Enron, Fastow, and the Looting of America

If you hear about a 100-thousand-dollar swindle, it could be anybody. If you hear about a 100-million-dollar swindle, then you know that it has to be a Jew. Why is that?

by Dr. William L. Pierce

THIS ENRON thing becomes more interesting every day. Business and finance are not my strong areas, and so I don’t talk much about them. The Enron collapse, however, has some very interesting political and Jewish angles. We can see some fascinating parallels with other recent financial catastrophes in the United States. (ILLUSTRATION: Former chief financial officer of Enron, Andy Fastow)

The general pattern is this: Jews will move into an area of economic activity and with a lot of fast patter and sleight of hand persuade the Gentiles in charge that they are financial geniuses who can benefit the economy generally with their activity and along the way can make a lot of money for any Gentiles fortunate enough to be allowed to collaborate with them. The greediest among the Gentiles climb on board, and for a while there is a flurry of activity, with a great deal of money changing hands and moving to and fro. Then the bubble bursts, the Gentiles all find that their wallets are missing, and the Jews claim that it wasn’t their fault, while they count their profits.

Remember Michael Milken, Ivan Boesky, Marty Siegel, Dennis Levine, and the insider-trading scandal that nearly wrecked Wall Street a dozen years ago — and incidentally bankrupted tens of thousands of ordinary Americans who lost their investments as a result of the artificial manipulation of stock prices? Every major actor in that scandal was a Jew.

Remember the enormous savings-and-loan catastrophe during the 1980s that ended up costing American taxpayers 500 billion dollars? A big part of the reason for the collapse of the savings-and-loan industry in the 1980s was the huge investments in so-called “junk bonds” by so many savings-and-loan institutions. Junk bonds are bonds issued by corporations in need of cash that are unrated by Standard and Poor’s or Moody’s because they are considered too risky, but which have much higher yields than rated bonds. And the man behind the junk bonds — the financial genius persuading the savings-and-loans to buy them — was none other than Michael Milken. At the height of his junk-bond promotions, Milken had a personal income of more than $500 million a year: a fast-talking Jewboy, still in his 30s, taking home more than half a billion dollars a year in personal income by selling junk bonds to savings-and-loan institutions.

Well, that bubble eventually burst, and it took hundreds of banks and savings-and-loan institutions with it. Hundreds of thousands of ordinary Americans had their life savings invested in these institutions. By the time the bubble had burst, however, Milken already was a billionaire several times over. There was much chatter in the media and in the Congress about the failures of all of these financial institutions, much dark talk about foul play, but nothing ever came of it, primarily because many politicians — including members of both Bill Clinton’s family and George Bush’s family — had accepted money from Milken or from one of the failed savings-and-loans. With so many corrupt but powerful people standing to be burned if a thorough investigation and exposé took place, none ever did, and the scandal was allowed to die quietly with the full collaboration of the mass media.

A few politicians were thrown to the wolves to protect the rest — the most notable sacrifice being Speaker of the House Jim Wright, who was forced to resign from Congress in 1989 as a result of his involvement. And remnants of the scandal continued to haunt a few of those involved for years — Bill and Hillary Clinton, for example, who were targets of the so-called “Whitewater” investigation — but most of the perpetrators were never called to account for their crimes and were allowed to sneak away with their loot. The real victims of the looting of America’s savings-and-loan institutions ended up being you and I and the rest of America’s taxpayers, who were forced to cough up the $500 billion lost when the institutions collapsed.

I hope that you will forgive me for expressing my suspicion that if so many of the principals involved hadn’t been Jews the mass media would have had a lot more to say about the savings-and-loan disaster of the 1980s.

It wasn’t until Michael Milken hooked up with fellow Jews Ivan Boesky, Marty Siegel, and Dennis Levine and tried his hand at insider trading that the law finally caught up with him. In 1990 he was sentenced to ten years in prison and forced to pay back $600 million of what he had stolen, a small portion of his ill-gotten loot. He ended up serving less than two years, and that time was spent in a minimum-security, “country-club” prison.

