Weekend at Bernie’s!

What is it about the name Bernie?  Bernie Ebbers, the World Com guy was a real mover and shaker….that grabbed all the money and ran with a gigantic ponzi scheme!  Bernie Ebbers thought he could offer unsophisticated investors …sort of a Tony Robbins meets Richard Simmons moment at the local hotels banquet room and viola…….instant rich dude!  Now we have another Bernie….

Bernie Madoff and his wonderful family nailed even the likes of Steven Spielberg…”ET…Call home!”.  But this story gets even better:  Hedge Funds!  Ever heard of them?  Derivatives!  Ever heard of them?  OK, how about over $50 Billion dollars of investment money that disappears over night!  You now are a knowledgeable Hedge or Derivative Fund investor!

The Wall Street Journal reports today that even Bernie’s niece Shana knew how to work the system. She married one of the Security and Exchange Commission Inspector and Examiners last summer.  Shana was also a Compliance Officer at Bernard L. Madoff Investment Securities, LLC.  Her new husband worked at the SEC for 10 years before leaving in 2006!  So what did new hubbie Eric Swanson do at the SEC?  Some of his duties included supervising the SEC’s inspection program in charge of trading oversight at stock exchanges and electronic-trading platforms according to a Press Release of his current employer Bats Trading Inc.

Bernie made the $10 million dollar bail today….and had to relinguish his Passport and be fitted with an electronic ankle device.  His wife Ruth was also instructed to turn in “her Passport” by noon tomorrow!  Seems like a real family run operation doesn’t it?  They call it the “Madoff Clan”!  But isn’t it closer to the “Madoff Gang”?  His brother Peter…is also a top executive at the firm!  Maybe Bernie was just “Borrowing from Peter to pay Paul!”  The story is that someone from Madoff’s company reported odd behavior back in 2006!  No action was taken or reported to enforcement officials at the SEC.

Chris Cox, SEC Chairman had a Press Conference today….and soft soaped and brushed over the connections between the SEC and the “Madoff Gang”.  He said that the Agency was going to look deeply into every facet of the relationship between the Madoff’s and the SEC.  “Who is guarding the hen house?” comes to mind.  The story has yet to be written with all the various and appropriate details ….still to be disclosed.  At this point, Cox says they don’t think there is any current connection between “The Madoff’s and the SEC!”  Sounds like an IG inspection is in order!  SEC will need an appearance that an independent investigation is being provided.  They will have a tough time having people believe that the SEC can truly investigate itself with any degree of believeabilty!

Bernie Madoff…..is safe at home…watching CNBC and sipping on a cocktail of his choice.  All of his investors have been “whitewashed”!  If they get back 10% of what they invested……that would be a miracle!  The list of “well heeled investors” reads like a verital “Whose Who!”:  Including Spielberg and Jeffery Katzenberg at Dream Works!  The entire Madoff client list will be very interesting to look at……”How Green was my wallet?” may be their new movie!

About Ron & Anna Winship

Independent News Producers/Writers and Directors for Parker-Longbow Productions. Independent Programming which includes a broad variety of Political, Entertainment and Professional Personalities. Cutting Edge - a talk show...is the flagship of over 30 URL websites developed or under development. The Winships have been blogging for the Orange Juice since back when nickels had buffalos on them, and men wore onions attached to their belts, because it was the fashion back then.