Cartoon of Gstaad's Palace Hotel by the wonderful Oliver Preston; visit him here.
Taki Theodoracopulos writes this week that many of Bernie Madoff’s friends own chalets in Gstaad, where he lives, and tells what he knows of of them.
Madoff used Jewish charities to build up immunity from snoopers. Anyone suspected of being anti-Madoff was leaned on—heavily. There were many who steered clear of Madoff nonetheless. In 2003, the French Société Générale figured that Madoff’s numbers didn’t add up and placed him on its blacklist.
The trouble is that the U.S. government will not go all the way while prosecuting Madoff. Uncle Sam would if there were pension funds involved, but going to bat for some rich white Europeans is not Sam’s habit. Obviously Madoff has hidden assets, perhaps in the billions, and most of his feeder fund managers have money, too. I don’t see any of them wearing striped pyjamas any time soon. Smart lawyers, the best money can buy, will defend them against underpaid government mouthpieces. The leading players so far have maintained a stony silence, making sure to avoid any kind of apology or statement of responsibility. Villehuchet’s suicide is probably seen as a dumb act by the Madoffs, Picciottos, Piedrahitas, Toubs and Noels of this world. It’s going to be an interesting Gstaad season, to say the least.
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UPDATE: Feb. 2009 - Taki adds a very funny sequel on the Madoff scandal here; we'd like to join you, Taki, and hope that Her Grace The Dowager Duchess of Devonshire will also be there!
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