The Bankwatch

Tracking the consumer evolution of financial services

Who knew and when did they know it | Bernie Madoff facts still unclear

Interesting opinion and analysis piece from Danny Schechter on Al Jazeera. 

US economics: One big Ponzi scheme | Al Jazeera

For years, he went undetected by business journalists, who knew – or should have known – what he was up to. There are even questions about the speed with which he was sentenced, preventing him from being tried – a process which, through diligent cross-examination, would have brought us more information on the details of his dirty deals.

The NY Times have a Madoff timeline here and this is a summary:

  • arrested – Dec 11, 2008
  • charges – Mar 10 2009
  • guilty and jailed – Jun 29 2009
  • begins 150 year sentence – Jul 14 2009

     

    Its an interesting point.  Seven months from arrest to prison is a nano-second in the time frame of American high profile cases.  And 3 months from charges to guilty verdict!  Danny goes on to point out several areas of unprecedented speed and lack of attention to detail that could be viewed by sceptics as something of a cover up.

    Read on and judge for yourselves about the role of the media, the regulators, the banks and last but not least, Israel, where this Madoff was well known for his connections with Jewish philanthropists and institutions, and who were amongst the largest losers.

    Technorati Tags: ,,,

    • Written by Colin Henderson

      February 21, 2011 at 17:35

      Posted in Uncategorized

      %d bloggers like this: