Thursday, April 09, 2009

madoff and the mafia?

Velvelonnationalaffairs | In papers it filed with Judge Chin just before the hearing on Madoff’s guilty plea and on bail, the government said that Madoff had promised some people returns as high as 46 percent. Dig that -- 46 percent. Now who the hell would you promise 46 percent to except gangsters? That kind of earnings rate just isn’t promised to people unless something is very wrong -- as when organized crime might be financing you at usurious exorbitant rates. And why else, except to keep organized crime satisfied lest his legs be broken at best or, worse, he be found in a concrete barrel at the bottom of the East River, would Madoff, if he was telling the truth about this in his allocution, have “felt compelled to satisfy my clients’ expectations, at any cost”? (Emphasis added.) Compelled to satisfy their expectations -- at any cost? It sounds like a Mafia deal to me.

That organized crime may have been involved in the Madoff deal is, at present, only a speculation. But the more one considers the already known evidence and the facts that lead to this speculation, the more likely it appears that the speculation could in fact be the truth. One wonders: are the FBI and the U.S. Attorney considering and investigating the possibility that Madoff was an organized crime deal? If they are not, why not? If they are, what are they finding and what and when will Madoff’s victims and the public be told? In ways that one can only begin to guess at now, the answers to these questions will bear on a host of crucial matters, ranging from various forms of possible restitution to victims to the standing of American markets in the world.

There are people who are in touch with relevant governmental actors. They, and the rest of us among victims, in the public, in the media, and in Congress, should begin to continuously demand to know the answer to the question of whether Madoff was or was not tied in with the Mafia. There seems to have been an awful lot of smoke here. Was there also a fire?