The wires services and the rest of the Old Media have also been reporting on a scandal that doesn't have to do with Illinois Governor, Rod Blagojevich. But, like the Blago story line, the media seem to be forgetting one small aspect of the story of Wall Street rip off artist Bernard Madoff. Like Blago, Madoff's connections to the Democrat Party seem to be of little interest to the media.
Very few media stories of the fraud perpetrated by former Nasdaq chairman Madoff mentions the heavy financial support that Madoff has donated to the Democrat Party. Campaign contributions by Madoff show many thousands of dollars going to Democrat candidates and causes. Including $100,000 to the Democratic Senatorial Campaign, thousands to Charles Rangel (D, NY), Charles Schumer (D, NY), and $6,000 to the Securities Industry and Financial Markets Association. Madoff also gave generously to Senator Frank Lautenberg (D, NJ) who runs a charitable foundation that invested with Madoff.
With the money that Madoff spread around in contributions is it really surprising that his actions went ignored by regulatory agencies?
In any case, the media seems wholly uninterested in the fact that Madoff is a big Democrat contributor. I found no mention of Madoff's past support of the Democrats in any of the following stories.
The Associated Press: "List of potential victims grows in NY fraud case"
ProPublica: "Losses Unknown From Madoff’s ‘One Big Lie’"
The New York Times: "Standing Accused: A Pillar of Finance and Charity"
New York Magazine; "Bernard Madoff: ‘It’s All Just One Big Lie’"
... these among many others.
So, what we are seeing is the Old Media conveniently forgetting that this guy was a big Democrat donor. Who can doubt that if Madoff was a big donor to the GOP we'd see this fact featured prominently in every story? Yes, it's another sad but true name-that-party parlor game.
(Photo credit: hedgeweek.com)