The Financial Industry Regulatory Authority, the industry-run watchdog for brokerage firms, reported in 2007 that parts of the firm appeared to have no customers, according to the paper.
Madoff was interviewed at least twice by the SEC, the paper said, adding that regulators never came close to uncovering the alleged $50 billion Ponzi scheme that investigators now believe began in the 1970s.
that inspires confidence doesnt it? i heard tonight that he mailed over a million dollars worth of assets to relatives. while what he did is troubling i still wanna know where all the rest of the money that all of the other brokers and financial services lost went. for every debit there is an offsetting credit somewhere. this money didnt fall into a deep hole. someone or many someones are sitting on it.
The SEC could not be immediately reached for comment by Reuters.
I saw a brief blurb on this yesterday. MSNBC was chatting about it this morning on Morning Joe. They said something about it having to do with Blagojevich, which doesn't make any sense to me. I did find this article that seems to make a lot more sense:
thanks cat. pretty crappy situation if hes not guilty of doing anything wrong and if it turns out he is? even crappier
William Sisneros, chief executive of CDR Financial Products, said the FBI was looking at all of the services that CDR had provided to the state, and had found nothing.
The firm is suspected of winning state contracts that generated more than 1.5 million dollars in fees after donating 100,000 dollars to political organizations affiliated with Richardson.
A federal grand jury has launched an investigation into the scandal, in which financial companies make political donations to office-holders in order to be considered for government business.
CDR has never been charged with any crimes. But The New York Times and other newspapers have reported that the company has been closely linked with legal "black box deals" used by American International Group (AIG), J. P. Morgan Chase and other companies to sell municipal bonds that benefit the issuing companies, but rarely benefit the low-income people who are supposed to get help.
CDR's Los Angeles offices were reportedly searched more than two years ago in a federal probe of local government officials across the country who were getting financial help from agencies that manage sales of the agencies' municipal bonds. No charges were filed after that search, either.
On its Web site, CDR Financial Products describes itself as a capital markets service company that has put together more than 5,358 bond sales totaling 158 billion dollars in transactions.
did anyone see the news today? richardson has apparently withdrawn his name for the position of sec of commerce. he was supposed to have a press conference today to give the details but i missed it. msnbc reported earlier today that it had something to do with an investigation and that he wouldnt be cleared before obama gets sworn in. i would have thought that he would have been completely vetted prior to his running for pres?
I saw a brief blurb on this yesterday. MSNBC was chatting about it this morning on Morning Joe. They said something about it having to do with Blagojevich, which doesn't make any sense to me. I did find this article that seems to make a lot more sense:
Firm denies wrong doing in Richardson scandal
LOS ANGELES, Jan. 4 (Xinhua) -- A financial company headquartered in Los Angeles denied on Sunday that it had done anything wrong that caused New Mexico Governor Bill Richardson to withdraw as President-elect Barack Obama's commerce secretary.
Richardson announced his withdrawal earlier in the day, citing an investigation of the CDR Financial Products' business dealings with the state government he leads.
William Sisneros, chief executive of CDR Financial Products, said the FBI was looking at all of the services that CDR had provided to the state, and had found nothing.
The firm is suspected of winning state contracts that generated more than 1.5 million dollars in fees after donating 100,000 dollars to political organizations affiliated with Richardson.
A federal grand jury has launched an investigation into the scandal, in which financial companies make political donations to office-holders in order to be considered for government business.
CDR has never been charged with any crimes. But The New York Times and other newspapers have reported that the company has been closely linked with legal "black box deals" used by American International Group (AIG), J. P. Morgan Chase and other companies to sell municipal bonds that benefit the issuing companies, but rarely benefit the low-income people who are supposed to get help.
CDR's Los Angeles offices were reportedly searched more than two years ago in a federal probe of local government officials across the country who were getting financial help from agencies that manage sales of the agencies' municipal bonds. No charges were filed after that search, either.
On its Web site, CDR Financial Products describes itself as a capital markets service company that has put together more than 5,358 bond sales totaling 158 billion dollars in transactions.
"Pay for Play", the new old term. That's the tie-in to the Blago story. We're entering an area now where ethics and legalities are finally being looked at on their own merits or lack of. It may or may not be illegal (after the Grand Jury offers their findings) to ask for, have delivered and then extend contracts based upon contributions, but it sure reeks of unethical. I just don't understand why all of a sudden there's concern for ethics. I think this falls into the category of legal and common practices that probably shouldn't be either.
