If you want to know who the real establishment is in America and around the 
world, the real power behind the so-called “military-industrial complex”, the 
real maleficent power that has led this world to inexorable conflict, war, 
hatreds, destruction of real human values, morality, conscience — it is the 
global media establishment.

This same media witnessed the Zionist slaughter of 1,300 people in Gaza, and 
the maiming of 6,000 more, half of them women and children. More than 20,000 
homes and buildings were destroyed or damaged and thousands became homeless. 
This horrendous mass slaughter of Palestinians is compared to the loss of 3 
civilians. Yet, the media never dare to call this slaughter exactly what it is: 
terrorism on a horrendous scale! This same American and global media has not 
informed the American people or the people of the world of the damning truth 
about Barack Obama.

In truth, Obama is a complete creation of extremist Jewish Zionists and he has 
already begun to serve Israel by his top appointments.

The Jewish-dominated media in America is promoting the Obama inauguration as 
akin to the Second Coming of Jesus Christ. (If you question Jewish control of 
the media read Who Runs the Media? and you will find documentation proving the 
Jewish control being far greater than you might suspect) The rest of the world’s
powerful media (Which also has a powerful Jewish presence in the UK, France, 
Spain, Sweden, Russia, and the rest of Europe) takes its cues from the 
NY/Hollywood media axis, and presents Obama as kind of a superhuman agent of 
real change.

In fact, it is a Huge Lie!

Obama is completely controlled by the same forces that have controlled George 
Bush, so much so that The Chicago Tribune quotes leading Jews bragging that 
Obama is so in the hands of the Zionists that he is “the first Jewish 
President.” Obama received about 80 percent of the Jewish vote in the United 

The Three critical things that made Obama President:

1)Jewish political influence

Obama’s chief handler is David Axelrod, a radical Jewish Zionist whose previous 
claim to fame was the fact that he was the Zionist political hit man against 
Illinois Senator Charles Percy, who was not deemed to be pro-Israel enough. (He 
was only 99.9 percent Israel’s lackey, not the required 100 percent) Obama went 
to Israel
and made sure he pronounced himself even more radically pro-Zionist than Bush 
or McCain.

2) Massive amounts of Jewish money

Obama’s campaign was kicked in high gear by Jewish Hollywood and financial 
moguls. In just one of the early fundraising parties in Hollywood by Spielberg, 
Geffen and Katzenburg it raised over a million dollars for Obama. Obama raised 
more money than any political candidate in American history and his biggest 
were overwhelmingly Jewish activists, Jewish international finance and banking 
firms and Jewish globalists. His largest single contributor was the 
international Jewish Banking firm of Goldman Sachs. He received more money from 
the same international bankers that ripped off trillions of dollars in the 
recent economic scandals
than even John McCain. Is a man totally under the power of the most powerful 
financial organizations in the entire world, really an agent of “change?”

3) Overwhelming positive support in the Jewish-dominated media

By a large margin, Jewish-owned media officially endorsed Obama, and that is 
not counting tens of thousands of positive articles by Jewish; owned 
publications and pundits.

Obama’s first act as President-elect was to appoint a Jewish extremist, dual 
citizen, Rahm Emmanuel, as his chief of staff. As the people of Gaza were 
slaughtered, Obama would not make a single statement to stop this murder and 
maiming of thousands of innocents!

Israel, very carefully timed its terrorist attack on Gaza to be in the 
remaining days of the Bush Administration. The day before Obama’s inauguration 
Israel announced that it would be completely out of Gaza by the time Obama took 
his oath of office.


Before Obama took office, Israel could make this terrorist slaughter against 
Palestinians and Obama would still be perceived as having clean hands. Because 
Obama is completely under their control, they want him to have an image of 
fairness, honor and peacefulness, and as representing a new direction of 
American policy, as
he begins to deal with the Mideast turmoil.

Since he is Israel’s boy in the White House, what better scenario could they 
have than a President perceived as practically the Second Coming, of high moral 
conviction, and dedicated to fairness,  but who is actually bound hand-and-foot 
to the Zionist agenda, just as the last president’s have been. Talk about a 
perfect shill.
And the game is working, for even many Palestinians are filled with hope that 
the new President will work to end their long suffering.

