Reply #62: It was NOT a Ponzi Scheme; it was a "CONTROL FRAUD"...

[ezdidit]

Fraud and money laundering...

William K. Black at HuffingtonPost exposed it in depth on February 9, 2008, here: http://www.huffingtonpost.com/william-k-black/the-two-documents-everyon_b_169813.html

Note that it is the Chinese who are most aggrieved about tax havens. The pressure on China is enormous. They own US treasury notes and have been most defrauded by naked CDS's. ...China, the world's factory that keeps itself running by manipulating the value of the yuan to overwhelm the world's economies with its goods. And the world played along. They really pissed off Sarkozy when they threatened to expose the deals by naming the banks and havens.

The CDS/CDO schemes that have collapsed the worldwide credit network were designed and executed to stretch capital resources to the breaking point and then break the financial system to create a pretext for the enrichment of only the wealthiest elites through their private tax haven banks.

Madoff's personal profits came from foreign banks that employed the vast network of tax havens worldwide to provide an extraordinary opportunity for nations to conceal transfers of wealth right out of sovereign treasuries into the private banking sector unconstrained by any oversight. It was fraud and money laundering, fully sanctioned by national governments in the form of debt obligations.

And their target dupe has been China...