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Playing the banking game

It amazes me how this Madoff fellow got away absconding millions and millions of dollars from people who thought they were getting richer. This is one time I am glad we are not wealthy.

On top of that, Madoff has been walking freely about. It is a wonder somebody hasn’t jerked a knot in his tail for what he did, being free like he is. Do you think rich people do that?

It would be interesting to see a list of who lost and how much. It would be like playing poker, read ’em and weep.

The government was asleep at the wheel on this one, specifically the Securities and Exchange Commission. Having spent 38 years working for six banks in two buildings, one gets to know how bank examiners work or at least some of it.

The examiners would go through our investment accounts like the bonds, stock, etc and etc., then the examiners would send correspondence to account holders requesting verification of the account and amount, etc. The examiners would go through us as if using a flea comb looking for irregularities. Of course, as Madoff has proven; it is sometimes hard to catch a thief.

One time, there was a bank examiner who would go through people’s waste baskets. Of course this one bank examiner had smelled a rat and was digging deep for irregularities.

Then again having been close friends with past examiners, one can say they do party and play at times. They like to play practical jokes on one another as well as cover for their podna’s too.

At one time, a bank would take the examiners out to lunch but that is now history thanks to people like Bert Lance and Jessie James. The examiners loved to go to the boat clubs or country clubs for their luncheon. Many would drink their lunch thus making a day of the lunch.

Mind you lots of people drink their lunches, so it is not all government people. Bankers are not angels by any means. Many have sticky fingers and I’ll share a few tales with you if you are interested.

The story goes that this one banker would make all these restaurant loans to persons and get a five or ten thousand dollar kickback for making the loan.

Then there was this banker who got a kickback on each loan approved for a certain dealer until company management got air of the deal.

Then there was the banker who would make leg loans. Now let me tell you, that is a brave man or fool, one way or the other, some poor fool is going to have to collect it. Been known to collect a few leg loans in my career from bankers who had gone down the road; the customers sure gets perturbed when they have to fork over the cash for their little sweetie’s monthly note.

This one customer would take notes out for persons of his religious sect to sign and he would then return the signed notes to the bank. This person was an outstanding person of the community, big in the church, etc, etc and of course etc. He forged I don’t know how many of the notes thinking he was helping the church and all.