JPMorgan, Madoff, And Why No One Dared Ask "The Cult" Any "Serious Questions As Long As The Performance Is Good"

Tyler Durden's picture

As was well-known in advance, today JPMorgan entered into a deferred prosecution agreement with the DOJ, whereby Jamie Dimon's enterprise, where legal fees and litigation charges are no longer "non-recurring" items but a cost of doing business, paid $1.7 billion (non tax-deductible) to settle all criminal charges that it was aware well in advance that Madoff was a ponzi scheme and did nothing to alert authorities or the general public. What was less known is just how acutely JPM was aware of the developments at Madoff's pyramid scheme, and that while apparently JPM was not convinced enough of Madoff's criminality to alert regulators using "Suspicious Activity Reports", it had seen enough to quietly reduce its exposure with the Ponzi from $369 million at the beginning of October 2008, or just after the Lehman collapse, to just $81 million at the time of Madoff's arrest.

There is much more on the sequence of events in JPM's realization that Madoff was a fraud (see filing below), but the punchline is the following extract from lengthy internal email in October 2008 by a JPM trading analyst that raised concerns about Madoff's investment returns, and which explains why frauds are never caught until it is too late: "The October 16 Memo ended with the observation that: "[t]here are various elements in the story that could make us nervous," including the fund managers "apparent fear of Madoff, where no one dares to ask any serious questions as long as the performance is good.... personnel at one feeder fund seem[ed] very defensive and almost scared of Madoff. They seem unwilling to ask him any difficult questions and seem to be considering his 'interests' before those of the investors. It's almost a cult he seems to have fostered."

And there you have the biggest failing of modern capital markets in a nutshell: nobody dares to ask any serious questions as long as the performance is good, and where there a cult-like following of the ringleader (see Central Banks). By the time the performance turns bad, and all the overdue questions are finally asked, it is always too late, and the cult blows up.

What is strangely missing in today's action by the DOJ, which slams JPM (rightfully), is any mention of the SEC, you know - the regulators - those people whose job it was to catch Madoff in the act. Because while pocketing $1.7 billion from JPM may be an enjoyable exercise in populist propaganda for an administration that suddenly realizes it has created an unprecedented social class hatred schism and needs to punish bankers on a recurring, monthly basis, where is there any mention of the SEC's fault for being completely oblivious to what JPM uncovered on its own? And yes, JPM did not alert the authorities, but at the end of the day its fiduciary obligations are first and foremost to its shareholders, which it executed, and not to a gullible public which opted for yet another "get rich quick" scheme, hoping foolishly that the SEC has some idea what it is doing.

Finally, we can't help but wonder: when the current bubble to end all bubbles implodes, who will be punished for failing to point out that the emperor is naked, and that it is the cult of the Federal Reserve and its central bank peers around the globe, that have created the biggest Ponzi scheme the world has ever seen?

For those curious about the details of how JPM succeeded in realizing what the SEC failed to grasp, despite numerous vocal warnings from Harry Markopolos, read on.

From U.S. v. JPMorgan Chase - Deferred Prosecution Agreement Packet, Exhibit C

October 2008: JPMC Concludes In A Report To U.K. Regulators That Madoff s Returns Are Probably Too Good To Be True

In mid-September 2008, following the collapse of Lehman Brothers and growing concerns about counter-party risk, JPMCs Head of Global Equities directed investment bank personnel to substantially reduce JPMC's exposure to hedge funds, which had increased following JPMCs March 2008 acquisition of Bear Stearns. This directive was reiterated by the Investment Bank Risk Committee on October 3, 2008. Acting at the direction of the Head of Global Equities, the Equity Exotics Desk began analyzing which hedge funds to reduce exposure to, including by directing the Desk's due diligence analyst (the "Equity Exotics Analyst") to scrutinize investments in various hedge funds, including the Madoff feeder funds. The Equity Exotics Analyst conducted this due diligence by, among other things, analyzing the reported strategy and returns of Madoff Securities, speaking to personnel at Madoff feeder funds and financial institutions administering Madoff feeder funds, and unsuccessfully seeking from the feeder funds and administrators documentary proof of the assets of Madoff Securities.

