Frank and Upfront
6 min readApr 17, 2021

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Madoff was the designated fall guy of the entire 2008 recession

On Wednesday morning, April 14, I awoke to the news that investment fraudster Bernie Madoff died in prison at the age of 82 while serving a 150 year sentence for the highly controversial, 2009 ponzi scheme scandal in which he was the mastermind. This was at the height of the great recession of 2008, shortly after Barack Obama was elected president. During that time, there was a lot of craziness in the air. Everyday on the news, there were reports of people slitting their wrists over their trash cans, others were taking out their entire family before turning the gun on themselves, then broke the scandal that the governor for Illinois, Rod Blagojevich attempted to sell Obama’s newly vacant senate seat.

Then, in the midst of all that madness, news broke that the chairman for Nasdaq, Bernie Madoff was responsible for a ponzi scheme, that earned him billions of dollars at the expense of his investors. Now during that time, I was going through some financial difficulties of my own to say the least. I was severely underemployed, and was experiencing difficulty finding a better job. When news broke of madoff's greed, I quickly attributed all blame to Madoff, which is exactly what the system wanted, and I played right into their hands, me and a million other people. If they can distract us with news of Madoff, they feel they can get away with the role that they played in why the economy was so fucked up.

It turned out that Madoff was ousted by his oldest son, Mark. He was tried, and pled guilty on March 13, 2009, and sentenced 3 months later on June 29, to 150 years in a federal penitentiary. He became lost, and forgotten to time as people moved on with their lives, and faced new obstacles that increased their knowledge base, and sharpened their discernment.

So when news broke of his death on Wednesday, I remembered those times, and it became more apparent to me that I continued to face obstacles, even after he was incarcerated. So if he was the problem, why did those problems continue once he was in prison? We're currently going through a race crisis where people of Asian decent are constantly under siege, and it seems like they're now the new collective scapegoat of society, because of the Coronavirus. If all Asian people returned to their respective countries tomorrow, will they go back to picking on black people? Society is always looking for someone to blame when they fuck up, they'll never take accountability, and look for solutions.

I'm not saying that Madoff was innocent, his involvement in the ponzi scheme only made him an easier target. In Jamaica, we have this saying, "if he wasn't there, his name would not have been called." That saying is most often used when a man is crying "jacket" (paternity fraud) but it can also be applied to other areas of life as well. What Madoff did was despicable, and they did the right thing by making an example out of him, but why was he the only one to be taught a lesson? Why not make an example of everyone else involved. I'm sure there were others who were involved, whose names we may never learn because they're protected by the luxury of being incognito because Madoff was on the front line as the fall guy.

At the end of the day, they were all in on it, and when shit hit the fan, they agreed that Madoff would be the fall guy. Madoff himself went along with it, which is why I suspect his own son was the one who ousted him, then took his own life by hanging himself in his apartment 2 years later to protect their secret. It's either he took his own life, or they took him out, either way, they wanted him gone, and then his younger brother Andrew followed him a few years later. This would also explain why his trial went by so quickly, the system doesn't usually work that fast, unless there's a PsyOp involved. It also explains why he got respect from some of his fellow inmates, and even some of the prison guards. They probably made a deal that if Madoff takes the fall for this one, they'll see to it that he's taken care of for the rest of his life, and that his family would be in want for nothing.

Not only does having a designated fall guy at one's disposal mean that they get to hide their own involvement, but they also get to appear sympathetic to the public, which allows for people to drop their guard, and it has proven very effective, that's why we keep falling for it. "Give them bread and circuses, and they'll never rebel." If they were interested in actually solving crime, how come they only do so when one of them gets caught, or after some other situation happens in which they need to do damage control? How come the timing of madoff's exposure coincided with the onset of the 2008 recession. Why wasn't he ousted during peace times? Are they really penalizing them for the crime in question, or are they instead penalizing them for getting caught?

Madoff's ponzi scheme, and others like it may have contributed to the recession, but that was only the icing on the cake. The George W. Bush tax cuts for the wealthy, the obscene waste of food while others are starving, and the practice of lending at higher rates to people with bad credit are some of the true culprits, and if Madoff took the fall as a distraction from who's really running the show, then that would explain why we kept having problems long after madoff was sent to prison, and why we'll continue having problems long after he's dead, unless all who were involved in causing the recession are somehow brought to justice. If your oppression is systematic, then dismantling the system will be a difficult task.

The people in charge understands that there's strength in numbers, that's why they form a pact, and run in packs, but the thing you have to remember is that only cowards run in packs. The best thing you can do is understand the psychology of your oppressor, and try not to get too caught up in what they got going on, especially as it's media related. Most of what you see on the news are PsyOps meant to distract you anyways, and if you think with your feelings, you'll play right into their hands. You'll feel temporarily vindicated when they nab the puppet that was meant to get caught, while the mastermind safely eludes consequences, and nothing really changes for you. You still need to keep abreast of current happenings that may affect you personally, so talk to your neighbors and friends, that's where you get the real scoop, but if you must watch the news, use your discernment to pick apart sense from nonsense.

Madoff's death couldn't have taken place at a more symbolic time, as more people are considering trading stocks on Robinhood on a path to financial freedom. For many victims of ponzi schemes, trading apps like Bitcoin, and Robinhood look far too familiar to them, and they are skeptical as to whether the risk involved in trading stocks is even worth their while. Trading stocks is definitely high level gambling, but in this case, the app is your stock broker, and there are no commissions. If you're not dealing with an actual person, and you're the only one making all the decisions, then the risk of being swindled is far lower. It's just one of the blessings I wish was around during the recession, as many who had invested in ponzi schemes back then would've had an alternative. I can't advise you on whether, or not to trade on Robinhood, all I can say is that it's one of many paths to financial freedom.

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Frank and Upfront

Online column written by Mr. Franklin discussing a range of social issues plaguing our society. I also host a weekly podcast on anchor.