Comments on: Madoff’s conviction is no example of American justice http://www.crikey.com.au/2009/06/30/madoffs-conviction-is-no-example-of-american-justice/ now with extra source Sun, 12 Feb 2012 09:16:19 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: AR http://www.crikey.com.au/2009/06/30/madoffs-conviction-is-no-example-of-american-justice/#comment-30023 AR Tue, 30 Jun 2009 08:27:26 +0000 http://www.crikey.com.au/2009/06/30/madoffs-conviction-is-no-example-of-american-justice/#comment-30023 Interesting that there hasn't been a single financial scam in the last 30-40yrs that was transparent to anyone with a basic command of arithmetic or, given modern innumeracy, a $10 calculator. It has never been about facts but phantasies, whether the Invisible Hand of the Market ("when men of the same enterprise meet together, for pleasure or purposem it always results ina conspiracy against the common weal (ie public).") or New Economy or Nu Rite. It's always the faeces in a new bottle. Interesting that there hasn’t been a single financial scam in the last 30-40yrs that was transparent to anyone with a basic command of arithmetic or, given modern innumeracy, a $10 calculator. It has never been about facts but phantasies, whether the Invisible Hand of the Market (“when men of the same enterprise meet together, for pleasure or purposem it always results ina conspiracy against the common weal (ie public).”) or New Economy or Nu Rite. It’s always the faeces in a new bottle.

]]> By: Robert Garnett http://www.crikey.com.au/2009/06/30/madoffs-conviction-is-no-example-of-american-justice/#comment-30022 Robert Garnett Tue, 30 Jun 2009 08:26:01 +0000 http://www.crikey.com.au/2009/06/30/madoffs-conviction-is-no-example-of-american-justice/#comment-30022 Madoff was but one of the players in the US finacial fiasco. The notion of a cloak and dagger conspiracy is always more exciting than good old fashoined incompetence. When on looks at the lead actors involved and their admiring audience of the private media, it is a far mode compelling argument that the whole thing is a cock-up rather than a conspiracy. It all started with good old Ronney Reagen whose belief in unfettered money making with zero effective regulation set the scene and convinced everyone who mattered of the "rationality" of capitalism. Those who followed him either weren't interested (Clinton) or were ardent supporters of the approach, (Bushes) as they made rather large sums of out of the system. Luckily the US now has a President who is interested, but who isn't a captive of the system. There is a small probability that change for the better may occur such that the Madoffs of this world will find it just a little bit harder to rip those who actually make something other than money. Madoff was but one of the players in the US finacial fiasco. The notion of a cloak and dagger conspiracy is always more exciting than good old fashoined incompetence. When on looks at the lead actors involved and their admiring audience of the private media, it is a far mode compelling argument that the whole thing is a cock-up rather than a conspiracy. It all started with good old Ronney Reagen whose belief in unfettered money making with zero effective regulation set the scene and convinced everyone who mattered of the “rationality” of capitalism. Those who followed him either weren’t interested (Clinton) or were ardent supporters of the approach, (Bushes) as they made rather large sums of out of the system.

Luckily the US now has a President who is interested, but who isn’t a captive of the system. There is a small probability that change for the better may occur such that the Madoffs of this world will find it just a little bit harder to rip those who actually make something other than money.

]]> By: James O'Neill http://www.crikey.com.au/2009/06/30/madoffs-conviction-is-no-example-of-american-justice/#comment-29986 James O'Neill Tue, 30 Jun 2009 04:55:30 +0000 http://www.crikey.com.au/2009/06/30/madoffs-conviction-is-no-example-of-american-justice/#comment-29986 It is too easy, and I suggest plainly wrong, to attribute Madoff's survival for so long as simply a result of slack regulatory practices. In case after case where people appear to lead charmed lives and avoid being held accountable for their crimes it turns out that they have high level protection, usually but not only from one or more of the intelligence agencies. Drug trafficking is a classic example. In the Madoff case there is considerable evidence that he was fronting for intelligence groups, with a significant portion of his money being laundered through Israel. The real reason I suggest that he "confessed" but otherwise kept his mouth shut is that pleading not guilty would lead to a trial with considerable potential for embarrassing revelations about his handlers and protectors. Don't assume that notwithstanding the 150 year sentence Madoff will die of natural causes in prison. It is too easy, and I suggest plainly wrong, to attribute Madoff’s survival for so long as simply a result of slack regulatory practices. In case after case where people appear to lead charmed lives and avoid being held accountable for their crimes it turns out that they have high level protection, usually but not only from one or more of the intelligence agencies. Drug trafficking is a classic example.

In the Madoff case there is considerable evidence that he was fronting for intelligence groups, with a significant portion of his money being laundered through Israel. The real reason I suggest that he “confessed” but otherwise kept his mouth shut is that pleading not guilty would lead to a trial with considerable potential for embarrassing revelations about his handlers and protectors.

Don’t assume that notwithstanding the 150 year sentence Madoff will die of natural causes in prison.

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