On October 16, 2008, the Equity Exotics Analyst wrote a lengthy e-mail to the head of the Equity Exotics Desk and others summarizing his conclusions (the "October 16 Memo"), The October 16 Memo described the inability of JPMC or the feeder funds to validate Madoff s trading activity or custody of assets. The October 16 Memo noted that the feeder funds were audited by major accounting firms, which had issued unqualified opinions for 2007, but questioned Madoff s "odd choice" of a small, unknown accounting firm. The October 16, 2008 Memo reported that personnel from one of the feeder funds "said they were reassured by the claim that FINRA and the SEC performed occasional audits of Madoff," but that they "appear not to have seen any evidence of the reviews or findings," The October 16 Memo also questioned the reliability of information provided by the feeder funds and the willingness of the feeder funds to obtain verifying information from Madoff. For example, the memo reported that personnel at one feeder fund "seem[ed] very defensive and almost scared of Madoff. They seem unwilling to ask him any difficult questions and seem to be considering his 'interests' before those of the investors. It's almost a cult he seems to have fostered." The Equity Exotics Analyst further wrote that there was both a "lack of transparency" into Madoff Securities and "a resistance on the part of Madoff to provide meaningful disclosure."

The October 16 Memo ended with the observation that: "[t]here are various elements in the story that could make us nervous," including the fund managers "apparent fear of Madoff, where no one dares to ask any serious questions as long as the performance is good." The October 16 Memo concluded: "I could go on but we seem to be relying on Madoff s integrity (or the [feeder funds'] belief in Madoff s integrity) and the quality of the due diligence work (initial and ongoing) done by the custodians . . . to ensure that the assets actually exist and are properly custodied, If some[thing] were to happen with the funds, our recourse would be to the custodians and whether they had been negligent or grossly negligent."

The Head of Due Diligence responded by complimenting the Equity Exotics Analyst on the October 16 Memo, making reference to other long-running fraud schemes, and suggesting in a joking manner that they should visit the Madoff Securities accountant's office in New City, New York to make sure it was not a "car wash."

* * *

JPMC's Redemptions From Madoff Feeder Funds

On October 16, 2008 — the day of the October 16 Memo — an Equity Exotics employee requested by e-mail a "list of all external trades and the exact counterparty trade" for each of the Madoff-related feeder funds, noting that "[t]le list needs to be exhaustive as we may be terminating all of these trades and we cannot afford missing any." The Equity Exotics Desk, which had already placed redemption orders for approximately $78 million from the Madoff feeder funds between October 1 and October 15, thereafter sought to redeem almost all of its remaining money in the Madoff feeder funds.

In addition to redeeming its positions in the Madoff feeder funds, JPMC sought, with the assistance of legal counsel, to cancel or otherwise unwind certain of the structured products issued related to the performance of the Madoff feeder funds. In an attempt to unwind these transactions, JPMC told the distributors of the Madoff notes that it was invoking a provision of the derivatives contract that enabled it to de-link the notes from the performance of the Madoff feeder funds if JPMC could not obtain satisfactory information about its investment. For example, in a letter dated October 27, 2008, JPMC warned that it would declare a "Lock-In Event" under the terms of the contract unless the recipient — a distributor that the Equity Exotics Analyst had spoken to as part of his due diligence underlying the October 16 Memo — could provide the identity of all of Madoff Securities' options counterparties by 5:00 PM the following day.

In the Fall of 2008, the amount of JPMC's position in Madoff feeder funds fell from approximately $369 million at the beginning of October 2008 (which was down slightly from its high-water mark of $379 million, in July 2008) to approximately $81 million at the time of Madoff s arrest, on December 11, 2008 — a reduction of approximately $288 million, or approximately 80% of JPMC's proprietary capital invested as a hedge in Madoff feeder funds. During the same period, JPMC spent approximately $19 million buying back Madoff-linked notes and approximately $55 million to unwind a swap transaction with a Madoff feeder fund that eliminated JPMC's contractual obligation with respect to those structured products. When Madoff was arrested, JIPMC booked a loss of approximately $40 million, substantially less than the approximately $250 million it would have lost but for these transactions.

At the same time, the Equity Exotics Desk also held through the time of Madoff s arrest a gap note providing JPMC with $5 million in protection if the value of a Madoff feeder fund collapsed completely. In a November 28, 2008 e-mail, an Equity Exotics banker declined a third party's request to buy this protective gap note from JPMC, and described the gap note as being "as of today. . . very valuable" to JPMC.

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samsara's picture

Why were they afraid?

Word on the street is that all the big money was being funneled to a small country in the ME......

