James Crown: The Israeli Connection in the Madoff Scam
Updated October 26, 2013
The New York Times reports that JP Morgan enabled Madoff to steal untold billions of dollars, while the bank made "at least" $500,000,000 in the process. The bank will pay a penalty, but will the criminal "banksters" at JP Morgan be prosecuted for enabling the scam?
“Every Israeli prime minister, every Israeli president knows the Crown family.”
- Steven Nasatir, President, Jewish United Fund/Jewish Federation of Metropolitan Chicago
“I am saying that the banks and funds were complicit in one form or another and my information to Picard when he was here established this.”
- Bernard Madoff, "From jail, Madoff says others knew," New York Times, February 15, 2011
KEY ZIONIST AGENT IN THE MADOFF RIP-OFF AT JP MORGAN - James S. Crown, a long-standing director of PEC Israel Economic Corporation, a subsidiary of Israel Discount Bank (IDB Holding), happens to be the director at JP Morgan who oversees the bank's "Risk Policy Committee."
"AND THE PEOPLE WHO ENABLED HIM" - JP Morgan made "at least" $500,000,000 on the Madoff scheme, which the bankers knew was a scam. James Crown certainly knows where Madoff's missing billions went. Will James Crown face criminal prosecution? That's the real question.
THE ISRAELI AGENT AT JP MORGAN
James Schine Crown is the key director at JP Morgan, since 2004, who facilitated the Madoff Ponzi scheme. Crown is also a long-standing director of an Israeli bank that is deeply involved in 9-11 and the massive financial scams that have robbed the American public and plundered the U.S. Treasury. So, Mr. Crown, where did Madoff's missing billions disappear to?
Crown's grandfather, Henry, was a Jewish gangster from Chicago who became a major weapons smuggler to the Zionist forces in Palestine. Henry Crown provided the nascent Jewish state with its first aircraft manufacturing plant - smuggled out of the United States to Israel in violation of U.S. law in the early 1950s. Henry Crown's personal lawyer was later appointed to the Warren Commission to investigate evidence of a conspiracy behind Lee Harvey Oswald or Jack Ruby. He found no conspiracy.
In an interview with Jeffrey Goldberg of The Atlantic during the Aspen Ideas Festival in July 2013 Lester Crown revealed that his father, Henry Crown, had worked as an Israeli agent by providing Israel with an American aircraft plant in violation of U.S. law in the early 1950s. Here he laughs about what a clever weapons smuggler Teddy Kollek was.
Source: "Perspectives on the United States and Israel" (from 16:00 minutes)
Video Link - http://youtu.be/civCwezOC20
Henry Crown went on to merge his Chicago-based Material Service Corp. with Texas-based General Dynamics in 1959. Henry Crown and General Dynamics then finagled, under very dubious circumstances, a $7 billion contract to develop the TFX (Tactical Experimental Fighter) aircraft - with the help of Lyndon B. Johnson. The TFX scandal was raging during the months before the Kennedy assassination in Dallas (See: JFK on TFX ). Henry Crown's lawyer, Albert E. Jenner, was a director of General Dynamics.
November 22, 1963 - President John F. Kennedy moments before he was assassinated. Henry Crown's lawyer investigated the evidence of a conspiracy for the Warren Commission - and found none.
Likewise, agents associated with Henry Crown and Company were the first to investigate and explain what happened to the Twin Towers on 9-11. They did not find any evidence of explosives, which they did not even look for, and said the explosive collapses had been caused by fire. How is it that a Zionist Mob family from Chicago finds itself involved in all the mega-crimes of our times?
CROWN AND MADOFF
The federal criminal investigation of JP Morgan Chase and the role America’s largest bank played in the Bernard Madoff Ponzi scheme reveals the key role played by James S. Crown, president of Henry Crown and Co., in the multi-billion dollar scam.
James Crown is grandson of Henry Crown (born Krinsky), a Zionist Jew from Chicago who started out in the sand, gravel, and concrete business and made a fortune during World War II as a chief of procurement for the U.S. Army.
It is worth noting that James Crown is also a director of the PEC Israel Economic Corporation, which is a subsidiary of Israel Discount Bank (IDB Holding). The IDB company is deeply involved in 9-11 and the massive financial rip-offs that surfaced in 2008. Crown has been a director of this Israeli financial company since 1985. As a long-standing member of the board of PEC Israel Economic Corp. Crown serves as a high-level agent of the state of Israel. He has also served as a director of General Dynamics, one of the largest defense contractors in the United States, since 1987.
Shortly after the war, Henry Crown was involved in smuggling illegal weapons technology to the state of Israel – in violation of U.S. law. Last summer, Henry’s son, Lester Crown, revealed during a gathering in Aspen, Colorado, that his father had provided the state of Israel with an entire aircraft manufacturing plant in the early 1950s, which he had been asked to buy for the Zionist state, presumably by Teddy Kollek and Shimon Peres, the Israelis who ran the illegal weapons (and nuclear) smuggling operations at the time.
