Attorneys for Bernard Madoff, the stock broker currently doing 150 years for running a giant Ponzi scheme, say they are ready to present his case on appeal to the Supreme Court early in June, one year to the day after he was sentenced.
Madoff was convicted of running a fraudulent investment firm for over 40 years, ultimately 'defrauding' investors out of as much as $65B, although no one knows the exact amount, including former NY Fed Chairman Tim Geithner who had enough trouble with his own tax issues at the time to be bothered with complaints against Madoff registered with the SEC for years.
Geithner, now Secretary of the Treasury, is too busy these days shuffling the mysterious pea under a host of walnut shells, and traveling the world hat in hand trying to foist off ever sinking US Treasury Bills to buy financial breathing room for Obama prior to the November mid term elections.
Madoff's scheme was simple, take in a lot of money, pay off just a little to clients showing 12-14% returns each year. Juggle the books behind closed doors, put on a successful face, don't advertise, rely on word of mouth from clients who trusted you and pointed to wild returns double what would be available in a controlled financial environment.
Since Madoff's arrest and imprisonment, attorneys have been building a strong case against the government. With the country's continued economic failure brought on by bad government, lack of restraint, special interests, fueled by political efforts on behalf of the Democrats to change the face of the electorate, law professors think Madoff may have a good case.
They cite California as a prime example where unsustainable Union Pension promises are one part of the puzzle set to spin the state into bankruptcy.
With full benefits, a retiree with 20 years of service might have paid in $37,000 into the pension plan, and be expected before he dies to receive over $3M in benefits. Only Nancy Pelosi believes that math works.
Same with United Auto Workers Union members, who along with the Obama Regime, now own Government Motors (GM) who just announced a $4.9B loss in the last quarter, and admitted they are also short $12B in their pension plan, which is GUARANTEED by the Feds who will extract the bailout from US taxpayers WHEN not IF the company goes down the toilet.
As claims of fraud within the Medicare, Medicaid and Social Security programs go unchecked, these agencies are now paying out more than they take in, and according to reports, will soon run dry.
As an example of the latest Government Pyramid Scheme Madoff's defense team points to the recent passage of ObamaCare as taking Madoff's plan to the nth degree: Add 32 million to the insurance rolls with the resultant influx of cash, and continue to pay out returns to other's already enrolled into the system.
The old adage is First In, First Out....how long will it be before the ObamaCare Scam is outed when there's no one else to suck money out of in order to cook the books and actually claim to the American Public that your plan has actually "reduced the deficit" and "improved health care?"
Attorneys for Madoff say if they win the case as expected, they will be demanding the return of his penthouse in NY, the Chateau in France, the oceanfront estate in Palm Beach, all of his golf memberships, his artwork, the two yachts and the $35M he had stashed away in various safe havens.
Of course, left unsaid is the punitive damages, that his supporters say could be 'substantial.'
The Obama White House regime, aware that Madoff could win the case floated a new scheme from a former Fed Chief saying that the Value Added Tax (VAT) now would be viable as a way to' hedge' liability against the chance of a Madoff vindication, and the reason for the recent visit of French President Nicolas Sarkozy who was paid $2.5M for 'consultant services.'
Meanwhile leaders of the government employment union are raising more funds telling all their members to put in $1,000, get all their friends and relatives to kick in $1,000, then sign up everyone on the block, and by 2016 they could get back $3.2M in tax free cash.
As Bernie would say, "Now that's a F*******g Stimulus Rate of Return I'd go to jail for!"