Thus re-enforcing a "Don't ask questions if you want to stay healthy."

wintermute's picture

The SEC completely missed all the warning emails about Madoff because they were covered by windows permanently open on porn sites.

I mean, they had to make an executive decision about the best use of screen space after the biggest financial crisis for 100 years...

samsara's picture

If you think it was entirely incompetence, You're missing it.

They watched porn, because, well what else you gonna do all day if you ask your boss If you can go after them and he says..... " if you make one move like that, you will never work again, Stay healthy, Go back to your desk until it's time to go home"

Porn it is I guess......

Divided States of America's picture

Madoff got balls...he fucked his own tribe.

AlaricBalth's picture

List of Madoff investors:
Access International Advisers, New York-based investment firm may have lost $1.4 billion in assets, according to Bloomberg.
Aozora Bank Ltd. The Japanese bank had 12.4 billion yen ($137 million) invested with Madoff, according to Bloomberg.
Banco Santander – Spanish bank reported yesterday that clients of one of its Swiss subsidiaries have lost $3 billion.
Banque Bénédict Hentsch – $47.5 million worth of client assets at risk.
Basically everyone at the Palm Beach Country Club – Madoff has belonged since 1996. "I’m taking care of my sick mother-in-law," one member, Richard Spring, 73, told the Times. "My wife has cancer. I just can’t deal with it. I’m cooked."
Bank Medici - The Austrian bank has two funds with a combined $2.1 billion invested with Madoff.
BBVA - second largest bank in Spain; potential $404 million in losses, according to Bloomberg
Benbassat & Cie Swiss bank has 1.1 billion francs, or $935 million, at .stake, according to la France via Reuters.
BNP Paribas – Did not invest directly in the Madoff funds but has 350 million euros, or about $500 million, at risk through trades and loans to hedge funds.
Bramdean Alternatives – British asset manager lost $19 million, or 9 percent of the company, according to a statement. The female CEO is being pilloried in the press: "I am an ordinary person who manages pension funds for pensioners. If I was a male fund manager this would not happen. Someone has to take a stand. If women are persecuted in this way you won't have any female fund managers. This could destroy me," she told the Evening Standard.
Carl & Ruth Shapiro Family Foundation – 99-year-old Boston philanthropist Carl Shapiro's foundation lost $145 million, almost half its money, according to the Boston Globe
Clal Insurance Israeli insurance company, $778,000, according to Bloomberg
Chais Family Foundation – Gives out some $12.5 million each year to Jewish causes in Israel, the former Soviet Union, and Eastern Europe; announced yesterday that it had closed after losing all of its money through investments with Madoff.
CNP Assurances The French insurance company could lose up to $4.1 million, according to Bloomberg
Elie Wiesel Foundation for Humanity – Invested money with Madoff — its losses are thus far unknown.
EIM Group – European investment manager has $230 million exposed.
Dexia SA The Belgian financial had $106.9 million wrapped up with Madoff, according to Bloomberg
Fairfield, Conn. – $42 million, or 15 percent of the town's retiree pension fund.
Fix Asset Management $400 million.
Fortis Bank Netherlands $1.4 billion at risk, despite lacking direct exposure to Madoff’s firm, according to the AP.
Madoff employees – "Generations of employees had worked for Madoff and invested their savings there."
Fred Wilpon – New York Mets owner, unknown.
GroupamaFrance-based international insurance group, $13.6 million, according to Bloomberg.
Harel Insurance – Israeli investment service, $14.2 million.
HSBC – $1 billion at risk.
Avram and Carol. Goldberg – The Boston-based founder of the Stop & Shop supermarket chain and his wife lost $29 million, according to reports.
J. Ezra Merkin – The GMAC LLC chairman's Ascot Partners lost most of its $1.8 billion, according to the Journal.
Jewish Community Foundation of Los Angeles – $18 million of the Foundation's Common Investment Pool (currently valued at 11 percent of its assets) was invested with Madoff.
The JEHTFoundation As commenter Sleater noted below, the JEHT Foundation, a nonprofit in downtown New York that promoted reform of the criminal and juvenile justice systems, has been felled by Madoff and will close, according to its web site, at the end of January 2009. According to the Web site: "The funds of the donors to the Foundation, Jeanne Levy-Church and Kenneth Levy-Church, were managed by Bernard L. Madoff, a prominent financial advisor who was arrested last week for defrauding investors out of billions of dollars."
Julian J. Levitt Foundation – Texas-based Jewish charity, lost about $6 million.
Kingate Management Ltd. – $3.5 billion at risk, according to Bloomberg.
