NEW YORK — Wall Street swindler Bernard Madoff said in a magazine interview published Sunday that new regulatory reform enacted after the recent national financial crisis is laughable and that the federal government is a Ponzi scheme.
"The whole new regulatory reform is a joke," Madoff said during a telephone interview with New York magazine in which he discussed his disdain for the financial industry and for its regulators.
The interview was published on the magazine's website Sunday night.
Madoff did an earlier New York Times interview in which he accused banks and hedge funds of being "complicit" in his Ponzi scheme to fleece people out of billions of dollars. He said they failed to scrutinize the discrepancies between his regulatory filings and other information.
He said in the New York magazine interview the Securities and Exchange Commission "looks terrible in this thing," and he said the "whole government is a Ponzi scheme."
A Ponzi, or pyramid, scheme is a scam in which people are persuaded to invest through promises of unusually high returns, with early investors paid their returns out of money put in by later investors.
A court-appointed trustee seeking to recover money on behalf of the victims of Madoff's massive Ponzi scheme has filed a lawsuit against his primary banker, JPMorgan Chase, alleging the bank had suspected something wrong in his operation for years. The bank has denied any wrongdoing.
Madoff is serving a 150-year prison sentence in Butner, North Carolina, after pleading guilty in 2009 to fraud charges.
In the New York magazine interview, Madoff, 72, also said he was devastated by his son Mark Madoff's death and laments the pain he wrought on his family, especially his wife.
"She's angry at me," Madoff said. "I mean, you know, I destroyed our family."
Mark Madoff, 46, hanged himself with a dog leash in his Manhattan apartment on the second anniversary of his father's arrest. He left behind a wife and four children, ages 2 to 18.
At the time of his suicide, federal investigators had been trying to determine if he, his brother and an uncle participated in or knew about the fraud. The relatives, who held management positions at the family investment firm, denied any wrongdoing.
Bernard Madoff has maintained that his family didn't know about his Ponzi scheme.
I didn't post this to talk about Madoff. We all know what he is. I posted this because of what he said about the government. He's right. It takes a thief to recognise one.
Our whole system, both political and economic is one big Ponzi scheme. The ones at the top (the wealthiest) make the most money, the ones at the bottom (the White Workers) make the least. The ones in the middle make good money, but they have to work their asses off for it, plus they are taxed through their noses on top of it.
Because of this deliberately engineered depression, fewer of the middle class make it into the upper, and more and more are joining the ranks of the unemployed or working poor. The rich get richer, the poor get poorer, which is how the Judeo-Capitalist system works.
There is very little difference between vampires and Judeo-Capitalists. Both prey on decent, hard-working people. It's just that the former sucks people's blood, while the latter sucks people's spirits.
Working together, we can end this. But before that can happen, we have to unite.
If all the different piddly little factions can't put aside their egos and join the ANP, we could see victory in the near future. I don't mean their leaders. Most of them are criminals we can well do without. I mean the dedicated, but misguided followers.
Now I know that less than a year ago, I was part of one of those "piddly little factions". Aside from becoming disillusioned with their leaders, and many who are still with them will argue that I'm wrong in my assessment of them, there's a fact they can't deny.
These factions come, and go. But except for a few years during the 1980's, the ANP has been around for over 50 years, slowly, but surely making progress. I know that I once thought they were over-cautious. I thought they were obsessed with security. I had to learn the hard way that it is the ONLY way. Maybe that's why the ANP has outlasted them all.
I originally left the ANP and joined the NSALP which came literally out of nowhere. A year later, it returned to nowhere. Then I joined Aryan Nations, whose membership was skyrocketing. Then the bubble burst in less than a year, and it fell apart. Then the NSALP made a mysterious reappearance, but rather than attempt to return to them, I wisely stayed clear of them and came home to the ANP.
For everyone who has never belonged to any other organisation but the ANP, and to those who have never joined anything but are considering the ANP, I urge you to learn from my mistakes.
Become an Official ANP Supporter, and if you already are one, stay with us. My experiences showed me that there are nothing but frustrations, disappointments, con men, and out and out felons out there in these other factions. Don't make the same mistakes I made.
Those who do not remember the past, are condemned to relive it. - Santyana.