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Unfortunately I believe that we are limited in what we can focus on. I think that if we proceed with the partisan sideshow of prosecuting Bush admin. officials, healthcare will get lost in the brouhaha.
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How Much Did Madoff Family Know?

POSTED: 11:57 AM ET, 02/12/2009 by Derek Kravitz

Questions about how much the family of disgraced hedge-fund manager Bernard Madoff knew about the $50 billion Ponzi scheme he allegedly operated keep emerging two months after the former NASDAQ chairman was arrested and proclaimed himself the sole conspirator.

Madoff's wife, Ruth Madoff, came under additional scrutiny this week after Massachusetts officials discovered she withdrew more than $15 million from Cohmad Securities, a firm co-owned by her husband, including $10 million on the day their children turned her husband over to authorities.

Madoff's wife has described herself in the past as a director in the firm and had handled some bookkeeping in the 17th floor office of the Third Avenue building known as the Lipstick Tower in Midtown Manhattan, according to published reports.

Madoff's two sons, 42-year-old Andrew Madoff and 44-year-old Mark Madoff, and brother, 62-year-old Peter Madoff, all worked for Bernard L. Madoff Investment Securities. Andrew and Mark oversaw the firm's stock-trading desks while Peter was the company's general counsel (Peter was apparently the heir to brother Bernard's company; the two avoided flying together for fear of a plane crash).

Shortly after Bernard Madoff confessed to the authorities, an inquiry by federal investigators into how much the three Madoff relatives knew uncovered no collusion, The New York Times reported in December.

It later emerged that two years ago, Bernard and Peter transferred the ownership of their lavish Florida homes to their respective wives, who then applied for homestead exemptions, as CBS News' Armen Ketayian has reported. It was about the same time federal regulators began probing Madoff Investment's holdings.

There were still other family connections in the firm. Madoff's niece, Shana Madoff, began working at Madoff Investment Securities in 1995 as an in-house counsel. A nephew, Charles Wiener, (the son of Bernard's sister, Sandra Madoff) served as director of administration. Another nephew and son of Peter, Roger Madoff, worked at Primex Trading, a trading subsidiary. (Mark, Andrew and Shana also started their own energy exploration and production company, Madoff Energy, in 2007 to profit from skyrocketing energy prices.)

"All of his family members grew up with this being our lives," Mark Madoff said in a 2000 FinanceTech profile of Madoff called "Family Influence." "When it is a family operated business you don't go home at night and shut everything off, so you take things home with you, which is how all of us grew up."

By Derek Kravitz |  February 12, 2009; 11:57 AM ET Madoff Scandal
Previous: Bank Execs on Hot Seat, Mrs. Madoff's $15M Withdrawal, Unemployment Claims Blocked | Next: South Carolina Sheriff Pursues Phelps Pot Case


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Please consider my idea, otherwise, the billions and billions and billions that Congress is going to vote on
may cost much more in investigations into how the money is spent!!!



(1) Give all of the Billions of dollars to the U.S. Government Personnel Hiring Office.

(2) Have the U.S. Government Personnel Office hire all U.S. Citizens who apply and
who pass ability tests, and who are (2a) currently collecting Unemployment, or (2b) have run out of Unemployment benefits and are still jobless.

(3) Test these new federal government employees for skills the same as anyone applying for federal government employment. Give all college graduates tests for management and supervisory and science and teaching positions. Give them a pay grade level based on their test scores.

(4a) Allow all companies and corporations who filed taxes last year and this year, and who can prove that they have had to lay off workers from lack of funds, to file a "certificate of need" and receive government workers, who will work for the companies and corporations as temporary employees at jobs equivalent with their tested abilities, and who will remain employees of the federal government; every type of job from simple labor to high tech jobs.

(4b) Allow States who have had to lay off employees because of state budget shortfalls, to receive federal government workers on the same temporary basis as companies and corporations.

(4c) Allow the Federal Gov't to have some of these new employees for Border Patrol and Airport inspectors.

I can PROVE this is the BEST plan! Call any better business bureau in any state. They will all tell you that 80% of new businesses fail in the first two years. This will save a great deal of them. States are laying off workers! This will save State programs! This will give the Border Patrol and Airport inspectors extra additional employees for our national security.

I absolutely guarantee you that this is the best way to spend the mega billion dollar stimulus money!

This is a fail proof way to provide jobs and help companies and States and national security; and it is the most cost effective plan because any other plan will end up in INVESTIGATIONS INTO WHERE THE MONEY WENT!

Cris Ericson, Vermont

Posted by: crisericson | February 12, 2009 6:04 PM

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