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Sure, that's what he told them, but it was widely understood that his returns were impossible without some kind of fraud.
There was some Greek guy in Boston screaming about it for years.
The Scam Everyone Thought Madoff Was Running
Lots of Bernie Madoff's investors, including institutional investors and banks, thought Madoff Securities was running a scam--they just didn't realize he was scamming them.
The scam everyone thought he was running was basically having his hedge fund operation front-run the trades from his electronic market making operation. As the saying goes, you can't cheat an honest man...but cheating those who are dishonest is all too easy.
The Financial Times today describes how one Swiss bank thought Madoff had an "edge" because of his market making business:
... “The perceived edge was Madoff’s ability to gather and process market-order flow information and use this information to time the implementation of the split-strike options strategy.”
Yes, they seemed to have thought he was front-running, which is illegal.
What happened was yesterday, in what was presumably a political stunt gone wrong, Mayor Baraka tried to enter an ICE facility to “inspect conditions,” and generally made himself an odious nuisance and an unwanted distraction to innocent federal immigration officials trying to do their official jobs. After being repeatedly warned and asked to leave— a privilege not offered to January 6th “trespassers”— Mayor Baraka was unceremoniously arrested and criminally charged.
He’s lucky they didn’t charge him with insurrection.
Yesterday, the New York Times ran a update story headlined, “Wisconsin Judge Indicted on Charges That She Helped Immigrant Evade Agents.” You remember Judge Hannah Dugan, who threw ICE agents out of her courtroom and then smuggled a criminal illegal alien exit out the back through the private jury deliberation room. Yesterday, she was formally indicted by a federal grand jury — another nail in her judicial coffin and, conveniently, a procedural process with which the judge was surely very familiar.
It was more bad news for the judge. She has already been suspended from the bench while her case continues.
A well-known axiom of criminal law is that “you can indict a ham sandwich.” That might be a slight exaggeration, but indictment is a simplified process where prosecutors need only show the grand jurors something like probable cause. So normal cases, defendants’ lawyers would probably advise their clients not to expect anything very helpful from the indictment process. Indictment is usually guaranteed.
But this case is different. It’s likely Judge Dugan and her activist lawyers were banking on two miracles. First, they probably hoped that Pam Bondi’s DOJ would get cold feet and, fearing political backlash, back down and drop the charges, having already made their point. They probably thought the DOJ would never go through with it, especially after all the bar association letters, unhinged media coverage, and all the Democrat congresspersons who bitterly complained.
But the DOJ didn’t back down. The DOJ is moving full steam ahead.
Second, I’d bet an indicted ham sandwich that Dugan and her lawyers were next hoping the jury would be so offended that the DOJ is going after a public official —a judge!— they might buck the sandwich trend and nullify the case. But the jurors, reeling from covid- and Trump-witch-hunt-fatigue, seem prepared to buy the DOJ’s footlong after all. Score another point for the jury system.
As we’ve discussed before, the indictment of a sitting judge —not for bribery, embezzlement, or some personal vice, but for actively obstructing federal immigration enforcement— is a huge deal. It’s not just another minor legal development. It’s a giant crack in the ground where the silent truce between the judiciary and the executive branches used to be.
Now that Judge Dugan has been indicted, her lawyers will probably start quietly shopping for a plea deal. Dugan is facing professional extinction if she’s convicted of a felony, so her lawyers will likely offer to plead to lesser misdemeanor charges, like low-level “obstruction” or “failure to follow procedure,” perhaps with some mandatory ethics training. That would let the judge keep her law license and judicial eligibility.
Patrick says
She has already been suspended from the bench while her case continues.
With pay.

Hunter is protected by the rule that the elite never arrest or prosecute each other.