With an almost godlike positive image around the world, a Barack Obama who is 
in reality controlled by Israel, is a much bigger danger than was even George 
Bush. We know what Bush is, but too many Americans and other peoples around the 
world are falling for the lies about the new “savior” of the world: Barack 
Obama. He
already says we are to put thousands of new troops in Afghanistan and has 
rattled the sabers against Iran. Obama with highest positive image (created by 
media) in the world is in a more dangerous position to lead us into 
catastrophic wars than George Bush ever was.

Jewish screenwriters in Hollywood couldn’t have written a better script for the 
Zionist agenda than what is being played out on inauguration day, USA.

Of course, why should they write it, they did it.

God save America, God save the Palestinians, God save peace and justice in the 

–david duke


Bernie Madoff’s Ethno-Nepotistic Ponzi Scheme
Most victims were Gentiles, but media is fixated on Madoff’s ethnic disloyalty 
to his fellow Jews

by James Murray

Haaretz has run an article claiming that anti-Semites will jump on Madoff’s $56 
billion fraud against Jewish investors to besmirch the good name of Jews. Some 
Jews have proclaimed Madoff’s fraud to be a new Kristallnacht. The Jewish 
Journal connects Madoff to the perpetrators of the Holocaust. Some Jews even 
insist that “Christmas came early” for anti-Semites because of the collapse of 
the Madoff scheme, implying that some Jews think that Christmas is a holiday of 
pure hatred toward Jews. Perhaps.

However, the demographics of the Madoff scheme deserve some ethnic analysis: 
Was this really a story about how a Jewish turncoat victimizes 
Jewish-millionaire Holocaust survivors, leading to gloating among anti-Semites 
at Christmastime? Or … could it be that the dirty little secret of the Madoff 
scheme that Jews are desperate to conceal is that Jews were not the victims but 
rather the beneficiaries of the scheme?

First, it is important to realize that Jews lost only a relatively small amount 
of the money in Madoff’s fraud scheme. As the New York Times shows, those who 
invested early and withdrew profits - many of them presumably Jews - did not 
lose a penny but rather profited rather grandly.

Second, a quick glance at the table in the December 17, 2008 Wall Street 
Journal (reproduced below) makes clear that of the top 30 investors in the 
fund, only 2 are Jewish, and relatively small investors at that. Granted, the 
list is incomplete. It omits, for the sake of respect I suppose, the $37 
million reportedly lost by Elie Wiesel and his foundation (modestly named after 
himself). (As an aside, it should be noted that Wiesel, the Holocaust promoter 
and Jewish moralizer, is absolutely indifferent to the extermination of the 

Although many other versions of this table have appeared (and many major 
investors who lost will try to keep their identity secret), it is worth noting 
that the identifiable Jewish share of monies lost through Madoff in this 
compilation of victims is precisely 2.31%. While this omits the Jewish 
petty-millionaires who were the mainstay of Madoff’s scheme for decades, even 
if there are 1000 Jewish petty-millionaires, the Jewish share of the Ponzi 
scheme is surely less than 5%. And since the best compilation so far argues for 
only 2.31% of the victims being Jewish, are the crocodile tears of Jewish 
columnists for the Jewish millionaire-victims really appropriate? One is 
reminded of the Jewish book on the Katyn Forest Massacre, in which 20,000 
Polish Catholics and a few   identified Jews were slaughtered: Of course, that 
book, written by a Jew, focuses only on the few Jewish victims. The non-Jewish 
victims are simply meaningless. Then and now.

There are many articles about Jewish petty-millionaries who have lived on their 
profits from Madoff for years or decades of retirement (10-20% a year in 
payouts). (See here, here, and here.) These articles make the structure of this 
Ponzi scheme immediately clear. That there was something wrong was certainly 
clear to many investors; they just did not know what was wrong. Anecdotally, 
many Jewish investors thought they were buying into a long-lived insider 
trading scam. Does the fact that some of Madoff’s early Jewish investors always 
believed that their “profits” were derived from financial crimes make them more 
or less sympathetic? 

