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March 24, 2013

I was the first individual to report the true nature of Bernard Madoff’s fraud. Although I did not distribute copies of these articles to members of the WBAI Local Station Board, I am certain that they would have been derided by those experts on financial fraud- R Paul Martin, Carolyn Birden and Alex Steinberg. And that is the problem with the WBAI Local Station Board- it is composed of old people, who have no knowledge of finance and economics (excepting Steve Brown) and whose sole concern is waging the long-lost ideological wars of the 1960s. (Some of these inept individuals continue to praise Communist governments- of course neglecting the murders of millions of individuals by these heroes of the revolution.)

I explained in my Madoff articles, which are obviously above the realm of expertise of Carolyn Birden, my fiercest literary critic, that the Madoff scam first began as a tax scam. Of course this should be of interest to WBAI, but the fools of the WBAI LSB despise me.

Twenty year treasuries were yielding 12% and 14%. Ten year treasuries were yielding 10%. So why would individuals choose to invest with Madoff. Not because they could take out their money at any time- I have been informed that no one took out their money. Au contraire if these individuals had invested in treasuries, they would have been required to pay fed. Federal income taxes on their profits- and the income tax rates were substantially higher than they are currently. But if they invested with Madoff their income from the investments would not be reported.

One individual, who informed me of this tax fraud, was Mark Kolber, a member of the American Stock Exchange whose brother, Fred Kolber, was a principal in Fairfield Greenwich, a Madoff feeder fund. (Fred pulled out circa 2000) and was not obliged to return any money. Mark Kolber traded the options of Lilly. Until 1987 Fred Kolber traded the options of ASA. Both options were run by the American Stock Exchange (NYSE-MKT) specialist unit of Miceli-VanCaneghan, which was owned by Louis Miceli and Robert VanCaneghan. Both Miceli and Van Caneghan were involved in laundering drug money and were involved in the Italian Mafia stock fraud, PNF.

Mark Kolber did not name Madoff, but he did provide me with the name of his brother’s investment group, Fairfield Greenwich. Mark also boasted to me of other tax fraud artifices of Fairfield Greenwich.

There is more to Madoff’s tax fraud- and I will write about it later. But the question to be asked is: Why is not WBAI interested in tax fraud, bankruptcy fraud, etc. which continues to the present day. Is it simply because the members of the WBAI Local Station Board cannot understand this? Or is it because Steve Brown and his minions wish to protect the friends of Steve Brown?

Also I was one of the first to know that Russian gangster money was being laundered via Madoff through various funds. But more of that later and the information, which I provided to Irving Picard, Trustee of the Bernard Madoff assets.

I always find it interesting that the WBAI Local Station Board and the producers of various programs at WBAI, should be protecting Wall Street criminals- and that is the reason why no one listens to WBAI and why no one donates to WBAI. WBAI does not appeal to the economic issues of the day- on an intelligent basis and not just the regurgitated reporting of some programmers. Instead of seeking a more equitable distribution of the economic pie, WBAI sinks to shrink the size of the economic pie- and leave the inequitable distribution as it is.


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