Dec 20, 2008
Alexander Cockburn on Bernie Madoff
Cockburn's is in fine form as he explores the fallout from Madoff's gigantic swindle and how he sailed through the charges that were made against him over the years.
"First, he posed as a regulator and due diligence watchdog himself. The SEC thought he was one of their own. Then again, he had heavy duty social and financial connections and heavy duty political protection. Here’s where there should be a lot more investigation. Madoff poured money into the Democratic Senatorial Campaign war chest ($100,000 between 2005 and 2008)and made large contributions to important Democrats on the Finance Committees, like Rep Henry Waxman and Senator Charles Schumer. Waxman and Schumer have hastily announced they’re donating this money to charity."
Yet, as Cockburn recognizes, he isn't in the same league as the government:
"Uncle Sam is the biggest Ponzi operator of all, with the added magical power denied Madoff (unless forgery was among his talents) of being able to print money at will."
"First, he posed as a regulator and due diligence watchdog himself. The SEC thought he was one of their own. Then again, he had heavy duty social and financial connections and heavy duty political protection. Here’s where there should be a lot more investigation. Madoff poured money into the Democratic Senatorial Campaign war chest ($100,000 between 2005 and 2008)and made large contributions to important Democrats on the Finance Committees, like Rep Henry Waxman and Senator Charles Schumer. Waxman and Schumer have hastily announced they’re donating this money to charity."
Yet, as Cockburn recognizes, he isn't in the same league as the government:
"Uncle Sam is the biggest Ponzi operator of all, with the added magical power denied Madoff (unless forgery was among his talents) of being able to print money at will."