October 30, 2011 12:17 PM
In their first interview about the crimes of Bernard Madoff, the son and the wife of the man who scammed billions of dollars provide the first inside account from the immediate family. Ruth Madoff and son Andrew tell Morley Safer how Madoff confessed his crimes to them, their reaction and the subsequent family strife of the past three years.
Crime, punishment, and the shame of being a Madoff
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See all 50 CommentsThey created their own electronic mortgage and note assignment mechanism called MERS or other names and intentionally did not record their assignments of the mortgages with county recorders or registers as is required by law. When a mortgage in a bundle whose ownership was split among many investors was in default, there was no possible way for these bankers to bring all of the owners of the mortgages into court, and besides they had no recorded ownerships of those mortgages.
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So even though the collection and foreclosure instructions in the event of a default in payments had been contracted to mortgage servicing companies, they had no ability to show recorded ownership of the mortgage being foreclosed. So they forged or had forged by others the mortgage assignments and either or both recorded them and/or brought them to court to foreclose.
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With no recorded ownerships available or even possible, homeowners had no one to pay, regardless of what the mortgage servicers told them to do, and the investors (including many banks) have no right to be paid. This is what caused Hank Paulson to threaten martial law to the House and again to the Senate if they did not give him $700 billion to bail out the huge bonus taking bankers and securities firms. That was TARP.
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In exchange for the taxpayers (& and ever fraudulently self-enriching Fed) giving these huge bonus baby bankers the TARP money, they criminally illegally conspired and acted to commit billions of joint felonies by their foreclosures on millions of Americans. Every one of them belongs in prison for longer sentences than bank robbers (who only take small amounts of money) get long sentences for.
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But in our America the corruption has been at us so long that corrupt local, state and federal prosecutors will not prosecute them. They never have for millions of prior frauds. Our corrupt cops, all of our extremely corrupt prosecutors (all of them) and the evil and totally corrupt judges in our often invalid for corruption courts have all joined together with public and many private attorneys in an immunity from criminal prosecution or civil liability to any of us for their billions of annually joined in conspired mass felony crimes against us.
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We will never have an America for us until we either imprison or execute these millions of huge master government and banker felons.
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Further they plan to start a nuclear World War 3 in Iran with Israel to exterminate 90% of the people on earth, including us. This plan is that of the bankers and government officials, and our troops are now massed in Kuwait, and Israel has had delivered to it the US bunker buster and cluster bombs for the attack. It could occur any day now. Only some US military officers and two former Israeli intelligence officer's objections to it seem to be delaying the start of our genocide extermination.
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And the corrupt government officials part of these immunity co-conspirators flood our streets with illegal drugs.
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I'm not saying that we should let bygones be bygones with Bernie, but that instead of worrying about him, we should be putting those who are REALLY the threat to all Americans in prison or execute them.
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The leaders of this plot against us began it about 2,575 years ago when God divorced them for their disloyalty and transported them to Babylon. They then divorced God and have worshipped Satan every Sabbath in their Synagogues. Then they formed the Illumined ones and took over Free Masonry. Since then they have subversively caused America's involvement in both World Wars and have killed their own people, including by mass genocide in successful efforts to deceive us as to their evils. Now they are poised to finish us all off. Only our defeating our treason government and them by convincing our troops and citizens to join the "Occupy Wall Street" movement until we get these corrupt and evil bankers and government officials and others prosecuted and in prison or executed can possibly save us.
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So Bernie was a kind, sensitive person who discovered how easy it was to game the system and make off with $50 billion - Only $50 bil.
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I think we should let Bernie out of prison to make spots for the really big thieves - the bankers and the Fed and its owners.
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We can rationalize that: Bernie got only $50 bil, but the Fed owners have STOLEN at least $24 trillion and still counting from us, out of purely nothing but these fraudsters 1911-1913 corrupt cons on Congress, and due to many of the corrupt Cong being AWOL in that WAR with the bankers, which they won and all Americans lost.
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The way it works is the Fed issues from nothing account amounts for the US Treasury and gets valuable bonds that we taxpayers have to pay both interest on and the principal amount when due. This account money the Fed issues to the US government from nothing but thin air then increases the money available to buy goods and services with, so that there is more money chasing the same amount (or in a recession less) goods and services. Thus the purchasing power of the dollars Americans have deposited in banks or have in their pockets goes down.
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The Fed's issuing over $16 trillion on top of an already Fed and bank issues $8.5 trillion in 2007, means that the ultimate purchasing power or Americans' $8.5 trillion 2007 M-2 dollars has been about 2/3 stolen from us by the Fed and commercial banks and bankers, but almost entirely by the Fed since then.
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So what we have is the Fed, and its owners and managers, intentionally STEALING the over $16 trillion issued from nothing reduction in our money's purchasing power from us, while at the same time putting that exact amount in its assets to own.
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This is the scam that this private entity Fed and its corrupt owners put over on collaborating Congress people and President Wilson in 1913. Pure HUGE THEFT from us. Wilson later was made to understand what he had done and apologized privately for it, saying he had ruined his country, which we are now seeing happen.
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The Fed has now hidden the former online available data about total derivative amounts created by bankers. While US banks have under about $10 trillion in deposits, the Fed has helped them create derivative contracts in the Fed data disclosed to be $700 trillion. Of course that amount overwhelms the US M-2 money supply of now about $9 trillion, and overwhelms the FDIC's capacity to guarantee depositor accounts if any bank asset derivative requires a significant infusion of cash to a bank because the derivative lost its value or even became a liability.
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JP Morgan Chase has about $79 trillion of these on its books. That seems very unsafe. But recently the Fed approved Bank of America transferring $75 trillion in derivatives from its Merrill Lynch subsidiary to its bank subsidiary, doing so because its counterparties on these contracts wanted FDIC insurance in case Merrill Lynch became insolvent. So, over the objections of the FDIC, but with the approval of the criminally corrupt and fraudulent Fed, BofA exchanged (they didn't tell us what book value) assets with its own Merrill Lynch, and we now have the FDIC guaranteeing some major value part of a $75 trillion notional value liability to counterparties - or BofA would not have done it.
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These Fed and commercial bankers have also stolen their homes from millions of Americans. By bundling their mortgages and notes into Mortgage Backed Securities, and then selling those to Wall Street bankers, who borrowed heavily against the MBSs converting them to high yielding Collateralized Debt Obligations and then selling specific levels of shares in the stack to many investors, they lost control of the whole mortgages in these CDOs. [End part I]
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out on these two? Their book along with that of the widow of
the other brother that committed suicide are now coming out.
All claim living bigger than life lifestyles yet knew nothing.
Mrs. Madoff's story of she and Bernie attempting suicide together
seems to be a new and totally unbelievable assertion in attempt
for sympathy only! Since there could still be civil action over
money, this may also be to get phony story and info to potential jurors! Disgusting in all respects.
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