Madoff Whistleblower: Banks Stealing From Pension Funds


In a King World News exclusive interview, the man who brought down Bernie Madoff’s $65 billion Ponzi scheme informed KWN, “Bank of New York is going to go down, Eric.  Between Bank of New York Mellon and State Street, these two institutions have stolen between $6 to $10 billion from tens of millions of Americans retirement savings accounts.  It’s been a hell of a crime spree for the bank, but now they are being brought to justice.”

Harry Markopolos has lead the team that spearheaded this investigation from the beginning. Harry and his team were the first to expose this fraud. Markopolos also told KWN, “The New York Attorney General filed suit on Tuesday (against Bank of New York Mellon) for stealing money from pension funds on currency transactions. This theft has been from tens of millions of Americans, policemen, firemen, librarians, municipal workers, judges and the list goes on and on and they’ve been doing it for decades.

It’s clear that the banks executives, their strategy is we have to lie to maintain the fraud. We can’t admit to our board how much we stole…of course we’d be fired. They are saying the charges are baseless and they are going to defend them vigorously. Well, talk is cheap. If they are going to defend them there is only one place to defend those cases and that is before a jury and they refuse to set trial dates. The government is ready for trial tomorrow. Why won’t the bank agree to trial dates if they are so innocent? The answer is they are not so innocent.

Every day, every time a state pension fund traded, the bank would steel approximately three tenths of one percent from every transaction. As an example, every time a pension fund bought a currency what the Bank of New York would do is look back twenty hours and assign all of the state pension funds purchase transactions at the high of the day.

Every time a state pension fund tried to sell a currency they would assign them a price at the lows of the day and the bank would pocket the difference. The bank has done this for not years, but for decades, every business day for decades. This bank didn’t learn to steel just ten years ago, they’ve been doing it for many decades.

I’m certain that the clients are concerned and calling the bank. If they read the complaints by the Florida Attorney General, by the Virginia Attorney General, by the New York Attorney General and by the United States Attorney for the Southern District of Manhattan, if they read the emails and look at the math and look at how much was stolen, they would realize that they too are victims. They would have cause for concern and pull their accounts from the Bank of New York….

Read the rest at King World News