Andrew Racz
Director of Research
300 East 54 Street, Suite 26C
New York, NY 10022
Phone: (212) 319-6949
Fax: (212) 753-1944

The Ultimate Colorful Fate of Edmond Safra, Bernie Madoff, and Governor Bill Richardson

January 12, 2009

All these men were great achievers—but only Richardson reached the threshold of the Presidency.

"Behind every fortune there is a crime"
- Balzac

This is a story of three famous individuals. Edmond Safra, international banker in Europe and South America, and chairman of Republic National Bank of New York, Bernie Madoff, and Governor William "Bill" Richardson about which more is known every day.

The common denominator of each man is that they managed to attract money on a phenomenal scale.

Edmond Safra gradually built his banking empire at a prodigious pace. Gold was his speciality. He handled all the South African gold, the Russian gold, and several nations gold reserves. He single-handedly established the Eurodollar market so that Russian companies can hold their dollar reserves without fear of confiscation. His clientele was his main secret, and in the 1990's he may have controlled one trillion dollars.

I met him in 1972 when he established Republic National. He taught me the gold business. Whenever I returned from South Africa, I always called on him. When I brought Dr. Dietrich, the state president of South Africa, we paid a visit to his penthouse on the Fifth Avenue headquarters of Republic National. He once gave me $50,000 to buy shares in Hotel Corp. of America. I suggested we buy control over the Plaza Hotel. He looked like he dressed and behaved, as a prince of the previous century. He spoke six languages and bought and sold gold in everybody's mother tongue. He kept everybody's secret.

He was killed in an elevator, ostensibly with gas in his home in Monte Carlo.

I always thought that some powerful figure couldn't get his gold back from him.

Later in his life he had some 10 body guards. By the late 1990s the Russians had both gold and foreign currency and the oil money was running in the trillions.

This was the world of Edmond Safra; the king of international currency and international money.

Bernie Madoff is considered a small timer to Edmond Safra, but maybe not so small. Granted $50 billion can only stretch to $50 billion. But, suppose it was $100 billion. Suppose the two, three, five million from the Palm Beach Country Club was only the money from the small clientele who created the front. International and unknown feeders may have delivered big time international currencies whose name has not yet surfaced in the media.

The families from Palm Beach litigate, but five, ten, twenty billion international money resorts to more forceful action.

And here comes the childish story that relatives suddenly go to the FBI and volunteer to be "witness for the prosecution."

If somebody threatened Bernie Madoff, and threatened with violence or death, where can Bernie turn for physical protection?

Actually, there is only one protector—the government of the United States.

What can the poor relatives do? Pretend to be innocent? And place Uncle Bernie with a modified version of the FBI Protective Custody.

Every other explanation is the story of Pinocchio.

The fact is, Bernie controlled money, secretive money. Even if it was only $50 billion, there must be one lonely billion who was willing to turn physical.

Bernie wanted to save his life, and his secrets are the bargaining tools with the US Government.

Governor William Richardson, of New Mexico, wanted to be President of the United States.

As the current investigation ascertains, everything about him in campaign contributions is on the borderline of legalities.

There are constructors, there are casinos. It makes a story. I began to write to him four years ago. My letters centered around an attorney called Eugene Wolkoff, who is legal advisor to Eddie Gilbert, who in turn was twice in jail and skipped the country in the 1960s until Attorney General Robert Kennedy brought him back.

Governor Bill Richardson: I accuse Mr. Wolkoff, a resident of Santa Fe came to New York to collect a $24,000 alimony arrearage after I paid $1.5 million for child support, alimony, and private school. Just for the record, I came to this country as a penniless Hungarian immigrant. I lost my parents in the Holocaust.

I objected that Mr. Wolkoff illegally wanted to imprison me, that my oldest son Gregory should get scholarship for is last year at Dartmouth College after I paid $300,000 for his schooling involved six months in Oxford and six months in Leningrad. Gregory Racz, is President of Octavian Advisors, a $1.3 billion hedge fund at 650 Madison Ave - was and is very close to my heart. So is my grandson Daniel (age 6) whom I never seen.

I objected that Mr. Wolkoff actually put me in jail when I asked for payment on a $17,000 school for my youngest son after I paid $500,000 to the Ethical Culture–Fieldston school. The school objected in writing to imprisonment techniques, and gave me credit that for a penniless Hungarian immigrant, I educated two boys in private school.

