The real inducement for buying overpriced Amway junk
In the video interview which I attached to my previous post, Mr. Harry Markopolos (a highly-qualified mathematician and financial analyst) explains how, by 'reverse-engineering' Bernie Madoff's fiercely-complex so-called 'split-strike conversion strategy,' he was able to prove (within a few hours) that what Bernie Madoff claimed to offer to his so-called 'investors' (i.e.'perpetual profits') was a seductive, but nonetheless pernicious, lie. In simple terms, even though Mr. Markopolos knew the mathematical theory of how Bernie Madoff's apparently infallible 'investment strategy' was supposed to work, he was unable to get it work on paper.
However, in the end, in order to send Bernie Madoff to prison for 150 years, US law enforcement agents and prosecutors didn't have to submit any complex calculations to the judge. Amazingly, only after Bernie Madoff confessed, was the full panoply of US law enforcement able to uncover the self-evident truth that Bernie Madoff's miraculous ever-growing 'multi-billion dollar hedge fund' was an absurd fairy-tale spun by a dangerous, mythomaniac economic-alchemist. For years, Bernie Madoff had steadfastly pretended to be taking wealthy people's capital assets and multiplying this money by making endlessly-profitable trades in financial markets. Yet, by just looking at the virtually non-existent external bank transactions of 'Madoff Investments,' FBI agents were able immediately to confirm that Bernie Madoff hadn't been making any external trades at all. Indeed, in the end, his so-called'hedge fund' (which only contained his victims' cash) had a $50+ billions deficit. Many years previously, Mr. Harry Markopolos had explained this frightening closed-market reality to senior officials at the US Securities Exchange Commission (when Madoff's scheme's deficit was much smaller) but, unbelievably, these highly-paid ostrichs refused even to check whether Bernie Madoff's obviously-fraudulent money circulation scheme had a significant and sustainable external source of revenue other than its own victims.
Essentially, the identical situation exists today at the US Federal Trade Commission with regard to numerous closed-market swindles and allied advance fee frauds disguised as fiercely-complex so-called 'Multilevel Marketing Schemes,' but which have never had a significant and sustainable external source of revenue other than their own victims.
We know for certain that various highly-paid ostriches at the FTC (including former Chairman, Timothy Muris) have been in receipt of stolen cash from the 'Amway' mob, and that the Republican administration which appointed these selectively-blind officials was itself in receipt of stolen cash from the'Amway' mob. As yet, we don't know what inducements might have been given to senior SEC officials and their political masters to turn a blind eye to Mr. Madoff, or even if this strong possibility has been rigorously investigated.
For those of your readers, Shyam, who might be interested, information about the US Securities Exchange Commission can be found at http://en.wikipedia.org/wiki/U.S._Securities_and_Exchange_Commission . In reality, despite its thousands of legally-qualified officials and multi-billion dollar budget, the SEC has been proved to be little more than a joke. During all of the period that Bernie Madoff was allowed to pillage the world, the SEC maintained an 'Office of Investor Education and Advocacy.' It still exists today. However, it is very difficult to imagine what the people in this office actually do all day other than dose, because (according to them) they are supposed to:'help educate the public about securities markets and to warn investors of fraud and stock market scams.'
The Amway' Lord Haw Haw keeps squawking his latest inane question which turns out to be a big mistake on his part; for your readers might be interested to know that, a while back, I was asked to obtain a range ofoverpriced 'Amway' wampum by some European consumer advisors and investigative journalists. They found 'Amway' coffee to be particularly coarse and repulsive (at the time, this was about 4-5 times the price of similar low-quality products in French discount stores), but the journalists were mostly interested in a steel cooking pan (originally-priced in its set at around $1000). This shiney object was appraised by the former manager of a large Parisian hotel, turned-restaurateur (a man with over 30 years experience in buying kitchen equipment). He stated that the 'Amway' pan was of the thinnest gauge metal which would melt on direct induction cookers, and that a similar low-quality pan could be bought for a few Euros in any discount store. He simply couldn't believe how much it had been originally sold for. What this man couldn't know was, that by handing over around $1000 in exchange for this 'Amway' Wampum, 'Amway' adherents could immediately pretend the level of so-called 'Business Volume' which, if maintained, would allow them to qualify for a much higher level in the 'Amway' hierarchy. This was the real inducement for 'buying' this overpriced junk.