Madoff is described as having spent decades building a carefully structured 
Ponzi scheme (which large European investors note was one of the American 
investments highest rated for return and being risk-free for decades by the SEC 
and rating services). Yet, Madoff’s scheme was something else and something 
more: It was, in fact an Ethno-Nepotistic-Ponzi scheme, a Ponzi scheme where 
most of the payouts were to the investors of the same ethnicity as the 

And here is how it worked:

In the first period (perhaps two decades), beginning in the 1960s, Madoff ran a 
carefully structured Ponzi scheme, possibly beginning when he really could not 
get the returns he thought he could get by legitimate means. But once started, 
there was no turning back. Madoff’s genius (linked to guaranteed super-safe 
investment ratings from the rating agencies) was to have the larger investors 
reinvest a lot of their imaginary “profits”, while using their money to keep 
the scheme going. Madoff carefully structured his scheme and limited the number 
of investors. (He was notorious for refusing to accept all potential 
investors-many relate how they begged him for years before he allowed them to 
invest; many joined his country clubs just to stalk him. And I suspect he 
required a high rate of reinvestment). Madoff was therefore able to meet the 
payouts he promised since so much of the imaginary “profits” were simply 
reinvested and because bigger non-Jewish investors were brought in to keep the 
scheme going.

If investors could be held to 1% a month payoffs (and this was a typical rate 
of payoffs), it would take 8 years, 4 months before a given investor would use 
up their own money in “profit” payouts. If Madoff could convince an investor to 
take only 0.5% a month in payouts (or less: many Jewish charities appear to 
have taken such lower rates of “profit” payouts), Madoff would have 16 years, 8 
months before he would have to use someone else’s money to maintain the stream 
of “profit” payouts. These modest, if impossibly consistent returns, 
differentiate Madoff from normal Ponzi schemes that pay out big early on but 
crash and burn within a year or two. Madoff built his scheme to run for 
decades. These long term horizons - on the order of a decade or so - required 
that Madoff restructure his scheme periodically.

The first decade or two saw Madoff operate real money-making securities 
services and begin to collect his portfolio of million-dollar investors. At the 
beginning of this period he built an innovative, heavily computerized and 
successful financial services business. On top of this real and profitable 
business, he slowly started building a portfolio of unsophisticated Jewish 
investors, many of whom placed their life savings with him. These are the 
Jewish petty-millionaire ($1-3 million) investors everyone has been crying 
about in the newspapers. Many of them drew substantial cash payoffs for decades 
- payouts that were often multiples of what they invested.

Towards the end of this period, Jewish-Zionist charities and Jewish-segregated 
schools came into the system, but few were as large as $10 million, and all can 
be presumed to have profited from Madoff’s fraud. For example, Hadassah, the 
Women’s Zionist Organization, was one charity that came in at this time: Its 
initial $7 million investment in 1988 would be supplemented by $33 million over 
the next decade until 1998. By including paper profits, Hadassah would 
ultimately claim to have lost $90 million with Madoff; that is: 7 + 33 = 90.

It is actually worse than this, since Hadassah may have actually lost nothing 
at all. A quick and dirty estimate of Hadassah “profits” suggests that if 
Hadassah had averaged $23.5 million in 1988-1998 and left all its “profits” 
with Madoff, there should have been about $64 million in their account, not $40 
million in 1998 as reported, suggesting that Hadassah could have drawn as much 
as $24 million in “profits” in the first decade. Similarly, if Hadassah had 
started 1998 with $40 million as they report, 1% per month would yield $110 
million, not $90 million as they report now, suggesting that Hadassah withdrew 
as much as another $20 million in the second decade with Madoff. Hadassah could 
have withdrawn as much as $44 million from the $40 million they invested with 
Madoff, and this would mean that Hadassah’s losses are not the $40 million 
actually invested, or the $90 million as they now claim, but rather no more 
than zero.

(Incidentally, some newspapers are so terrified of Jews that they will not even 
print the word “Zionist” unless it is in the address of a letter to the editor 
from an imperious Zionist organization: The cringing, terrorized Seattle 
Post-Intelligencer will only call Hadassah, which is officially “The Women’s 
Zionist Organization of America,” “a Jewish women’s charity.”)

Interestingly, Madoff was so immune from regulatory oversight that he would not 
even be correctly registered as an investment firm until 2006, when SEC 
investigators were credibly informed that Madoff had committed numerous 
violations but settled for asking him to please, please, please register his 
firm in an appropriate manner… after it had been operating outside the law for 
over 40 years!!!! (Madoff would marry off a daughter, Shana, to one of the 
investigators in that 2006 inquiry.)