Crown went on to take over General Dynamics in 1959 by merging his Material Service Corporation with the defense contractor. The Crown family has controlled General Dynamics since the mid-1960s and has made immense profits from supplying weapons and war materiel to the U.S. government.
Henry Crown was well known to be involved in organized crime at the highest levels in Chicago, which is why it seemed odd that his personal lawyer, Albert E. Jenner, was appointed to serve on the Warren Commission. Jenner’s task was to investigate the evidence of a conspiracy behind Lee Harvey Oswald and Jack Ruby.
THE 9-11 COVER-UP
Zdenek Bazant of Northwestern University and the late W. Gene Corley of CTL Group are two people, associated with Henry Crown and Co., who played key roles in the cover-up of 9-11. Bazant, a Czech immigrant, wrote a paper that was published two days after 9-11 that provided a seemingly plausible explanation for how the Twin Towers collapsed due to burning jet fuel. It is very odd that an engineering professor would write a paper about how the Twin Towers collapsed without viewing any of the evidence from the scene. Bazant works for the McCormick School of Engineering at Northwestern, a school - and a private university - that are both largely funded by the Crown family.
"I'M NOT A METALLURGIST" - Gene Corley (kneeling), a concrete specialist, headed the structural investigation of the Twin Towers although steel was virtually all that remained at the site. Corley admitted to the author that he knew nothing about how to test steel for evidence of explosives. Previously, Corley headed the investigation of the Oklahoma City bombing, a flawed study which earned him the Henry Crown Award in 1997.
W. Gene Corley was a concrete specialist who worked with the American Concrete Institute and received the Henry Crown Award in 1997 for his work on the investigation of the bombed-out Murrah Building in Oklahoma City. Corley went on to head a similar investigation of the bombed-out World Trade Center although he did not even look for evidence of explosives and admitted that he knew nothing about tests that could be done on steel to determine if it had been exposed to explosives. “I am not a metallurgist,” he told me, although virtually all that remained at Ground Zero was twisted and mangled pieces of steel.
To give the reader some idea of the Crown family connection to organized crime, I offer this extract from an article written in 1995 by the muck-raking journalist from Chicago, the late Sherman Skolnick:
The Crowns and the Pritzkers are interlocked criminals. The Crown flagship, set up in 1919, was Material Service Corp. Over the years, they got big-city paving and cement contracts by bribing Chicago city officials! From that, they branched out into being war mongers. The Crowns have been major owners of bloody war-contractor General Dynamics. The Crowns escaped going to prison for bribing Pentagon brass. How? By bribing federal officials!
Once-president of Material Service, Lester Crown escaped jail in 1976 in a concrete industry scandal by bribing federal prosecutors in Chicago who used him only as a government witness. In the past, Lester was a director of the Vatican dope money laundry, Continental Bank.
To try to get the stink off themselves, the Crowns donate part of their loot to Northwestern University, which has a building named after them. They might as well call it "The Al Capone Center".
THE CROWN FAMILY CONNECTION TO MADOFF
To understand the Crown family connection to Madoff one needs to know a bit more than what is being told in the controlled press. The key connection is that James Crown has been a director of JP Morgan during the time that the bank had serious doubts about the Madoff fund. More specifically, James Crown headed the committees that should have known about the scam and taken action to protect investors.
Crown serves as the chairman of JP Morgan’s “Risk Policy Committee” and previously served as chairman of the bank’s “Public Responsibility Committee.”
The mission of the two board committees that Crown headed as a bank director are, according to the JP Morgan website, the following:
The purpose of the Risk Policy Committee ("DRPC") is to assist the Board in its oversight of management's exercise of its responsibility to:
·Assess and manage the Firm's credit risk, market risk, structural interest rate risk, investment risk, liquidity risk, fiduciary risk and model risk.
·Ensure that there is in place an effective system reasonably designed to evaluate and control such risk throughout the Firm.
·Manage capital and liquidity planning and analysis.
The purpose of the Public Responsibility Committee is to:
·Provide oversight and review of the Firm's positions and practices on public responsibility matters such as community investment, fair lending, sustainability, consumer practices and other public policy issues that reflect the Firm's values and character and impact the Firm's reputation among all of its stakeholders.
·Provide guidance on these matters to management and the Board as appropriate.
James Crown was the director at JP Morgan who headed the two committees that had the obligation and authority to investigate the Madoff scam to protect the bank and its investors. Keep this in mind as you read the following report about the bank’s relationship to Madoff:
Federal authorities are preparing to take action in a criminal investigation of JP Morgan Chase, suspecting that the bank turned a blind eye to Bernard L. Madoff’s Ponzi scheme, according to the New York Times report of October 23, 2013. The following indented paragraphs are extracts from the article:
The investigation, led by the F.B.I. and the United States attorney’s office in Manhattan, centers on whether JPMorgan failed to alert federal authorities to Mr. Madoff’s conduct. JPMorgan served as Mr. Madoff’s primary bank for more than two decades, giving it a unique window onto his practices…
Irving H. Picard — the trustee seeking to recover money for Mr. Madoff’s victims — also sued JPMorgan in 2010 for $6.4 billion, saying the bank allowed “fraudulent transfers” and accusing it of “aiding and abetting” Mr. Madoff’s fraud…
The tentative $13 billion settlement in the mortgage case would resolve an array of state and federal investigations into the bank’s sale of trouble mortgage investments. The bank, authorities suspect, sold mortgage securities in the run-up to the financial crisis without fully warning investors of the risks.
