Thursday, June 16, 2011

Attitude of Jewry “victimized” by Madoff suggestive of new ruling class in U.S. which see itself as entitled to huge profits with few questions

From: Reply to Jansen’s comment on “Is the Madoff Scandal Paradigmatic?”
(Occidental Observer) -- by John Graham --

In asking Is the Madoff Scandal Paradigmatic? Kevin MacDonald and I put forward reasons for thinking so:

*Ample evidence pointing to the Madoff operation being fraudulent was brought to the attention of the SEC: the failure of that entity to take effective action can most plausibly be explained by fear of the lethal rage the Jewish Establishment was likely to show if an important member was attacked.

*Madoff’s success in raising so much money from so many places was largely a function of the efficiency of networking within the Jewish Community

*Raising and keeping the money was greatly facilitated by extraordinary — even irrational — reverence Madoff came to be accorded: conforming Rabbi/Guru cult pattern seen amongst Jews from the Rabbis of Eastern Europe to the Boas/Anthropology and Freud/Psychology academic circles amongst others.

*Economically the fraud was a huge net transfer of resources from non-Jews to Jews and within the group from less wealthy Jews to an elite.

*That Madoff was not turned in by the numerous Jewish financial sophisticates who had apparently figured out the fraud reflected the shadow cast by the “Mesirah” tradition prohibiting reporting wrong-doing Jews to the Civil Authority: a matter of great significance to non-Jews.

In his thoughtful response Mr. Jansen seems to concede our first point (“I will not argue against…”). From a public policy point of view, this is the most important matter. He ignores the “Guru” and “Mesirah” issues to focus on the distribution of benefits from the fraud.

He suggests that the main beneficiary was “the small Jewish retail investor who put his money to work with Madoff many decades ago.”...

Being in the business, he may be in a good position to judge this. But we were concerned with the effect of the Madoff scheme as an operating entity. While it was proceeding, all these people were doing extremely well from it.

Mr. Jansen also says, “non-Jewish investors are not likely to have suffered as large losses as initially thought.”

This seems to be true — but mainly because the proceeds of the fraud turned out to be so heavily concentrated in liquid form in the hands of a few. It may be that the Trustee’s shakedown suits aimed at the deep pockets of the Banks unfortunate enough to be involved will be productive. But the scale of the recoveries has no relevance to our analysis.

Jansen points out that others commit financial crimes, and implied that Jews do not commit them disproportionately to their very heavy involvement in financial matters.

The former is obviously true and the latter deserves some research. But we made no assertion about the propensity of Jews to commit these crimes (as, it is true, many others did).

Our point was mainly about ethnic networking — that the Madoff phenomenon, in the way it grew and in the way it was not stopped
illuminate(s) the economic and political prerogatives usurped in late 20th-century America by what can only be described as the new ruling class.
Subsequent events are confirming this — SEC Inspector General Kotz’s suppression of Senator Schumer’s role not least...MORE...LINK

1 comment:

Chu said...

Valley Of The Wolves Palestine 2011 (English Subs)

good start as of 10 minutes. Better than any Chuck Norris film.