The second decade or so began with the need for investors at least in the $10 
million range, since the costs of the scheme kept growing. By the end of the 
decade he apparently needed investors in the $50 million range. This phase saw 
the development of the “feeder” system, in which investment companies - often 
Jewish-controlled - marketed Madoff’s services to larger, non-Jewish investors, 
worldwide. For example, in the mid-1990s, Jacob Ezra Merkin, from one of the 
most distinguished rabbinical families in world Judaism, president of the Fifth 
Avenue Synagogue in New York, head of the investment committee for the 
UJA-Federation of New York, and manager of Ascot Partners, brought in Elie 
Wiesel’s Foundation for Humanity. Four of the five largest “losers” in the 
Madoff scheme are feeder operators who lost essentially nothing of their own: 
Fairfield Greenwich Advisors, Tremont Capital Management, Ascot Partners, and 
Access International Advisors brought in other investors and lost their money 
for them. The end of this period came in 1999-2000: The result was that, as 
recently as 1999, Madoff rejected an investment by Jeffrey R. Gural, chairman 
of Newmark Knight Frank because he could not invest at least $20 million. By 
1999, $20 million was too trivial a sum to bother with at this point in 
Madoff’s scheme. Madoff was entering the third and final stage of his scheme, 
and it required globalization and much, much larger investors.

The last decade saw bigger and bigger investors, like European banks, Arab 
institutional investors, a Korean pension, maybe a Saudi prince, etc., who put 
in hundreds of millions or billions and got nothing at all back, or very 
little. The costs of the scheme kept growing. This period was the heyday of the 
feeder system: Fairfield Greenwich Advisors, Tremont Capital Management, Ascot 
Partners, and Access International Advisors were bringing in billions now, and 
almost none of it was from Jews. The investment by Abu Dhabi Investment 
Authority, which placed $400 million with Madoff in 2005, is typical of the 
third and final period. It was large, it was non-Jewish, it was used to pay 
early Jewish investors, and was unusual only in the fact that Abu Dhabi 
Investment Authority got cold feet and pulled out $268 million in redemptions 
in 2005 and 2006. Bank Medici of Austria became a sub-feeder collecting monies 
from smaller investors in New York, Vienna, Gibraltar, Zurich and Milan, 
through its hedge funds in the United States and Luxembourg: Its investors were 
happy with 7% a year.

And the money still poured into the hands of Jewish “investors”, including the 
Elie Wiesel Foundation for Humanity, and the Jewish retired petty-millionaires 
of Florida, New York, New Jersey, Connecticut, Minnesota, etc. Year after year, 
they received their “profits”, extracted from unknowing, duped investors from 
Singapore to Dublin, from Spain to South Korea.

So, it is clear that there were at least three categories of investors:

(1) The core Jewish petty-millionaire investors, who made a lot of money for 
decades, living richly on their “profits” from Madoff’s fund. As the New York 
Times admits, many made a lot of money.

(2) More recent Jewish charities who agreed to reinvest a lot of their 
“profits”, like Wiesel’s loot from the Holocaust-trade: These investors got 
good payoffs but reinvested most of it. These people could have lost a little, 
but if they were really greedy they were easily suckered into big, consistent 
reinvestments, accumulating only large imaginary paper “profits.” In this 
cohort of investors, actual loses are entirely correlated with excessive greed: 
If they let their “profits” accumulate without payouts, they could have lost 

(3) The non-Jews, like Banco Santander, HSBC Holdings PLC, Royal Bank of 
Scotland, BNP Paribas, etc., who invested large amounts of money recently and 
who probably got nothing or next to nothing from Madoff. These investors now 
know that all their money disappeared into the hands of groups (1) and (2) and 
Madoff and his buddies. (Incidentally, Madoff and his family made a lot of 
money: One family investment firm alone had $160 million in assets until it was 
seized last week.)

There never was a group (4) because the market melted down and Madoff could not 
find people big enough to fund the next generation of the scam. (Although he 
did reportedly scam a Saudi Prince for $3 billion.) In fact, one finds Jeffrey 
Tucker, a feeder partner in Fairfield Greenwich Group complaining, in an 
article in HedgeWorld in November 2007, that Chinese and Thai investors are 
stupid and unsophisticated because they will not provide money to Madoff. When 
investors sought $7 billion in redemptions in November 2008, the end was near.