Apart from matrimonial matters Mr. Wolkoff volunteered to interfere in two arbitrations where the numbers were running into several hundred million dollars. Actually, Mr. Wolkoff violated the law as he used divorce papers which were sealed for 100 years to influence the judgment of money laundering, stock promotion and other Wall Street items.

I also objected that Mr. Wolkoff never mentioned that he is the long-term legal advisor and attorney to Eddie Gilbert.

Governor, since you wanted to be Secretary of Commerce, I trust you know that in Wall Street we don't like ex-convicts, and Mr. Gilbert's partner Fred Kohlberg never disclosed in filings that he is Eddie's partner. He—actually Eddie Gilbert—was the largest client of Bishop Rosen, a member of the New York Stock Exchange. I was Director of Research.

I have not seen my two children since Mr. Wolkoff came into our life.

Thus, here is the setup. Kohlberg & Eddie Gilbert have influence—secret—over a brokerage firm, and Eugene Wolkoff, the attorney for Eddie Gilbert, takes my money and broke up my family.

Adolf Eichmann could not have done better.

There were five attempts to imprison me. My father died in Auschwitz—Eugene Wolkoff only put me in jail.

Adolf Eichmann had Auschwitz. Eddie Gilbert, Fred Kohlberg and Eugene Wolkoff had a base in New York:

Bishop Rosen, Member of the New York Stock Exchange.

At the same time he extracted a $600,000 fee and managed to get into some meaningful arbitration processes where he influenced hundreds of millions of dollars.

Governor, you haven't answered twenty letters, your staff was as rude as the communists in Hungary, but Mr. Wolkoff did contribute $12,000 to your campaign in 2008 and probably Eddie Gilbert, his employer, and his friends put up some money too.

Governor, you protected Eugene Wolkoff. Governor, you should disclose immediately the financial benefits you derived from the boys of Eddie Gilbert in the last five years.

The Internet—Google, has a fascinating contact list between Bishop Rosen and Gilbert.

The case of Governor Bill Richardson is about to open. Subpoenas and electronic research obviously will pay their part. Yesterday an eminent newspaperman from your state told me that I predicted the strange case of Bill Richardson at least two years ago.

Your story is not old. Actually, the contacts between Richardson–Eddie Gilbert–Eugene Wolkoff is not in the open.

Nevertheless, you never made any attempt to bring in the legal power of the state of New Mexico to stop the cruelties of a lawyer who crosses state lines regularly with divorce papers and destroyed actually a highly educated family.

I would like to call on you to make public my letters to you, and immediately return the $12,000 contribution of Eugene Wolkoff and his family from your campaign funds.

And now let us return to history. Edmond Safra and Bernie Madoff had a chance to double their fortune. You had greater aims. You wanted to be President of the United States. As President you were supposed to protect federal spending and the integrity of family life and curtail the power of lawyers to put innocent people to jail, and if they do so, you were supposed to punish them immediately.

What eventually the people will learn about you will lead to a nightmare. It would have been a possibility that on January 20, 2009, William Richardson will sworn that he will protect and defend the Constitution of the United States of America.

Six months after the inauguration the House would commence impeachment hearings.

Dreyfus had Zola.


Information contained herein is based on data obtained from recognized statistical services, issuers reports or communications or other sources believed to be reliable. However, such information has not been verified by us and we do not make any representation to its accuracy or completeness. Any statement non-factual in nature constitutes only current opinions which are subject to change. BERAL INC. or their officers, directors, analysts or employees may have positions in the securities or commodities referred to herein, and may as principal or agent buy and sell such securities or commodities. An employee, analyst, officer or a director of BERAL INC. may serve as a director for companies mentioned in this report. Neither the information nor any comment expressed shall constitute an offer to sell or a solicitation of an offer to buy any securities or commodities mentioned herein. There may be instances when fundamental, technical and competitive opinions may not be in concert. This firm may from time to time perform investment banking or other services for or which investment banking or other businesses from any company mentioned in this report.



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Andrew Racz. 300 East 54 Street, Suite 26C, New York, NY 10022
Phone: (212) 319-6949 Fax: (212) 753-1944. E-mail:

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