Do you remember Martin Frankel, who stole more than $200 million dollars from insurance companies in five states and then fled the country in 1999 as police were closing in? Probably you don’t remember Frankel, because, despite the magnitude of his theft, there was very little publicity about him in the media.

Do you remember Sholam Weiss, the ultra-Orthodox New York rabbi who plundered $450 million from the National Heritage Life Insurance Company in Florida, in the largest case of insurance theft in U.S. history? He stole the life savings of more than 25,000 mostly elderly Americans who had all of their retirement money invested in the insurance company. He was convicted in an Orlando, Florida, federal court in 1999 on 78 counts of racketeering, wire fraud, interstate transportation of stolen property, and money laundering. Weiss, who amazingly had been permitted by the court to be free on bond during his trial, immediately jumped bail and fled the country with a substantial part of his loot. He was sentenced in absentia to 845 years in prison. He was arrested in Austria last October, but on January 10, 2002, the Austrian government, sensitive to charges of anti-Semitism, decided not to extradite him. There has been even less publicity about Weiss than about Frankel, despite the unique magnitude of his theft.

Do you remember the New Square Four, the four Orthodox Jews in the all-Jewish town of New Square, New York, who set up a phony Jewish school, a yeshiva, that existed only on paper, and then collected more than $40 million dollars in government grants for their non-existent school? They are Chaim Berger, Kalmen Stern, David Goldstein, and Jacob Elbaum. When they got caught and sent to prison in 1999, they ran straight to the Clintons for help, and it is quite clear that a deal was struck. When Hillary ran for the U.S. Senate in New York the following year, the residents of all-Jewish New Square voted almost unanimously for her, giving her 1,359 votes to 10 votes for her opponent Rick Lazio. And a few weeks later, hours before leaving the White House, Bill Clinton commuted the sentences of the four Jewish swindlers, in effect canceling their prison terms. When they were sentenced in 1999 they were ordered by the court to repay the stolen $40 million, but to date not a cent has been recovered from them.

Certainly you remember Marc Rich and his partner Pincus Green. They’re the two Jewish criminals who got the most attention last year when they received last-minute pardons from Bill Clinton. They are international commodities speculators who broke a great many laws in their wheeling and dealing and stashed away a few billion dollars for themselves while doing it. When they were indicted for racketeering, wire fraud, and a number of other felonies, they fled the country with their money. Rich has given an estimated $200 million to Israel and an unknown amount to Bill Clinton to buy his pardon. That caused a bit of a stink last year, but it seems to have blown over now.

Rich wasn’t even indicted for his most serious criminal activity, which was his collaboration with Jewish gangsters in Russia in the looting of Russia’s wealth following the collapse of communism there. In a massive swindle known as “privatization,” Jewish bureaucrats in the Soviet government sold Russia’s factories and mineral wealth to Jewish “businessmen” in the private sector. The theory was that the businessmen would utilize these resources more productively than the Soviet government had, thus benefiting the Russian economy. But the sales of Soviet property actually were “sweetheart” deals that amounted to giveaways, and the Jewish businessmen who received the property were interested primarily in getting their loot safely out of Russia. Rich did that for them and made hundreds of millions of dollars for himself in the process.

And now we have the collapse of Enron, the huge gas-pipeline and energy conglomerate in Houston. When it went down it took the life savings of thousands of employees with it. Sound familiar? Members of George Bush’s family had their hands in Enron’s operations up to their elbows. Sound familiar? And, digging through the rubble of Enron’s collapse and turning over a very large flat stone at the bottom of the heap, what do we find but another Jewish “financial genius” blinking at the light and trying to scurry away like a startled cockroach, a bulging suitcase full of money in each hand. Sound familiar?

