 The arrest of financier Bernard Madoff Thursday for operating
a "Ponzi scheme" costing investors $50 billion made the TV network
news. Curiously, a lawsuit the same day against Clinton Treasury Secretary
Robert Rubin for defrauding Citibank shareholders of more than $122 billion,
also described as a "Ponzi scheme," got no airplay whatsoever.
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- As we shall see, Rubin, a Director of Citibank, profited
from the shady practices that destroyed the financial system and sent the
world's economies into a tailspin. Then, to repair the damage, he and his
banker friends put the taxpayer on the hook for trillions.
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- Rubin didn't get the same publicity as Madoff because
of his close connection to Barack Obama.
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- Robert Rubin's son Jamie was Obama's main Wall Street
fund raiser and is now one of his principal advisers. More significant,
Obama's economic team consists of Rubin's proteges including Timothy Geithner,
Treasury Secretary, Lawrence Summers, Senior Economic Adviser and Peter
Orszag, Budget Director. The Times of London has already dubbed them the
"Robert Rubin Memorial All Stars."
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- Clearly, the media don't want people to see that the
candidate of "Change" chose the people responsible for this calamity
to be his "economic team." While in the Clinton White House,
Rubin, with Summers, helped tear down the regulatory walls between banks,
brokerages and insurance companies and freed them to trade in unregulated
and little-understood derivatives worth trillions of dollars.
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- THE LAW SUIT
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- In an article entitled "Ponzi Scheme at CITI,"
the New York Post reported: "A new Citigroup scandal is engulfing
Robert Rubin and his former disciple Chuck Prince for their roles in an
alleged Ponzi-style scheme that's now choking world banking.
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- Director Rubin and ousted CEO Prince - and their lieutenants
over the past five years - are named in a federal lawsuit for an alleged
complex cover-up of toxic securities that spread across the globe, wiping
out trillions of dollars in their destructive paths.
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- Investor-plaintiffs in the suit accuse Citi management
of overseeing the repackaging of unmarketable collateralized debt obligations
(CDOs) that no one wanted - and then reselling them to Citi and hiding
the poisonous exposure off the books in shell entities.
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- The lawsuit said that when the bottom fell out of the
shaky assets in the past year, Citi's stock collapsed, wiping out more
than $122 billion of shareholder value.
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- However, Rubin and other top insiders were able to keep
Citi shares afloat until they could cash out more than $150 million for
themselves in "suspicious" stock sales" calculated to maximize
the personal benefits from undisclosed inside information," the lawsuit
said.
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- The latest troubles for Rubin, Prince and others emerged
in a 500-page investigation by Citigroup investors represented by law firm
Kirby McInerney.
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- The probe was used to amend and add new details to a
blanket investor lawsuit filed against Citigroup a year ago. The amended
suit called the actions of Citi leaders "a quasi-Ponzi scheme"
to hide troubles - and keep Citi stock afloat while insiders unloaded about
3 million shares between Jan. 1, 2004 and Feb. 22, 2008 for huge profits.
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- In addition to Citigroup, Rubin and Prince, the complaint
names Vice Chairman Lewis Kaden, ex-CFO Sallie Krawcheck and her successor
CFO Gary Crittenden.
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- Rubin cleared $30.6 million on his stock sales, while
Prince got $26.5 million, former COO Robert Druskin got nearly $32 million
and former Global Wealth Management unit chief Todd Thomson got $25.7 million,
the suit said."
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- http://www.nypost.com/seven/12042008/business/ ponzi_scheme_at_citi_142511.htm
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- THE PONZI SCHEME
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- In an article, "The Great American Ponzi Scheme,"
Robert Butche writes, "Little did people know that banking and finance
had contracted a nasty disease -- one known in the grifter trade as a Ponzi
Scheme -- in which sub-prime mortgages were securitized and traded based
on an unsustainable promise to pay high returns to investors from monies
obtained from subsequent investors."
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- http://newsroom-magazine.com/?p=3773
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- In the commentary to the NY Post article above, a Ph.D.
in Physics explained that his fellow graduates all went to work for big
banks, brokerages and Fannie May. They were "hired to do complicated
calculations (loop level) borrowed from quantum field theory and statistical
mechanics. They can take any number(s) as an input and produce any output
as desired. Hence the banks hired at a much higher pay these people than
they could earn in Universities or research institutes...Their bosses told
them to inflate the value of anything to any number and these people did
that."
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- "No ordinary derivatives trader can ever understand
any formula(e) to calculate the value of anything. These are too complicated
but intentionally. But there are some conservation laws for energy, momentum
etc in physics. Where every (loop level) calculation has to abide by them.
In finance and banking there is no such conserved quantity as credit can
be created from thin air and destroyed also to that. Hence the fiasco."
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- BERNARD MADOFF, RAHM EMMANUEL
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- Madoff was a pillar of Wall Street, one of the founders
of the NASDAQ Exchange and a former Chairman. His private Investment business
became known for delivering steady returns year after year and attracted
billions. Little did anyone imagine he was using new investments to provide
returns on old ones. The house of cards came crashing down last week when
he confessed to his sons, who promptly reported him. He had lost their
money too. He had cheated family and friends.
