Notice how the Madoff scandal is being covered by the media. Madoff’s ethnicity is being played up. Frankly, it was not the first thing most people thought of. The first thing that came to my mind was “Ye gods! A Nasdaq chairman FAKED account statements for maybe 2 decades and no one noticed!”

However, leave it to the mainstream media to drag anti-Semitism into it and then try and deflect this imputed anti-Semitism by offering us outright fibs. The main targets of Madoff’s fraud were Jewish charities, is the suggestion. They were not. Even with the latest upward revision of the amount lost by Jewish charities, the main victims were foreign banks, like Santander and Medici, and American funds like Fairfield Group in Greenwich, Connecticut.

Also, unnoticed went the filing of a lawsuit against Robert Rubin, former chairman of Citigroup, for defrauding shareholders. The suit calls it a type of Ponzi scheme.

The media coverage of Madoff distracts from the fact that subprime debt itself was the mother-of-all-Ponzi schemes, and ripped off investors all over the world.

And the culprits, members in good standing of the Banking Mafia of Sachs & Citi et. al., are far bigger than Madoff…..