I get a big chuckle when I look back to the article and see the words "on it's website CDR describes itself...." Like they're going to say "We are willing to pay to play in YOUR best interest? But, my take on bad journalism, which that is, is for another thread.
Here's another blurb that continues the downward spiral of federal Reg and other reporting agencies charged with watchdogging our best interests.
Reuters:
The Financial Industry Regulatory Authority, the industry-run watchdog for brokerage firms, reported in 2007 that parts of the firm appeared to have no customers, according to the paper.
Madoff was interviewed at least twice by the SEC, the paper said, adding that regulators never came close to uncovering the alleged $50 billion Ponzi scheme that investigators now believe began in the 1970s.
The SEC could not be immediately reached for comment by Reuters.
did anyone see the news today? richardson has apparently withdrawn his name for the position of sec of commerce. he was supposed to have a press conference today to give the details but i missed it. msnbc reported earlier today that it had something to do with an investigation and that he wouldnt be cleared before obama gets sworn in. i would have thought that he would have been completely vetted prior to his running for pres?
Troubling as it is to think the next Commerce Secty was willing to extend contracts based on donation related contributions. I'm already more interested to see how the Harry Reid situation plays out. I can't stand that sob and apparently, as outspoken and adamant that Burris of Illinois (a brilliant appointment by Blago) strategically that is, would NEVER be sat in the US Senate...Reids "about face" on the matter, at the heels of his own controversy, make this a doozy. His tune is changing now that seems he (Big Harry) placed his own calls to the Illinois Govs office prior to obama vacating the seat.
All I know is that if a republican doesn't get caught in a huge sex scandal very quick the dems are looking pretty bad on their own.
Obama may now be referring to Richardson as something other than "a leading economic diplomate", yeah his words. Oops. It's a very good thing it wasn't Richardson that landed the Secty of State position, not with this cloud, and not in these times. Yeah, story is he assured the BO team he would have no problem passing the grade.
I think Hillary said it best when she said her dirty laundry has been out there for twenty years, there's nothing left to see. Such a shame. It is what it is, as they say. But we really got it wrong this time. As usual.
And now Big Bush is lining up Jeb. At least the Bush stops there.
did anyone see the news today? richardson has apparently withdrawn his name for the position of sec of commerce. he was supposed to have a press conference today to give the details but i missed it. msnbc reported earlier today that it had something to do with an investigation and that he wouldnt be cleared before obama gets sworn in. i would have thought that he would have been completely vetted prior to his running for pres?
I saw a brief blurb on this yesterday. MSNBC was chatting about it this morning on Morning Joe. They said something about it having to do with Blagojevich, which doesn't make any sense to me. I did find this article that seems to make a lot more sense:
Firm denies wrong doing in Richardson scandal
LOS ANGELES, Jan. 4 (Xinhua) -- A financial company headquartered in Los Angeles denied on Sunday that it had done anything wrong that caused New Mexico Governor Bill Richardson to withdraw as President-elect Barack Obama's commerce secretary.
Richardson announced his withdrawal earlier in the day, citing an investigation of the CDR Financial Products' business dealings with the state government he leads.
William Sisneros, chief executive of CDR Financial Products, said the FBI was looking at all of the services that CDR had provided to the state, and had found nothing.
The firm is suspected of winning state contracts that generated more than 1.5 million dollars in fees after donating 100,000 dollars to political organizations affiliated with Richardson.
A federal grand jury has launched an investigation into the scandal, in which financial companies make political donations to office-holders in order to be considered for government business.
CDR has never been charged with any crimes. But The New York Times and other newspapers have reported that the company has been closely linked with legal "black box deals" used by American International Group (AIG), J. P. Morgan Chase and other companies to sell municipal bonds that benefit the issuing companies, but rarely benefit the low-income people who are supposed to get help.
CDR's Los Angeles offices were reportedly searched more than two years ago in a federal probe of local government officials across the country who were getting financial help from agencies that manage sales of the agencies' municipal bonds. No charges were filed after that search, either.
On its Web site, CDR Financial Products describes itself as a capital markets service company that has put together more than 5,358 bond sales totaling 158 billion dollars in transactions.
did anyone see the news today? richardson has apparently withdrawn his name for the position of sec of commerce. he was supposed to have a press conference today to give the details but i missed it. msnbc reported earlier today that it had something to do with an investigation and that he wouldnt be cleared before obama gets sworn in. i would have thought that he would have been completely vetted prior to his running for pres?
