William Banzai7's Haul of Fraud (Episode 1)

williambanzai7's picture

Then...

Eddie

The More Things Change the More They Stay The Same

Today...

Bennie

Anybody Got Spare Change?

This brief moment of fraudulent history brought to you by the friendly people at STUXNET

STUX CLAW

And Presidential Notary Services

Notary

WB7: This post was inspired by the two excellent posts written by/regarding Crazy Eddie's brother Sammy. The days of Crazy Eddie were much much simpler than the days of Crazy Bennie Bernanke.

 

 

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Ripped Chunk's picture

Yes, anyone that grew up in the Tri State area has to remember Crazy Eddie. That fraud was only $40 million. Chump change compared to the Financial Mafia's operations. INSANE !

williambanzai7's picture

You got it, chump change is right!

ilene's picture

Hi William, I just checked out your site and really love your pictures - are those all originals?  May I reprint any, giving you credit.  My email's ileneca at gmail dot com. - Ilene 

Miles Kendig's picture

The Fabalous Furry Freak Brothers.  Nice to see yaz having fun William that is so enjoyable for the community.

Husk-Erzulie's picture

Others aspire to be photoshop jedi....whilst WB is like, I don't know, the Jimi Hendrix of photoshop.  Like I said on fire dude.  Keep up the great work.  (the Obama is priceless.  He'll sign of course, without question, but it never hurts to warm his feet a little, hold his political fuel tankers up at the boarder so to speak).

Miss America's picture

Do you guys really trust the "crook gone good" routine?

Sam Antar has more questions to answer in coordination with some "potential shilling" that he's done in his "rehabilitated" career as a writer. 

Has he answered any of the deep capture claims?

(I don't have the time to dig too deep, so if someone knows these answers as to whether he's cleared himself of shilling claims, please share it.)

All the best, MA/RH

ilene's picture

Sam will say (I'll do this for him) that criminals are always criminals and you should never trust them because the criminal way of thinking is part of who they are, their psychology doesn't change.  Criminals may or may not be behaving as criminals at a particular time, but don't believe the crook gone good routine.  They specialize in deception. 

RockyRacoon's picture

I don't have the time to dig too deep...

You want us to do your research for you?  That's nice.

I don't have a life so I'll get right on that for you.

Miss America's picture

@ Rocky Raccoon.

 

Are you just that much of a curmudgeon?

 

With regards to my quote:  I don't have the time to dig too deep...

 

You followed up:

You want us to do your research for you?  That's nice.  I don't have a life so I'll get right on that for you.”

 

I’m not an investigative journalist.  I’m not paid for this.  I clearly stated:  (I don't have the time to dig too deep, so if someone knows these answers as to whether he's cleared himself of shilling claims, please share it.)

 

The beauty of that simple quote is, I DIDN’T ASK ANYONE TO DO ANY RESEARCH FO ME!!!  I asked if someone ALREADY KNOWS THESE ANSWERS…   TO SAVE US ALL THE TIME!

 

I’ve already done my part of making people aware of the fact that Antar may be a shill (which saved you and others that research time, as well as possibly educating some of you of his background)

 

So, RR when your done wearing your asshat, and don’t feel like just being a killjoy for the purpose of being an ass, how about not poopooing things for the purpose of hearing yourself speak.  Or don’t.  I guess do whatever you like.

 

…and I will make sure to point out your inaccuracies.

 

All the best, MA/RH

RockyRacoon's picture

I was just looking at the nice visuals.  Why would I be interested in the truth of anything?  My asshat is very comfortable.  Besides, who really cares about Sam Antar?  He's a scumbag who has more than his allotted 5 minutes of fame.  Here's some reading material for you:

http://www.google.com/search?q=Sam+Antar&ie=utf-8&oe=utf-8&aq=t&rls=org....

Okay.  </sarc>

Miss America's picture

Yes RR, I am quite aware of Antar history which is why I originally said, Does anybody trust the "crook gone good" thing.

 

Ya see, beyond this, he has been a spokesman for "rehabilitation", but in the process of becoming a "speaker against white collar crime" , he bordered on starting to write shill like articles for the benifit of hedge funds.  (much like Betheny Mclean - the enron wrietr) 

Deep Capture made many accusations about this , and that's what I didn'y and/or don't have time to research.  If you've never visited "deep capture", I'd highly recomend it.  Sights like Zero hedge are born from from conspiracy sighhts like Deep Capture.  It's got thousands of pages of pretty great stuff.

 

All the best, RH/MA

tamboo's picture

lol, self-chosenites one and all.

http://www.theworldsprophecy.com/obamas-jewish-grandfather/

b-b-but obongo's a muslim right?!? RIGHT?!?

willien1derland's picture

William I re-assert you ARE the 'Norman Rockwell' of our time -

hugolp's picture

You are the best.

Bob's picture

Hey, WB, too many times your graphics--as in the Crazy Ben poster above--are not properly sized for viewing in either IE or Firefox, on my notebook led or my 42" 1080p.  And both are widescreens.  Tyler's right hand column overlaps and there's nothing I can do to move it to see your shit. 

Perhaps it's different on an AAPL (I wouldn't know), but surely you can fix this?

Love your work, man!

williambanzai7's picture

Tnx to my friends for providing several solutions. I dont think its the Apple. Its the screen size.

 

Trifecta Man's picture

You can right click on the image and choose "View Image",

brown_hornet's picture

click on printer-friendly version

MsCreant's picture

Go to your Zoom function and shrink your type. It comes up fine. Mine is on 83% to see it.

