Wednesday, April 8, 2009

Drum Roll, Please!

Steven Hoffenberg
The 1992 episode was troubling enough but a search of court records shows Sorkin and his former law firm of 20 years, Squadron Ellenoff, were targets of more serious charges in one of the largest Ponzi schemes of the 1990s, Towers Financial Corporation, run by Ponzi mastermind Steven Hoffenberg.

Steven Hoffenberg’s heist involved $462.5 million, which in 1994 the SEC called “one of the largest Ponzi schemes in history.”

"Bernie" Madoff's Ponzi scheme, which is now approaching 177 BILLION.

"Mikey" Milken, a rogue from the 1980's who helped bamboozle investors thru what would later be called "junk bonds."
Drexel and Milken were accused of manipulating stock prices, of keeping false records, and of defrauding their own clients. Drexel plead guilty to six felony counts of securities fraud on December 21 and paid a $650 million settlement fee. The company also agreed to assist in the indictment against Milken. Two months later, Milken was indicted on ninety-eight counts, including insider trading and racketeering.

Citigroup's Sandy Weill.
Citigroup faces federal, state, and industry investigations for a host of allegations that stem from the conflicts of interest that have emerged in the very post-Glass-Steagall world Weill helped create: hyping the stocks of lackluster companies in order to rake in those companies' IPO business; using loans as loss leaders to encourage companies to give Citigroup their investment-banking business; helping Enron and WorldCom conceal their massive debts; "spinning" rocketing IPO shares to executives in exchange for business from the executives' companies.

Arthur Nadel--who has conveniently "disappeared?"

Hmm, wonder where to?
In what has been called a "mini-Madoff' scandal, the 76-year-old Nadel is accused of bilking investors of up to $300 million. But until Thursday, when a federal judge remanded Madoff to jail, the two men had been treated very differently, even though both are being prosecuted by the same U.S. Attorney's Office in New York.

Jakob Abraham Merkin Has Been Charged
The lawsuit, filed under state charity and securities laws, claims that Mr. Merkin improperly collected more than $470 million in fees for collecting $2.4 billion for Mr Madioff.

“Merkin’s deceit, recklessness, and breaches of fiduciary duty have resulted in the loss of approximately $2.4 billion,” according to the complaint filed by Mr. Cuomo’s office, which opened an investigation of Mr. Merkin soon after the Madoff scheme collapsed in mid-December.

Julius Meinl
Julius Meinl V, the scion of a Viennese business dynasty whose name has been synonymous since the days of the Hapsburgs with luxuries like exotic coffee, handmade tortes and discreet private banking, has been jailed on suspicion of fraud at a company linked to the family.

A lawyer for Mr. Meinl, Herbert Eichenseder, said his client “rejects all the accusations.” The suspected $3 billion euro fraud ($4 billion) could also ensnare a former finance minister of Austria, Karl-Heinz Grasser, who has worked with Mr. Meinl in the past.

Mr. Meinl was jailed late Wednesday after five hours of questioning, investigators said. According to Mr. Jarosch, Mr. Meinl was arrested “after a string of searches in his home and office and because of a suspicion that he could flee the country since he also has British citizenship.”

Herb and Marion Sandler

The Sandlers were featured in a 60 Minutes segment that originally aired on February 15, 2009. This segment focused on a former World Savings employee's account of how the company was breaking the law, and how he brought it to his superiors' attention before the financial meltdown.

Time Magazine in its issue of February 23, 2009, named Herb and Marion Sandler "One of 25 People to Blame for the Financial Crisis." Others have suggested that the Sandlers' should use the gains from the sale of Golden West to bail out the many non-profits who will suffer losses of donations due to the mortgage crisis and recession.

Ivan Boesky

But on November 14, 1986 the Securities and Exchange Commission (SEC) charged Boesky with illegal stock manipulation based on insider information. Sentenced to prison, barred from dealing in securities, and ordered to pay $100 million in penalties, Boesky cooperated with the SEC in an insider-trading probe that rocked Wall Street.

Dennis Levine
Dennis Levine, managing editor of Drexel Burnham Lambert, was charged with illegal trading in May 1985, the SEC learned that Boesky had cut a deal with Levine in which the former paid the latter a percentage of profits for insider tips.

Maurice Greenberg of AIG, the defrauded company American taxpayers are being held up to support to the tune of hundreds of billions. Where did AIG's money go?

All of that sweet stuff they made off MBS and CDO's? Gone. Vanished? Where did that money go? Yes, it "vanished" but it sure as hell didn't evaporate.

Robert Rubin of Citigroup and his 122 BILLION dollar Ponzi scheme

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