A careful reader will note that there were real winners. We will call them the 
Jews, since they were Jews, This group would ultimately have large losses of 
imaginary paper “profits.” And there were big losers. Let’s call them the Goys 
or the Suckers, since they are non-Jews. Of course, the difference between 
these groups is their ethnicity. It is worth noting that the Wall Street 
Journal and the New York Times, and the mass media in general, see this as a 
fraud that essentially affected only Jews. As we have seen, this is the exact 
opposite of the truth. Jews were winners, and non-Jews were losers.

To repeat: in Madoff’s scheme, Jews were winners, and non-Jews were losers. It 
was not just a Ponzi scheme, it was a Ponzi scheme structured around a massive 
transfer of wealth to one’s own ethnic group, a kind of previously undescribed 
Ethno-Nepotistic-Ponzi scheme.

Finally, this suggests that the real reason why Haaretz and Abe Foxman are so 
hysterical about the Madoff scandal and its possible effect of increasing 
anti-semitism is not because they fear irrational goyim who are overly eager to 
paint all Jews with the traits of Bernie Madoff. It is that there simply were 
very few real Jewish victims and quite a few non-Jewish victims: The so-called 
Jewish victims actually made money. And they made millions and millions and 

James Murray is the pen name of an academic sociologist.

Permanent link: http://www.theoccidentalobserver.net/authors/Murray-Madoff.html

Appendix 1: Wall Street Journal List of Madoff’s Victims.

[There are many omissions from this Wall Street Journal list, like that of Elie 
Wiesel's Holocaust profits foundation with $37 million in exposure. And the 
Lapin foundation that was simply vaporized last week.]

* Indicates Jewish investors.

Table 1: “Madoff’s Victims: A List of Reported Victims and Their Exposure”, in 
Wall Street Journal, December 17, 2008. p. A14.

(Victims For Whom No Exposure Amount Is Available Are Not Shown.)

Fairfield Greenwich Advisors (investment management firm): $7500 million.

Tremont Capital Management (fund of funds run by Tremont Group Holdings): $3300 

Banco Santander SA (Spanish bank): $2870 million.

Ascot Partners (hedge fund frounded by GMAC chief J. Ezra Merkin): $1800 

Access International Advisors (New York investment firm): $1400 million.

Fortis Bank Nederland NV (Dutch bank): $1350 million.

Union Bancaire Privee (Swiss bank): $1000 million.

HSBC Holdings PLC (British bank): $1000 million.

Natixis SA (French investment bank): $560 million.

*Carl Shapiro (former chairman Kay Windsor Inc.): $550 million.

Royal Bank of Scotland (British Bank): $492.76 million.

BNP Paribas (French Bank): $431.17 million.

BBVA (Spanish bank): $369,57 million.

Man Group PLC (British hedge fund): $360 million.

Reichmuth & Co. (Swiss private bank): $327 million.

Nomura Holdings Ltd. (Japanese brokerage house): $303 million.

Maxam Capital Management Inc. (fund of funds based in Dairen, Conn.): $280 

EIM SA (European investment manager with $11 billion in assets): $230 million.

Aozora Bank Ltd. (Japan bank in which Cerebus Capital owns majority stake): 
$137 million.

AXA (French insurer): $123 million.

UniCredit SA (Italian bank): $92.39 million.

Nordea Bank AB (Swedish bank): $59.13 million.

Hyposwiss (Swiss private bank owned by St. Galler Kantonalbank): $50 million.

Banque Bendict Hoetsch & Cie SA (Swiss private bank): $48.8 million.

City of Fairfield-Connecticut (town pension fund): $42 million.

Bramdean Alternatives (asset manager): $31.2 million.

*Haredi Insurance Investments & Financial Services Ltd. (Israeli insurer): 
$14.2 million.

Societe Generale (French bank): $12.32 million.

Groupama SA (French insurer): $12.32 million.

Credit Agricola SA (French bank): $12.32 million.

Richard Spring (individual investor): $11 million.

RAB Capital (hedge fund): $10 million.

Banco Populare (Italian bank): $9.86 million.

Korea Teachers Pension (Korean pension fund): $9.1 million.

*Jewish Community Foundation of Los Angeles (Jewish charity manager): $6.4 

Neue Privat Bank (Swiss bank): $5 million.

*Clal Insurance Enterprise Holdings Ltd. (Israeli financial services): $3.1 

Mediobanca SpA (via its unit Compagnie Monegasque de Banque): $671000.



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