Korea Life Insurance Co – $50 million.
Korea Teachers pension – Has $9.1 million indirectly invested.
Leonard Litwin The 93 year old real estate mogul has lost an as yet undetermined amount of money. This is not his only loss this year –Litwin narrowly missed making the Forbes 400 Richest Americans list and instead ended up on the “82 American billionaires too poor to make the list” list.
The Madoff Family Foundation – Madoff's own charity gave to the Memorial Sloan Kettering Hospital, Leukemia and Lymphoma Society, Lincoln Center, Robin Hood Foundation, and others. Its $19 million is gone, obviously.
Man Group PLC – The world's largest publicly traded hedge-fund manager, $360 million.
Maxam Capital Management – Darien-based hedge fund helmed by Sandra "Jerry Maguire of hedge funds" Manzke lost $280 million. "I'm wiped out," Manzke told the Journal.
M&B Capital Advisors – Spanish hedge funds had $578 million invested.
Mediobanca Italian investment bank, $671,00, according to Bloomberg.
Mirabaud & Cie. Lost “a few million Swiss Francs” according to Reuters via Le Temps.
Mort Zuckerman’s charitable trust Losses stand at $30 million, or 10% of the trust. “That was still a big chunk of money that was intended to go to worthier causes than shall we say Mr. Madoff,” said Zuckerman in an interview with CNBC.
Mitsubishi UFJ Financial Group Inc. $11 million.
Natixis The French corporate and investment bank could lose up to $614 million, according to Bloomberg.
New Jersey Senator Frank Lautenberg – "One of the wealthiest members of the Senate, entrusted his family's charitable foundation to Madoff. Lautenberg's attorney, Michael Griffinger, said they weren't yet sure the extent of the foundation's losses, but that the bulk of its investments had been handled by Madoff."
Nomura Holdings Inc. – Tokyo investment firm; said today it had $302 million in exposure.
Norman Braman – Former Philadelphia Eagles owner, unknown.
The North Shore-Long Island Jewish Health System – $5 million.
Notz, Stucki & Cie International portfolio management group; undetermined amount, according to Bloomberg.
Neue Privat Bank – Acknowledged being at risk.
Oak Ridge Country Club members A few members of this predominantly Jewish country club in Hopkins, Minnesota have lost perhaps almost $100 million, according to the St. Paul-Minneapolis Star Tribune.
Pioneer Alternative Investments – Irish hedge fund invested all of its $280 million in assets with Madoff — gone.
Phoenix Holdings According to Reuters, the insurance unit of this Israeli bank had $15 million invested in funds managed by Thema that followed Madoff’s investment strategy.
Robert I. Lappin Charitable Foundation – The Boston-based charity, which financed trips for Jewish youth to Israel, announced last week: "The money needed to fund the programs of the Lappin Foundation is gone. The foundation staff has been terminated today."
Royal Bank of Scotland – $600 million exposed.
Royal Bank of Canada Less than $40 million ($50 million Canadian).
Societe Generale – The French bank lost less than $13.46 million dollars, which it called a "negligible" amount.
Sumitomo Life Insurance Co. The Japanese company had $22 million (2 billion yen) involved, but put their losses at only “several hundred million yen” according to AFP.
Technion The Israel Institute of Technology in Haifa could lose $6.5 million.
Tremont Capital Management This advisor to hedge-fund portfolios has about 7% of its $2.7 billion in assets exposed to Madoff.
Walter M. Noel Jr. and the Fairfield Greenwich Group – The Fairfield Greenwich Group invested billions of dollars with Madoff over twenty years, and has lost approximately $7.5 billion. “[Noel] was a person of superb ethics, and this has to cut him to the quick,” George L. Ball, a colleague of the founder, told the Times.
The Wunderkinder Foundation – Steven Spielberg's charity. "In 2006, the Madoff firm accounted for roughly 70% of the foundation's interest and dividend income, according to regulatory filings."
224 funds and investment vehicles in Spain The Spanish stock market regulator CNMV has not yet revealed their names, but as of October 31, they had a combined 106.9 million euros directly exposed to Madoff.
Reichmuth's Reichmuth Matterhorn fund – 385 million Swiss francs, or $327 million, in potential losses.
UniCredit SpA The Italy based cross-European banking company has a potential $102.5 million involved, though the company told Corriere della Sera, the Italian newspaper, that “exposure…was 'equal to zero' in Italy and 'very limited' overall.”
Union Bancaire Privee Swiss asset management bank, $1.08 billion.
Yeshiva University – "Sources close to Yeshiva University, where Madoff served as treasurer of the board of trustees and chairman of the board of Y.U.’s Sy Syms School of Business until he resigned last week, said that the school has lost tens of millions of dollars, if not more," according to Jewish and Israel News.

