When it comes to the Madoff bankruptcy case, the venue matters. Bernie was scamming everyone until the financial crisis exposed him, and the next thing we knew he was telling his sons about his ponzi scheme.
Lawsuits filed by Irving H. Picard, the trustee in the case, expose the banks and financial wanna-be’s that never took the time to look at Bernie Madoff. Who are they? What does Picard want? Here are your answers:
He is seeking $19.9 billion from JPMorgan Chase; $1 billion from the New York Mets owners Saul Katz and Fred Wilpon; $10 billion from HSBC; and nearly $60 billion from UniCredit and other banks affiliated with Sonja Kohn.
What about HSBC and UniCredit? Let’s look at that one closely. First, UniCredit was raised from overweight to neutral by HSBC. Next, HSBC announced that they may be interested in buying some of UniCredit SpA’s businesses in eastern Europe, la Repubblica reported.
What a bunch of retarded mornons this appears to be. The same stupidity caused the global financial crisis and economic slowdown.
If you read the news every day you might miss the significance, but if you read the news every day and study one entity in detail, as we do with HSBC, your studies become focused.
Legal wrangling, denials, and lack of responsibility take center stage. All of these individuals and institutions know they possibly failed to investigate Madoff. I use the word possibly so I don’t get sued by them too.
Granted, Bernie Madoff’s ponzi scheme shocked everyone including his own sons, one of whom sadly committed suicide. The banks, however, were wildly making money on subprime, thrilled that the U.S. government wanted poor folks to own houses, and happy to extend no-doc liar loans. It was a drunken party at a frat house, until the police showed up and the wheels fell off.
Lack of responsibility only goes so far with bankers. While most wont pick up a dime from the sidewalk because it is beneath them, many wont walk past a dime on the sidewalk as they attempt to build their fortunes.