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- http://www.time.com/time/business/article/0,8599,1866154,00.html?
iid=tsmodule
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- "Madoff's investors included captains of industry,
corporations -- some of which are publicly traded -- that used Madoff almost
as a high-yielding cash management account, endowments, universities, foundations
and, importantly, many high-profile funds of funds," said Douglas
Kass, who heads hedge fund Seabreeze Partners Management. "It appears
that at least $15 billion of wealth, much of which was concentrated in
southern Florida and New York City, has gone to 'money heaven,'" he
said.
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- http://finance.yahoo.com/news/Madoff-alleged-50-billion-
rb-13819411.html
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- Madoff's $50 billion scam is described as the largest
in history. But it pales in comparison with what Robert Rubin and his ilk
have done to the world. With the possible exception of Ponzi himself, most
of the scamsters mentioned here are Jewish. A consolation to anti-Semites,
the biggest victims probably also are Jews. One Jewish Foundation, which
gave away $1.5 million to Jewish causes, closed its doors and laid off
its employees. All its money was invested with Madoff.
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- http://jta.org/news/article/2008/12/12/1001512/lappin-foundation-
loses-all-of-its-money-in-madoff-fruad-and-closes-its-doors
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- "This guy [has] killed more Jews then Hitler,"
one wag said in a forum. "Wait till you read the formal complaint
from the SEC and FBI." Then he added facetiously, "Now that the
Jew has been thrown down the well, is our country free?"
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- http://dealbreaker.com/2008/12/madoffs-victims.php
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- Thankfully Illinois Governor Rod Blagojevich is not Jewish,
but Obama's Jewish Chief of Staff, Rahm Emanuel is implicated in the Governor's
plan to sell Obama's Senate Seat. Obama was put in power by Illuminati
Jews and Masons and there is going to be plenty of corruption.
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- ("implicated" http://www.timesonline.co.uk/tol/news/world/
us_and_americas/article5332897.ece)
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- Just as there was collateral damage when Illuminati bankers
put Hitler into power, (the loss of 60 million people) Jews today have
got to break rank with the bankers and their political puppets. We're not
responsible for their machinations and Jews suffer as much as anyone.
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- Moreover, Jews are going to be blamed unless we join
in exposing and opposing the Illuminati, (i.e. the highest rank of Freemasonry
consisting of Jews and non-Jews.) Organized Jewry and many individual Jews
are witting and unwitting instruments of the Illuminati bankers' plan for
totalitarian world government.
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- At the same time, we need to ask ourselves whether there
is some flaw in Jewish culture that makes so many Jews sacrifice personal
integrity for financial success and power.
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- Finally, wars and depressions don't happen by accident.
They are planned by the Illuminati years in advance. They are designed
to engineer social and political change. See my "Illuminati Bankers
Seek "Revolution" by Economic Means" and "Credit Crunch:
Occult Colonization of the Developed World?" The media is controlled
by the Illuminati and advances their agenda. That's why the spotlight is
on Bernard Madoff and not Robert Rubin.
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- ----
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- Makow--"Bankers Seek Revolution by Economic Means"
http://www.henrymakow.com/illuminati_bankers_seek_revolu.html
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- "Occult Colonization of the Developed World"
http://www.henrymakow.com/credit_crunch_is_about_world_g.html
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- Sovietizing the US Economy-The Final Phase http://freedominourtime.blogspot.com/2008/12/sovietizing-economy-
final-phase.html
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- --
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- Henry Makow Ph.D. is the author of "Illuminati-The
Cult that Hijacked the World." (www.cruelhoax.ca) His articles can
be found at his web site www.henrymakow.com He enjoys receiving your comments,
some of which he posts on his site using first names only. hmakow@gmail.com
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- US Physicists Make Weapons of Mass Financial Destruction
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- Dear Henry,
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- I read with interest your articles in Rense.com. In the
present article you mentioned a you mentioned a PhD physicist and quoted
from his letter to the NY Post. That physicist is me.
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- I did my PhD from University of ---. I had a grade point
average of over 4.9/5.0. But I tried to just stick with physics and I
am glad that I did so.
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- People with training in disciplines like physics can
do great work, but they can also be used to create havoc by powers that
be.
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- Without physicists, no matter how much money you have
you cannot make a nuclear reactor (for good) or nuclear bomb (for bad).
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- It must be mentioned that in the USA most of the physics
research is supported by the Federal Government in one way or another.
In the mid 90's due to serious budget cuts, research money started drying
up. Hundreds of PhDs were competing for one university job. So many gave
up and went for other options. Those were in banks and financial institutions.
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- As the employers who earlier employed physicists to make
atom bombs got their bombs made, similarly the employers in banks and
other financial sectors got the physicists, mathematicians and others
with technical skills to make these weapons of financial destructions
(WFDs) which they have finally started to release.
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- This present situation is plain and simple warfare by
the rich to grab all they can from the middleclass and poor. The WFDs
are the choice weapon as they are the ultimate destroyers of life, liberty
and persuit of happyness but preservers of real estate.
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- I do not know, but you may want to look how these financial
institutions went after physicists and mathematicians and what was their
purpose of hiring so many so called 'rocket scientists.' I even saw a
poster from Surrey University, UK, about graduate studies with physics
and finance.
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- I do not want to downgrade physicists (and I hope I am
wrong) but one needs to examine their involvement very carefully to understand
the dynamics of the present chaos.
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