Enron’s chief financial officer was Andy Fastow. He went to work for Enron in 1990 and was given the position of CFO in 1998 at the tender age of 36, because his fast talk had convinced Enron’s Gentile officers that he was a financial genius and could make a lot of money for them. Over the next two years, in fact, Fastow made a lot of money for himself, squirreling away more than $50 million in personal gain. He did that with a lot of fast sleight-of-hand and intricate financial deals that eventually brought about the collapse of Enron and the pauperizing of thousands of Enron’s employees, who had all of their retirement money tied up in the company. Not Fastow, though: he had sold his Enron stock just before the collapse.

Fastow made most of his personal gains during the time he was the CFO of Enron by using his position to engage in private dealing on the side, often at the expense of Enron, the company whose interests he was supposed to represent. He was able to get away with this and other financial shenanigans by “cooking the books” as they say, so that it was very difficult for anyone but himself to know what was going on or what Enron’s true financial situation was. But certainly he knew that his creative financing had gotten Enron into very serious trouble when he unloaded his own shares in the company at a substantial profit. He continued to tell other shareholders that the company’s future was very rosy, however, even though he knew that the collapse was imminent. As in the case of Michael Milken, Andy Fastow is described by the rabbi of his synagogue as a nice Jewish boy who gave generously to Jewish charities in Houston.

There are a number of investigations underway now into the collapse of Enron, and Andy Fastow may, like Milken, end up in prison for a while and be required to repay a portion of what he stole. Some of the investigations are fueled by the hope of Democrats to implicate George Bush in the scandal, as payback for the Republican effort to implicate Bill and Hillary Clinton in the savings-and-loan scandal through the “Whitewater” investigation. We’ll see. But Fastow’s Jewishness provides a motive for other very powerful interests — including the media — to let the whole matter die as soon as possible, the way the matter of the looting of America’s savings-and-loan industry was allowed to die.

There’s a lesson in all this. It’s not that Jews are the only crooks who steal from the American people. George Bush is a crook, and he’s not a Jew. Bill and Hillary Clinton are crooks, and they’re not Jews either. Other Enron executives, who aren’t Jews, collaborated with the chief financial officer in bringing about the ruin of the company. In fact, Jewish crooks such as Milken and Rich and Fastow would have a hard time stealing anything if they weren’t able to play on the greed of Gentile crooks and enlist Gentile collaborators, such as the Bushes and the Clintons. There probably are more Gentile swindlers in America than Jewish swindlers, simply because Gentiles outnumber Jews 40 to one in the overall population.

No, Jews aren’t the only crooks, but they’re certainly the biggest crooks. If you hear about a 100-thousand-dollar swindle, it could be anybody. If you hear about a 100-million-dollar swindle, then you know that it has to be a Jew. Why is that? Why are most of the biggest swindlers Jews? Is it because they’re smarter than Gentile crooks?

Perhaps. Certainly, Jews have certain traits to a stronger degree than non-Jews, on the average. They are more verbal. They can keep the average Gentile distracted with a flow of words while they pick his pocket. They are myth-makers. They seem to have a knack for spinning fanciful yarns skillfully enough to entrance Gentiles. This is a marketplace skill that they must have inherited from hundreds of generations of forebears who made their living in exchange, in buying and selling, in camel trading and money changing, in selling underwater real estate, rather than in productive work.

Jews also are much more effectively networked than Gentiles. A Gentile crook is more likely to work alone. A Jewish crook is more likely to have a number of other Jews as accomplices in one way or another. Milken and Rich are outstanding examples of this. Milken did his insider trading in cahoots with several other Jewish crooks. When Jewish gangsters in Russia were looking for the best way to smuggle their loot out of Russia, they naturally turned to another Jew, Marc Rich. After Milken and Rich were caught they had many Jews working for them behind the scenes to help them avoid punishment. The whole Jewish town of New Square, New York, pitched in to obtain freedom for Berger, Stern, Goldstein, and Elbaum.

