Epstein & Madoff: Two top swindlers in US Financial History

Much has been made of Ponzi schemes, since the days of Charles. But as these grew in size, into the millions and billions, it appears a new name should be assigned to the top billing of swindlers: Jeffrey Epstein. (JE, PDF) defines the term - Epsteined or Epstein Class - vividly. Criminally versatile, charming to the ladies, and seeker of action - using anyone with something to offer (brains, money, power or looks.) Epstein's rolodex had people coming into his circle long after his NPA was inked by the Bush DOJ. (Click to go to my Substack below.)

Brains

 

One has to appreciate how Economist Ariely was intrigued by Madoff's swindle. Epstein, a con-intel guy, certainly had his experiences (Hoffenberg, Wexner, Bear Stearns, many others) to provide first hand how it was done. Jeffrey had his intel on the peeps in Palm Beach....Madoff was a big topic. But what of the 9/11 scenario?

The simplest explanation one can give comes from my Substack yesterday:

Alex Brown was sold off to Banker’s Trust in 1997. Then, in part due to Long Term Capital Management (LTCM) and Russian bonds, Banker’s Trust was acquired by Deutsche Bank. LTCM general counsel then was Jim Rickards - shown in video below. (Interesting that.)

Our recent Federal Reserve Chairman Jerome Powell was at Banker’s Trust in 1993-95. Undoubtedly some of the $875 million in underperforming derivatives/foreign exchange contracts were made on Powell’s watch regarding LTCM. 

Determining what and when Epstein’s relationship with Alex Brown/Deutsche Bank could be enlightening. [He held accounts with both entities.] One knows, for a fact, Epstein had at least 7 Bear Stearns accounts for high level executives by 2001. This said, did he [also] have Alex Brown/Deutsche Bank accounts prior to 9/11?

In the video above it was mentioned the proximity to CIA HQ of Alex Brown. So I looked. This is true if DC was the originator of this insight. BUT, this was the more interesting find: 801 17th St NW Suite 310, Washington, DC 20006

 Money

Power

Bernie Madoff hit 569 Palm Beach addresses, as uploaded by Time. Epstein name appears 26 times - but not Jeffrey's. The list is 162 pages long - so one of Jeffrey's numerous entities (above 30 and up to 175 into his Deutsche Bank years) could be on it. But just as likely, not.

Epstein asking Staley about Madoff? Blame shifting...(Epstein sued Bear Stearns, who was acquired by JPM, while his buddy Staley, and co-buddy, Mary Erdoes, were in charge up in the C-suite.) 

But the court filings linked together the two swindlers, Madoff and Epstein:

The JPM Board was called out for their shitty oversight. Of course, they were sticking together!

Even after the Epstein relationship was terminated, and contrary to Defendants' claim that post-Epstein Board members did nothing wrong, the Board (e.g., Dimon, Bammann, [Redacted], Combs, Crown, Flynn, and Neal) continued breaching their duties. The Madoff DPA and Consent Orders entered into as a result of the Board's oversight failures expressly obligated management to report past misconduct (e.g., Epstein) to the Board. And—as Defendants appear to concede (DOB 7)—there is every reason to believe that management did so, including because JPM's General Counsel had previously sounded the alarm about Epstein and signed the DPA. Yet the Board—ignoring its obligation under the DPA and Consent Orders to ensure that information was provided to the DOJ-failed to require any retroactive SAR filings, failed to inform the DOJ or OCC of JPM's relationship with Epstein, and failed to hold any JPM executives accountable for facilitating Epstein's crimes. The Board's failure to comply with its heightened obligations makes the "inference of deliberate disregard by each and every member of the board...entirely reasonable." hi re Pfizer Inc. S'holder Deriv. Litig., 722 F. Supp. 2d 453, 462 (S.D.N.Y. 2010).  

Looks: Real Estate Properties 

Epstein was always on real estate:

Location, Location, Location

I can't yet connect Epstein to the insider trading done before 9/11. But it would not shock, given his propensity to show up inside the biggest scandals, including his own "demise", in U.S. history.

The Epstein Class nexus certainly centers around the Palm Beach Area, including the FBI.