The Last Phase in the Life Cycle of a Parasite. When they have killed the Host, they turn on each other.
Madoff Scandal Has Global Impact
The Associated Press
The list of investors who say they were duped in one of Wall Street's biggest Ponzi schemes is growing, snaring some of the world's biggest banking institutions and hedge funds, the super rich and the famous, pensioners and charities. The alleged victims who sunk cash into veteran Wall Street money manager Bernard Madoff's investment pool include real estate magnate Mortimer Zuckerman, the foundation of Nobel laureate Elie Wiesel, and a charity of movie director Steven Spielberg, according to The Wall Street Journal. Among the world's biggest banking institutions, Britain's HSBC Holdings PLC, Royal Bank of Scotland Group PLC and Man Group PLC.
$600 Million in Jewish Charitable Funds Lost ... DOWN THE DRAIN !
The Jerusalem Post (Israel)
At least $600 million in Jewish charitable funds have been wiped out by the collapse of Bernard Madoff's Wall Street investment firm, a partial review by The Jerusalem Post revealed Monday. Yet much is still hidden about what may amount to the most spectacular financial disaster to hit Jewish life since the Great Depression, with unconfirmed losses totaling up to $1.5 billion. Furthermore, the Post's figures do not include billions of dollars lost to individual and family investors, many of whom were the primary donors to Jewish schools, synagogues and communal charities.
What the Madoff investments reveal.
By Danielle Berrin
As financial losses resulting from the Madoff scheme continue to bleed throughout the country, two things have become clear: Jewish investors are acutely affected, and a few of them hail from Hollywood.
First we heard about Spielberg, then Katzenberg, then their longtime business manager Gerald Breslauer, who recommended investing with Madoff. Earlier today, the LA Times reported that screenwriter Eric Roth, who last week was nominated for a Golden Globe for The Curious Case of Benjamin Button, lost his entire retirement savings. Those are the first few to fall, but the way this Ponzi pyramid is breaking down, there will likely be more. Is it mere coincidence that the Hollywood players ensnared in the scheme are all Jewish.?
If theyre from Hollywood, theyre not really Jewish, goes the stereotype. But the Madoff mess actually reveals something contrary to the prevailing belief that theres nothing substantively Jewish in Hollywood (besides a bunch of Jewish names). It speaks to a foundational common thread, something sacred that is shared amongst members of a close-knit community; a community built on trust.
How else can you explain the kind of incestuous financial rings developed and sustained within the Hollywood Jewish community? Spielberg entrusts his net worth to his Jewish business manager; he shares said business manager with friend Jeffrey Katzenberg; and that very same manager trusts their sizable assets to another reputable Jew: Bernard Madoff. It could be argued that the entire entertainment industry operates this way; a tribalistic clan working together, sharing with each other and trusting one another.
Source: 2008 The Jewish Journal