J S Bach's picture

Madoff got balls...he fucked his own tribe.


And that's the ONLY reason he was prosecuted.

Leonardo Fibonacci2's picture

The Jew has always been a people with definite racial characteristics and never a religion. -Adolf Hitler (Mein Kampf)

dunce's picture

Yes, most of his victims were other Jews, but these extortions effectively make non Jew bank shareholders that had nothing to do with the scam  make the victims whole. Wealth redistribution.

Rafferty's picture

I don't have the link but I read at the time what seemed to be conclusive evidence that this was all a smokescreen. Purpose was to portray that this wasn't yet another case of the tribe shafting gullible goys, rather they were victims as well.  If they were shafted it'd be a first.

MeelionDollerBogus's picture

no, no, it's "Regulatory enforcements manuals for 'mature audiences only' "


logicalman's picture

If my guess is correct, regarding the ME country you are referring to, they have some pretty heavy duty enforcers.

willwork4food's picture

And many of their enforcers are members of the US .gov.

optimator's picture

Wired from Switzerland.

666's picture

For every $1B one steals, if caught, one pays a fine of $1M.

Gee, I wonder why there are so many crooks?

dick cheneys ghost's picture

dont do the crime if you cant pay the FINE


hidingfromhelis's picture

Since there's never any admission of wrong-doing, it's not really a fine but simply the cost of doing business.  Oh, and you only pay it when someone wants to give the appearance that financial crime is taken seriously.  Even when coupled with lobbying expenses, the ROI is still astronomical.  Paying the occasional vig in the form of a deferred (bullshit-no!) prosecution settlement amounts to peanuts.

max2205's picture

Proof that the SEC cares NOTHING about investors....nothing

SilverIsKing's picture

If Jenna Jameson was an investor, then your statement is false.

ebworthen's picture

And how different is the FED or Wall Street from Madoff?

Only difference is they are not in jail.

john39's picture

Madoff's scheme was trivial compared to the size of the central bank fraud.

disabledvet's picture

Suck my cock and swallow bitch. This article is a complete bald face lie to appease "the TD paymaster." Here's the truth: 9 years he was warning the SEC about these dopes. And of course "he was one that got threatened." (how can a guy who never worked for Bernie be a whistleblower again?) Now Detroit has gone belly up. Still don't think that's an important book to read? I mean "you do know what a book is" yes? And of course "it's all JP Morgans fault."'s Bernie himself: he says "only one other guy knew." and "he apologized to a former and now current head of the SEC." hmmmmm. "thanks." now its time to blame the bankers? you really can't make this stuff up. "his caddy told him he was making a fortune flipping houses...that's when he told his wife." I thought you only told your business associate...Mr. Ponzi? stay long treasuries folks...there's a couple thousand of these clowns stilling running their book...still paying out to the man....and wondering why the price of gold and silver falls. "that's because the leverage is in fact a fraud." the irony of course is that those who lent into this have made a true fortune...goes to show there is a lot of truth in there too. Just not with this pathetic piece.

jubber's picture

Why doesn't that useless prick Rand Paul, or ryan stand up in Congress and insist that someone goes to jail for this shit, rather than wanking off day after day

Harbanger's picture

Some people have political enemies, some people just talk shit from their mothers basement.  What have you done to make a difference?

caShOnlY's picture

Why doesn't that useless prick Rand Paul, or ryan stand up in Congress and insist that someone goes to jail for this shit

because being found dead after the car accident with the gay lover's balls you never knew in your throat is a great deterrent. 

Rafferty's picture

RP has sold out.  Or been given an offer he can't refuse.

Seasmoke's picture

But surely Ruth is living the good life in Israel. 


Harry Markopolous for President of the World !!!!

22winmag's picture

Chris Christie was essentially Bernie Madoff's lobbyist when he worked at the Securities Industry Association. 


Some people say that's why Romney passed him over as candidate for VP.


But hey, that's all water under the bridge now.