DOJ Asks for 18-Month Stay in Eight FOIA Lawsuits Against FDA Seeking Basic Information
One has to wonder what could be in those files
Incredibly, the Department of Justice (DOJ), on behalf of FDA, has informed us that it will move for an 18-month stay in eight FOIA lawsuits my firm recently filed on behalf of ICAN to obtain basic information from FDA:
Communications within FDA that led to a rule allowing certain clinical trials to be conducted without obtaining informed consent from test participants;
Protocols used in three polio vaccine clinical trials conducted in the 1980s;
Protocols of the clinical trials FDA relied upon to license the Hep B vaccine, Recombivax HB;
Protocols of the clinical trials FDA relied upon to license the Hib vaccine, Hiberix;
Final study reports for three studies purporting to test the safety and effectiveness of Pfizer’s COVID-19 vaccine, including incidence of sub-clinical myocarditis in teens;
Records on how FDA developed the contents of its 2020 publication “Development and Licensure of Vaccines to Prevent COVID-19—Guidance for Industry”;
Emails between the Office of Vaccines Research and Review and Stanley Plotkin, Edgar Marcuse, and Philip Krause;
Communications involving then-Commissioner Janet Woodcock during late 2020 regarding convalescent plasma;
Communications within FDA regarding ICAN or Del Bigtree.
Reflecting on what FDA may be seeking to hide, a recent production from FDA (in another pending lawsuit we brought on behalf of ICAN) included an email from former FDA Commissioner, Janet Woodcock, while she was the Therapeutics Lead of Operation Warp Speed, reacting to a report of the effectiveness of Ivermectin against COVID-19 during the height of the pandemic: “Wow. We should definitely test it. Safe drug.”
We will continue to demand transparency from every administration when they give us pushback. Wait times of 2-3 years violate the spirit, letter, and intention of FOIA.
The comments came during a press conference at the newly opened “Alligator Alcatraz” detention facility in the Florida Everglades.
Trump took direct aim at the policies that led to record levels of illegal immigration under Biden and Mayorkas.
Responding to a question from Blaze Media reporter Julio Rosas, who asked why no one from the previous administration had been held accountable, Trump didn’t hold back.
“Well, I’d take a look at that because what he did was — it’s beyond incompetence,” Trump said.
“Now, with that being said, he took orders from other people … he followed orders, but that doesn’t necessarily hold him harmless.”
“If he wasn’t given a pardon, I could see looking at that,” Trump continued, directly addressing DHS Secretary Kristi Noem. ...
Trump’s remarks reinforce growing calls among conservatives for real accountability following years of chaos at the border.
The short version is that in July, 2016, it appears Hillary Clinton’s team secretly cooked up the Trump-RussiaGate idea as a distraction from her burgeoning email scandal. They also minted the idea of calling ‘election interference’ a threat to “critical infrastructure,” a legal loophole that authorized the intelligence agencies to surveil American citizens— to wit, Trump’s campaign.
A few months later, when Trump shocked the conspirators by actually winning the election —which was the last thing they expected— they took the now-underway RussiaGate distraction operation and turned it into an engine of resistance, to sideline Trump for four years, explode him out of office, and then prosecute him to deter future private citizens from getting similar ideas. ...
Pundit Scott Adams recently opined that, to him, what was once unthinkable has now become necessary.
... As Scott Adams explained, arrests of top intelligence officials (and even the former president) long seemed unthinkable. But step-by-step, the disclosures of a cohesive, interlocking architecture of evidence is making the idea of arrests not only thinkable— but necessary.
architecture of evidence is making the idea of arrests not only thinkable— but necessary.
as long as "they" can import unlimited Janissaries/rapefugees to cow the native population, time is on our side.
stereotomy says
as long as "they" can import unlimited Janissaries/rapefugees to cow the native population, time is on our side.
I don't understand this.
As long as they keep importing rapefugees, time is not on our side. We will eventually be swamped by 3rd worlders and incapable of organizing coherent resistance.
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I want serious law enforcement for once, like charging Bill Gates, for starters. Either for his conspiracy to inject the world with mRNA poison, or his many statutory rapes on Epstein Island, all on video in the basement of the FBI.
Has any truly powerful person ever been arrested in the US?