Perhaps the biggest advantage a Jewish crook has is that he is an outsider. A Gentile swindler is nearly always stealing from fellow Gentiles, from his own people, and he realizes that he is committing not only a crime but also a moral offense in doing so. If he is caught he becomes an outcast among his own people, and that’s a very serious matter, reflection upon which tends to limit his reach. A Jewish swindler is nearly always stealing from Gentiles, and that is something condoned by his religion and by long-established custom among his people. He may be punished by the Gentiles if he is caught, but he does not become an outcast in the eyes of his own people, and so he is not held back by moral considerations. His tendency is to reach further than a Gentile crook in his place would.

I should mention here that most Jews will deny that their religion condones stealing from Gentiles, but in fact it does, and they know it, as I have pointed out in earlier broadcasts. Those who have the time for it and the interest can make a study of the Talmud for themselves. For those who are interested but who don’t have the time to delve into the Talmud, I recommend the books by the late Israeli professor Israel Shahak that are available from the sponsor of this program, National Vanguard Books. I don’t know about Martin Frankel’s or Marc Rich’s religious beliefs, but Michael Milken and Andy Fastow are both synagogue-going Jews. The New Square Four, as Orthodox Jews, are steeped in the teachings of the Talmud. And certainly that is true of Rabbi Sholam Weiss.

Well, regardless of the reason, the fact is that Jews are much more likely to be 100-million-dollar swindlers than Gentiles are, and they’re more likely to get away with it. And the fact also is that without greedy, crooked Gentile accomplices they wouldn’t be able to swindle our people out of so much money. We get swindled by clever and tricky Jews like Milken and Rich and Fastow because we have let our system become corrupt. We have a corrupt political system, corrupt leaders. That’s one of the most important lessons in the Enron collapse.

Actually, these Jewish swindlers who get caught with their hands in our pockets do us much less damage than Jewish swindlers — Jewish myth-makers — of a different sort. Feminism is a myth spun by fast-talking Jews and Jewesses that has done enormous damage to our people, individually and collectively. It is the principal reason that the White birthrate has dropped well below the replacement level. The matron saint of modern feminism is the Jewess Betty Friedan, and most of the influential propagandists for feminism also have been Jewesses. The Jewish mass media have without exception been promoters of this sickness.

The post-World War Two destruction of White America by opening our borders to the Third World has been the work of fast-talking Jewish myth-makers. While Jews in the Congress worked with Gentile collaborators to scrap the immigration law that had favored Europeans, the Jews in the media promoted the fatuous notion that since America is a nation of immigrants, the American thing to do is to let everyone from Asia and Mexico and the Caribbean and the Middle East become an American immigrant too.

The lying and subversive slogan “diversity is our strength” is the creation of fast-talking Jewish myth-makers. Multiculturalism has been built on Jewish myths about the biological equality of the races. It was a Jewish myth that was behind the September 11 attack on America: namely, the myth that Israel is America’s “ally” and deserves America’s support. The Jewish swindlers who made all of these myths depended heavily on the support of corrupt or foolish Gentiles for their success, just as Michael Milken and Andy Fastow depended on the collaboration of corrupt and greedy Gentiles for the success of their clever, Jewish shell games with stocks and bonds and money.

Well, anyway, what we can hope for now is that the Enron investigations will stay alive long enough for a few perceptive Americans to appreciate fully the truly Jewish role played by Enron’s chief financial officer, Andy Fastow, in bringing about the ruin of the company.

Beyond that, I suppose it is too much to hope that many Americans will gain a deeper understanding of the essential role that the corruption of our government and our society has played in allowing Jews like Milken and Fastow to do their destructive work. But it is a fact, as I have said before, that without our own weakness and corruption the Jews would have no opportunity to do their destructive work: no opportunity to exploit us or to hypnotize us with their myths. Curing that weakness and cutting that corruption out of our society is the biggest task we have before us.

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Source: Free Speech magazine, March 2002