ThroxxOfVron's picture

INTEREST RATES SO DAMN LOW.... THEY'RE.... INSANE!!!!!

gwar5's picture

Thank you for that one! Me like

blindman's picture

so a much more lucrative fraud requires a level of rationalization to

cover (tarp) the incentive and opportunity (crime).  and if the narrative of

rationalization is "good" enough, and publicly embraced,  it can go on

colossally .... etc...  as has been repeatedly stated.  and ongoing.

end the fed.

blindman's picture

http://www.youtube.com/watch?v=skJddbSJQjA

.

nice one will.  crazy eddie,  wound up on the lam for

i think insurance fraud and other accounting fraud type

indiscretions. 

"   The entire Antar family was immediately removed from the business. The new owners quickly discovered the true extent of the Antar family's fraud, but were unable to turn around Crazy Eddie's quickly declining fortunes. In 1989, the company declared bankruptcy and was liquidated. Crazy Eddie became a known symbol for corporate fraud in its time, but has since been eclipsed by the Enron, Worldcom and Bernie Madoff accounting scandals....

Fraud

Almost from the beginning, Crazy Eddie's management was engaged in various forms of fraud. The Antars deliberately falsified their books to reduce (or eliminate) their taxable income.[6] They also paid employees off the books, and regularly skimmed thousands of dollars (in cash) earned at the stores. For every $5 Crazy Eddie reported as income, $1 was taken by the Antars. In 1979, the Antars began depositing much of this money (hundreds of thousands of dollars) in Israeli bank accounts. The Antar family skimmed an estimated $3 million to $4 million (US) per year at the height of their fraud. In one offshore bank account, the family deposited more than $6 million between 1980 and 1983.[3]

By 1983, it was becoming more and more difficult to hide the millions of illicit dollars. The Antars discovered the way to cover up their growing fraud was to take the company public. In preparation, Eddie Antar initiated a scheme in 1979 to skim less each year. Since more income was actually being reported, this had the effect of showing drastically increasing profit margins. While the company's actual profits (taking into account skimmed profits) from 1980 to 1983 increased approximately 13%, reported profits rose nearly 171%.[7]

Despite the misgivings of people closely associated with Crazy Eddie, the company held its initial public offering on September 13, 1984 (symbol: CRZY). Shares of the company sold initially for $8. By early 1986, Crazy Eddie stock was trading at more than $75 per share (split adjusted).[1]

Eddie recruited his cousin, Sam E. Antar (known as Sammy), to assist the company with its fraud. Sammy earned a degree in accounting in 1980, and served his apprenticeship with Penn and Horowitz, Crazy Eddie's auditor. In 1986, he was named CFO of the company. Sammy was informed that there was a $3 million deficit from the previous year's inventory fraud that needed to be hidden. Additionally, he was instructed to find ways to show a 10% growth in sales.[3]

One of Sammy's major schemes was a money laundering operation later known as the Panama Pump — money that the Antars had deposited in Israeli banks was transferred to bank accounts in Panama. These accounts, opened under false names, then drafted payments to Crazy Eddie. This money was largely used to inflate same-store sales figures for the company.[3]

As a public company, Eddie, Sammy, and others engaged in increasing amounts of inventory fraud to increase reported profits and inflate the value of Crazy Eddie stock. For the fiscal year ended March 1, 1985, Crazy Eddie falsified inventories by $3 million. The next fiscal year, that amount increased to between $10 and $12 million."....

,

nail on the head jed.

.

http://www.whitecollarfraud.com/947660.html

Crazy Eddie Fraud Summary

"We committed crime simply because we could. Criminologists like to analyze white collar crime in terms of the 'fraud triangle' -- incentive, opportunity, and rationalization. We had no rationalization. Simply put the incentive and opportunity was there, but the morality and excuses were lacking. We never had one conversation about morality during the 18 years that the fraud was going on."

williambanzai7's picture

Sammy Antar posted to Zero Hedge this week. Take a look in the contributions section.

blindman's picture

looked,no find.  mr. blindman has limited access to this

site.  some stuff is blocked or comes up blank?  link?

here..

http://www.zerohedge.com/article/no-redemption

.

the menace of it all.  oh, i guess i mean systemic importance.

apologies....

Clark_Griswold Hedge Mnger's picture

+1:

Alright a mini series!!!!!!

 

FEDbuster's picture

http://k-punk.abstractdynamics.org/archives/shining.jpg

I think William Banzai can do something to spice up this image for us.   Maybe Jamie Dimon's face could replace Jack's?

http://www.nypost.com/rw/nypost/2010/04/02/news/photos_stories/JPMorgan%...

And "The Foreclosure" could replace "The Shining"?

I'd do it myself, but I have weak Photoshop skills.

williambanzai7's picture

No problem to do another one ;-)

FEDbuster's picture

That's a good one!  Think you would have the time to take the linked Jammie Dimon image and paste it on to the linked "Shinning" poster.  Then change the title from The Shinning to "The Foreclosure".  I wish I could do it, but I am no good at Photoshop.

Something about the axe through the door and Shelly Duval screaming with a butcher knife reminds me of the woman calling 911 hiding in the closet while the bankster's agent breaks in.

Coldfire's picture

Bermonkey could be the poster boy for Klonopin. He looks calm. Too calm...

Imminent Crucible's picture

Look at that picture of Obama signing his name.

I told you he was a lefty.