JPMorgan is also grappling with an investigation into the bank’s decision to hire the sons and daughters of senior Chinese government officials. And Mr. Bharara’s office is examining whether some of the bank’s trading in the energy markets amounted to manipulation.
The Madoff case is particularly thorny. Any action would link the bank to the most notorious financial criminal in more than a generation. Mr. Madoff orchestrated a Ponzi scheme lasting decades that wiped out an estimated $17 billion in cash for his investors. Paper losses reached more than $64 billion.
Mr. Madoff is serving a 150-year sentence in a federal prison in North Carolina after pleading guilty in March 2009. In a 2011 interview from prison, Mr. Madoff told The New York Times that the banks he did business with “had to know.”
Mr. Madoff’s ties to JPMorgan trace to 1986, when it became his primary banker. Over the course of that relationship, Mr. Picard claims, JPMorgan “made at least half a billion dollars in fees and profits” from the relationship.
The bank, according to Mr. Picard’s lawsuit, generated handsome sums by allowing Mr. Madoff’s brokerage firm to “funnel billions of dollars” through its account with JPMorgan, “disregarding its own anti-money laundering duties.”
The bank, starting around 2006, also pursued derivatives deals linked to Mr. Madoff’s so-called feeder-fund investors, the hedge funds that invested their clients’ money with him.
About that time, concerns began to circulate within JPMorgan.
“I do have a few concerns and questions,” one JPMorgan employee wrote in February 2006 after studying some of Mr. Madoff’s trading records, according to an e-mail cited in the lawsuit. “All trades are generated by Madoff’s black box.”
But JPMorgan’s derivatives deals, which allowed investors to collect returns tied to the profits of the feeder funds, took off anyway. By June 2007, JPMorgan’s “Equity Exotics” unit had sold more than $130 million worth of the deals to investors, Mr. Picard’s lawsuit said.
That month, JPMorgan employees sought approval to push the total to $1.32 billion, according to the lawsuit.
On June 15, 2007, when a JPMorgan committee met to ponder the proposal, new suspicions emerged about Mr. Madoff. A senior risk management officer at the bank e-mailed colleagues to report that another bank executive “just told me that there is a well-known cloud over the head of Madoff and that his returns are speculated to be part of a Ponzi scheme.” The senior officer added that “I think we owe it to ourselves to investigate further.”
But according to Mr. Picard, the bank’s further research amounted to a phone call with Mr. Madoff and “a Google search with no follow-up.”
Similar concerns were enough to deter JPMorgan’s own private bank from doing business with Mr. Madoff. In an e-mail, a JPMorgan wealth management executive remarked that Mr. Madoff’s “Oz-like signals” were “too difficult to ignore.”
After Mr. Madoff’s arrest in December 2008, Mr. Picard said, a flurry of JPMorgan e-mails captured the lack of surprise at the bank.
One employee, referring to the agenda for the June 2007 meeting, wrote, “Perhaps best this never sees the light of day again!!”
Sources and Recommended Reading:
JPMorgan Faces Possible Penalty in Madoff Case, New York Times, October 23, 2013
Albert E. Jenner, Jr., Wikipedia.org, October 25, 2013
“Albert E. Jenner Jr., 81, A Legend In Legal Circles” by James Warren, Chicago Tribune, September 19, 1988
Charter of the Public Responsibility Committee, JPMorganChase.com, October 25, 2013
“Chicago's Elders of Zion and Obama's War for Profit” by Christopher Bollyn, October 14, 2011
“Chicago Thuggery: The Jewish Mob & Obama” by Christopher Bollyn, October 16, 2013
Henry Crown & Company, BusinessWeek.com, October 25, 2013
James S. Crown, Executive Profile, BusinessWeek.com, October 25, 2013
Members of the Board, JPMorganChase.com, October 25, 2013
PEC Israel Economic Corp., BusinessWeek.com, October 25, 2013
Palestine Economic Corporation, JewishVirtualLibrary.org, October 25, 2013
PEC Israel Economic Corporation document, May 23, 1995
PEC Israel Economic Corporation document, March 22, 1994
Risk Policy Committee, JPMorganChase.com, October 25, 2013
Sherman Skolnick, Conspiracy Nation, Vol. 5, No. 89, August 1995
“The Architecture of Terror: Mapping the Network Behind 9/11” by Christopher Bollyn, Chapter VII of Solving 9-11: The Deception that Changed the World
“The Ordeal of Lester Crown” by Bob Tamarkin, New York Times, December 7, 1986
“The Zionist Mega-Scams of 9/11, Bernard Madoff & Allen Stanford” by Christopher Bollyn, March 7, 2011
War Is A Racket, by Major General Smedley Butler, 1935