Submitted by Hardscrabble Farmer
Humiliating Hat Trick: Wealthy NY Family Invested In Enron, Madoff, FTX
A wealthy New York family has achieved a humiliating hat trick, having invested with Bernie Madoff, Enron and now, FTX, according to the Financial Times.
Thanks to the family’s philanthropy — which has benefitted the Metropolitan Museum of Art, Yeshiva University and Harvard among others — “Belfer” is a name familiar to many in New York’s high society. Unfortunately, it’s now associated with three legendary financial catastrophes.
The Belfer family’s wealth primarily came from the Belco Petroleum Corporation founded by the late Arthur Belfer, a Polish-born immigrant.
The Belfer family was among the largest shareholders of Enron. Honored by Fortune magazine for six straight years as “America’s Most Innovative Company,” the energy and commodities company exploded in spectacular fashion in 2001.
The Belfers weren’t just investors in the doomed company: Robert Belfer served on Enron’s board of directors for decades.
The Belfer family lost some $2 billion on Enron. If there can be a silver lining in such a cloud, the Enron loss seems to have prompted the family to withdraw $28 million they had entrusted to Bernie Madoff, whose phony investment business was revealed in 2008 to be a $65 billion Ponzi scheme.
Now, a Financial Times review of court documents reveals the Belfers appeared in a list of shareholders of FTX, the cryptocurrency exchange that was valued at $32 billion a year ago but is now a smoking ruin, with its founder, Sam Bankman-Fried, in prison pending prosecution on eight criminal counts.
“Belfer Investment Partners held shares from FTX’s equity fundraisings in 2021 and early 2022, as well as investing in the crypto exchange’s US business, the documents show. Another firm linked to the family, Lime Partners LLC, also held shares in FTX and FTX US.” — Financial Times
Combined, the Belfer FTX stakes were valued at $34.5 million. We’re left wondering what ticking time bombs remain on the family’s list of assets.
Arthur Belfer started off as a dealer in feathers and down in Krakow, Poland. If he could see what has happened to the wealth he left behind, he might urge his heirs to stuff the rest of it in a mattress.
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Which begs the question, “If you’re so rich, how come you’re not smart?”
A variation we talked about in fraud classes in college was about doctors — who fancied themselves so brilliant, and yet their egos led them into so many bad business decisions outside of their medical practices.
Big ego is a problem … stupid is a problem … combining the 2 is deadly …
Each one is fooled according to his ability.
“From each according to his wallet.”
~ Mao’s accountant’s little black book
https://en.wikipedia.org/wiki/Arthur_Belfer
Belfer was born to a Jewish family in Wodzisław, Poland.
In 1983, it merged with and into InterNorth, Inc., a holding company specializing in natural gas pipelines but also plastics, coal and petroleum; the new entity was renamed the BelNorth Petroleum Corporation,[3] and became a subsidiary of InterNorth. In 1985, InterNorth merged with Houston Natural Gas and changed its name to the Enron Corporation.[3][2] In 1985, Enron’s Peruvian assets (formerly of Belco) were nationalized by the Peruvian government and Enron took a $218 million loss.[4] In 1986, he resigned from Enron although remained a major shareholder.[3] His son, Robert A. Belfer, continued to serve as a director at Enron.
The Jew wasn’t a victim of Enron, he was Enron.
That’s what happens when you take investing advice from professionals. They get their commission and you get screwed.
“The only function of economic forecasting is to make astrology look respectable.” ~John Kenneth Galbraith
I guess they weren’t Jews after all they’re polish lol gtfo.
And, yet, when you look at the Wikipedia listing for Robert Belfer — there’s nothing but laudatory words — no mention of losing the $2 Billion on Enron or anything else.
I still maintain that the only reason Madoff was ever prosecuted was due to looting from fellow tribe members … if he’d gone after gentiles we’d never have heard of his crimes …
Kind of like FDR?
Don’t bad talk my 12th cousin!( Even if he was commie scum).
It’s all a Ponzi scheme.
And they always implode
Anonymous Conservative hammers on this constantly. He essentially says “it’s not their money, they are being told what to do with it.”
Some examples from various posts….
– NBC execs regret paying Jimmy Fallon $80 million contract extension as Fox News’ Greg Gutfeld beats ‘Tonight Show’ in ratings. Think about how many gifted comedians would have done that for $1 million, or $500,000, and probably pulled in the same ratings, since nobody is a “Fallon Fan.” Fallon is going to pass that money to somewhere, and NBC shareholders will pay the bill. It is all a laundering op.
– Adam Kinzinger lands job at CNN. The amazing thing is, there is no money in the news. Even big operations like CNN are money losers. And yet they will pay this guy a half-mil a year or a mil a year, and the money will come from all the different ways their corrupt conspiracy is bleeding the rest of society dry.
– America’s Catholic Bishops made back all $3 billion in sex abuse settlements by trafficking illegal immigrants at taxpayer expense. And after the money is used to bring in illegals, it is routed into still more Cabal bank accounts, and used for even more Cabal operations. For Cabal, every dollar routed to a Cabal activity by a Cabal actor is like ten dollars, after it is routed from one Cabal entity to another to another, over and over. It is almost like they created their own mini-economy, which favors itself, within the broader economy.
– Ron Paul: The U.S. will have given Ukraine OVER TWO TIMES the entire military budget of Russia! That is not what we spend on our military, it is what we gave away to some third-world backwater shithole, like it was nothing. And Russia has been raking in the cash off the oil boom. But it cannot even begin to compete with Cabal’s funny money. Whatever the economic system Cabal has created, it is like economic witchcraft, making limitless money from nothing.
– SBF borrowed $546 million from Alameda Research to purchase Robinhood shares (HOOD). It is amazing how big a difference there is between the world of silly Cabal-Bux, where this goof is moving hundreds of millions on a whim, and the real world, where that kind of money can not aggregate in one place, under one person.
– Eric Schmidt, a former Google CEO who has also advised the United States (US) Congress and the White House, has helped to pay the salaries of more than 24 Biden administration officials via donations from his research and investment firm, Schmidt Futures, to the nonprofit research and advocacy organization, the Federation of American Scientists (FAS). Not his money, not his decision.
That latter fuck (e. schmdt) is spooky as hell — he went quiet a few years ago, and I can only imagine what kind of wicked shit he is up to…
Methinks they lost little or nothing in these transactions. Dumb goyim took the hit one way or the other.
Me thinks these folks are extremely dumb. Keep playing Belfer’s , I just know you’re gonna win it all back in the rigged casino.
Ya can’t fix stupid………
+1000
The trifecta IS the tip-off.
living proof that, a: you can’t buy brains, and b: the people who want to prevent dynastic wealth through confiscatory inheritance taxes , are just venal parasites justifying another grab- almost every family fortune ends up getting pissed away by uncompetent descendants within a few generations _anyway_.
hm, it seems like youve got a point, there.