Believe it or not: NYTimes.com Claims Bernard Madoff Betrays Jews

by velvetsheen posted: 25. December 2008 09:27
In Madoff Scandal, Jews Feel an Acute Betrayal - NYTimes.com

There are people who make a media based living by claiming that Jews control the media and the world banking system. These people (who shall remain nameless here) and their ideas have so much traction in the public mind that I can read all about their work in the New York Times, along with all the rest of the news that's fit to print.

This alleged vast Jewish conspiracy has so much traction in public discourse that a major US national daily can find Jewish commentators of every stripe who feel compelled to quote scripture and bear witness to a sort of collective shame to be Jewish.

Why all this recent fuss in the media? Because a Jewish banker turned out to be a fraud.

Jews who assume a mantle of guilt and shame because of Bernard Madoff's fiduciary sins, are laying claim to a sad history on several fronts. Mainly, they are suggesting that as Jews, they bear part of the shame of Madoff's actions, because he is Jewish.

Anti-Semites who confer the mantle of guilt and shame upon all Jews because of Bernard Madoff's fiduciary sins, are also laying claim to a sad history. In the present and recent past, this principle of collective guilt has been extended to the principle of collective punishment.

But, we live in a period of history that has outlawed collective punishment, through the dictums of the Geneva Conventions.

Therefore the casual observer may legitimately wonder about a situation that pits Jews and anti-Semites not against each other, but allies them in a holy confederacy against common sense and naked self-interest.

It's hard to find evidence that people who check the box labelled White on their census forms feel any form of collective guilt if one of their fellows say, fakes evidence of an offensive military first strike capability by say, Saddam Hussein, and then uses this faked evidence to engineer the wholesale theft of the resources of say, Iraq.

But it's easy to find evidence that people who check the box labelled Black on their census forms feel a momentary tinge of panic when the newsflash about the latest violent escaped felon carries the addendum, the suspect is black, male, considered armed and dangerous.

And the New York Times has ably demonstrated that it's easy to find Jews who feel that sting when one of their fellows from the international banking system robs the place blind.

We'll leave these companion assertions to further debate later, but for now we can say that it seems that the public is afraid to be tarred with the same brush as someone who commits a shameful act.

Given the history of collective punishment, there's a good reason for this.

In the near future, this situation may begin to unravel like a DNA strand on a criminalist's work desk.

In the increasingly brown world, how will we measure group membership when the group's members are hard to identify? The current President Elect of the United States of America is generally seen as Black. But only one of his parents is directly descended from Africans.

If Barak Hussein Obama is photographed smoking crack cocaine behind the White House toolshed, who if anyone, should feel the most shame?

If Barak Hussein Obama is ever accused and found guilty of confining and raping one Jewish White and one Muslim Black woman in the aft washrooms of Air Force One, who will bear the brunt of any collective punishment?

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Yale Teaches the Real World in Class - NYTimes.com

by velvetsheen posted: 25. December 2008 07:41

Yale Teaches the Real World in Class - NYTimes.com

According to the NY Times, Yale University is trying to give its business school students a real world hedge fund education.

The plan involves having the students pitch a fund of their own design to earstwhile Simon Cowells of the financial industry. Yale is probably a fine school, and they have far more experience with pedagogy than do I.  

But here are a couple of obvious and inconvenient truths. Simon Cowell operates within a carefully scripted simulacrum, not the real world. And nearly all of the graduates of the American Idol simulacrum have so far failed to convert their excellence in Cowell's simulator into significant sales.

Although simulators might work well for student pilots, don't pay go to flying with a pilot in command whose only experience has been in a simulator.

But all is not lost for the Yale set. There is yet a stalwart of the financial market who has lessons they need to hear.

This pillar of fiscal knowhow founded the sixth largest investment management business on Wall Street (for 2008). He created an organization and technology that led to the founding of the NASDAQ itself, and he subsequently served as the chairman of the board of directors for that organization.

By the 1980s this individual's organization accounted for up to 5% of the total trades made on the NYSE. With credentials like that, Bernard Madoff is an instructor's dream.

He's also an investors nightmare, because he has allegedly admitted to operating a vast conspiracy of fraud that exposed his investors to the tune of fifty billion USD in fake value.

On the basis of this, he has been arrested and charged with serious crimes. His case has not yet come to trial, but his company webpage is already changed, and a Federal Judge in a United States District Court has appointed a Trustee for the liquadiation of Bernard L Madoff Investments Securities LLC, pursuant to the Securities Investor Protection Act.

If you're enrolled in good standing at the Yale School of Management, there's probably nothing I can teach you about the financial markets.

For those who can learn something from this missive though, here's what you need to know.

There is a useful paradox inherent in the operation of the financial markets. It is illegal to conduct insider trading, but the best way to make money is to conduct insider trading. And if you run your numbers in due diligence, and you suspect someone of insider trading, then your best bet for making money (for a while) is to follow the insider's lead.

You cannot get much more on the inside than Bernard Madoff. And he was a crooked as a three dollar bill. And until he threw in his cards and caused the SEC to fold up his tent, he made oodles of money for himself, and many others who liked the cut of his jib.

If Yale fails to ferret out the lessons in all this, then its students are being defrauded.

And as some bright spark once said, don't let the University get in the way of your education.

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