Fix-ItSilly's picture

If the US Govt bailed out Madoff, as it did JPM, Madoff could have written a "get out of jail" check too!

buzzsaw99's picture

if you're in the tribe you make a profit even when you get totally ripped off.

TruthInSunshine's picture

As a member "of the tribe" via maternal ancestry (and not by dogma, religious or otherwise, nor any support of Zionism - some call me "self-hating"), I've been witness to Jew-on-Jew financial brutality & criminality many, many times.

When one's god is a Golden Calf, as they say...

starman's picture

Bernanke , Madoff , Paulson , Jamie Diamon

they're all the same!

ebworthen's picture

Bernanke and Paulson thumbed you down; they still see themselves as noble public servants, just like the Honorable Jon Corzine.

Fix-ItSilly's picture

Maybe certain Congressman should be queried as to why they are permiting new, substantial taxes.  After all, all these bank fines are only passed on to the public.  The banks serve as the black hat collection agency without any Govt attempt to punish behaviour.

One And Only's picture

All taxes are passed on to the public. That's why I've never understood why people want corporations to pay more in taxes. Essentially the corporation i. raises the price of the product, or ii. lays off workers or outsources to other countries.

Second point is that most of the politicians are complicit in this fraud or associated with some other fraud. Taxpayers/citizens operate under this convoluted misconception that the government is there to help you or keep you safe. Aside from protecting against a foreign invasion government is pretty harmful and the bigger it gets the more harmful it becomes. The US federal government is HUGE and the bigger it has become they have: destroyed our education system, usurped all forms of privacy, obliterated the middle class, stolen from everyone through inflation, and destroyed the healthcare system. Americans are fatter, dumber, and poorer than any other time in American history and it's not coincidental that the federal government is larger than it has ever been in history.

itstippy's picture

Every single one of Madoff's wealthy clients knew the game was rigged.  They all thought Madoff had a super web of contacts and was trading insider tips.  Wealthy clients were lined up to join Madoff's scam, confident that they could get in at the top of the food chain and make money by fleecing all the other less connected investors.  They had NO ethical problem with this - it was their right as members of the 1% to fuck over the "Mom & Pop" connectionless sheep and make money.

When it turned out the wealthy investors themselves were the patsies they cried foul very loudly.  BAAA!  BAAA BAAA BAAA! they cried.  

Damn, I enjoyed watching the Madoff fiasco unfold.  


SAT 800's picture

You're completely wrong. Read the book; as usual; if you actually want to know something instead of just making up stories.

itstippy's picture

I've read numerous articles about the Madoff ponzie.  I watched the whole thing unfold.

Madoff had multiple "feeders" who would prowl upscale country clubs to find wealthy "upper crust" clients.  The come-on was that you couldn't get in on Bernie's investments unless you had a very sizable sum to invest and were legitimately wealthy and upper-class.  Walter Noel and his family were the best of the feeders.  They steered huge sums of money into Madoff's scam by lining up greedy wealthy snobs.

Caviar Emptor's picture

You are close to the truth. The wealthy snobs believed that Madoff simply had a skim: he had been head of NASDAQ from it's inception and championed electronic trading, taking the game away from NYSE specialists. They thought he was at the top of the electronic food chain like HFT algos are now, knowing what all the bids and asks are and arbitraging every trade. They didn't know about his connections to the Italian mafia from his old neighborhood.

MsCreant's picture

The whole thing is a daisy chain Ponzi scam which includes government, TBTF banks, NSA and computing businesses, and the Fed. Made-off was sacrificed to save the rest of the chain. Insiders withdrew their tentacles to avoid a big hit.

Are you confused?

Any questions?

I am stating the obvious, apologies. This is our Orwellian world.

samsara's picture

You got it Babe...

As usual MsCreant....

(Never told you, But I love your avatar)

MsCreant's picture

MsCreant came to this website a few years ago pissed off, with questions. She has a gun pointed at you, she is doing the asking, and she won't take crap. I like her too!

Here is the original:

I like your screen name, very much!

samsara's picture

I knew it was a book cover from the '40s

And Thank you,  Most people think it's about Sam and Sara....

(Maybe you did?)

But really  it's a Buddhist term

Cycle of Life... "The Wandering...'

Keep Cool as you are...

(Watch out for the trolls, it's getting worse)

Papasmurf's picture

Madoff left them no choice but to proscute him when he declared he was operating a ponzi to the media in the middle of Manhattan.  If he had dodged, diverted and denied, he would have gotten away with it just like Corzine.