpc.com
Subject: Usual suspects behind newest Wall Street scandal
USUAL SUSPECTS BEHIND LATEST SCHEME
Another scandal hits Wall Street
Wall Street's Latest Downfall: Madoff Charged with Fraud
By STEPHEN GANDEL
TIME Magazine Friday, 12 December 2008
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