You all be relieved to know that Madoff won't have to be in jail like other criminals while awaiting trial.
http://abcnews.go.com/Blotter/WallStreet/story?id=6480363&page=1
http://abcnews.go.com/Blotter/WallStreet/story?id=6480363&page=1
$50B Ponzi - Who says crime doesn't pay!?
- Thread starter Kingman
- Start date
Pretty ****in amazing eh?
You can do life if you get caught with a big enough bag of white powder. You think Madoff will end up getting a swastika tat and a shaved head to at least pick a side doing hard time?
You can do life if you get caught with a big enough bag of white powder. You think Madoff will end up getting a swastika tat and a shaved head to at least pick a side doing hard time?
Hammer
GT Owner
The scale of this thing is amazing. The $100,000,000 heist of Harry Winston's in Paris a week or so ago was reportedly the largest robbery ever recorded. And it's one five hundredth of what this guy pulled off. Oprah - said to be the wealthiest woman in show business - is worth one fortieth of what Madoff bilked people out of. It's unbelievable.
Kayvan
GT Owner
- Jul 13, 2006
- 4,782
Lotta deep pockets around this, from banks to insurers who will pay out....
http://s.wsj.net/public/resources/documents/st_madoff_victims_20081215.html
http://s.wsj.net/public/resources/documents/st_madoff_victims_20081215.html
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Spirit
Heritage GT Owner
PL510*Jeff
Well-known member
Damn times are tough ....
"he couldn't get 4 friends to sign off on his personal apperance bond".
So the U.S. attorney let him stay at home. :bs
And this is after 10 years of investigation. I wonder if he applied for the "bail out" funds.
He had a very special Get out of Jail Card.
Utterly un-f**king believable.
"he couldn't get 4 friends to sign off on his personal apperance bond".
So the U.S. attorney let him stay at home. :bs
And this is after 10 years of investigation. I wonder if he applied for the "bail out" funds.
He had a very special Get out of Jail Card.
Utterly un-f**king believable.
Not just his home, his $7 million dollar penthouse. I hope when I finally go down they put me up somewhere just as nice. :cheers
Cobrar
GT Owner
Today's WSJ got it right....
This guy KNOWS how to keep a huge Ponzi scheme going for years. Forget jail, we need a man with this skill. Put him in charge of Social Security!!!!
Chip
This guy KNOWS how to keep a huge Ponzi scheme going for years. Forget jail, we need a man with this skill. Put him in charge of Social Security!!!!
Chip
BlackICE
GT Owner
Chip, he is a small time player. The Federal Gov. has kept a much larger ponzi scheme going for decades without any end in sight!
Social Security and Medicare have promised $37 trillion more in benefits to senior and disabled workers than the programs will be able to pay, according to a new report...
soroush
Ford Gt Owner
- Aug 8, 2007
- 5,256
I guess that why he is introuble now he's cutting in on their (goverment) action:biggrin
MK2_GT
GTX1 Owner
- Mar 25, 2006
- 795
Donald Trump was on Neil Cavuto today (Foxnews) and he told the story that he personally knows of one family (net worth 30-40 million) that put everything they had with Madoff...even to the point of mortgaging their properties, taking money out and placing it in there as well.
They went from being very wealthy to destitute on one phone call. I agree with Trump and Cavuto, that happened to them because of greed...who in their right mind would have all their money with one person?
Aother story Donald told was of a frined of his who was thanking God he "ONLY" lost 50 million! Geez !
They went from being very wealthy to destitute on one phone call. I agree with Trump and Cavuto, that happened to them because of greed...who in their right mind would have all their money with one person?
Aother story Donald told was of a frined of his who was thanking God he "ONLY" lost 50 million! Geez !
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B O N Y
MODERATOR & FGT OWNER
How many of us have multiple brokerage house accounts? I understand BLM was a money manager.
The rules of the game are changing by the minute...
The rules of the game are changing by the minute...
BlackICE
GT Owner
Always have more than one account. As O*a*a says, it is a good thing to spread the wealth around.
nthfinity
Well-known member
meanwhile, Madoff's investors will now have to refile their taxes for the last few years... to the tune of 17B altogether... not to mention write off 2008 taxes for losses.
I've been in this racket (managing $$ and mkt risk) for over 20 years, and this instance is greed personified. The fact that no one, NO ONE of any substance seriously looked into the ridiculous returns that Madoff openly bragged about and advertised, leads me to believe that because of his resume (Madoff was a former NASDAQ Chairman, among other things) he got away with this scheme because the regulators were intimidated by his reputation, and the investors were swayed by delusional dreams of excessive returns. The most frustrating aspect of the fallout from this scandal will be the regulators trying to cover their respective @$$es now by crying for more and more oversight regulations, when in fact, if anyone had used what the SEC already has on the books, none of this would've happened in the first place. My industry needs more regulation like a junkie needs more dope. If I take a client/prospect golfing, shooting, or to a track day event, I have to jump through numerous and ridiculous hoops to make sure I don't spend too much on the event, or that a vendor doesn't contribute to the event, in a manner that could be perceived to be buying or gifting to the prospect/client. The limits are typically $100/client/prospect, which at many places will bearly get you a decent meal. Yet Madoff was allowed to run roughshod over all the rules in place, primarily within his own affinity group, and all the regulators, who were concerned about his actions for over TEN YEARS, did nothing. In the end it was Madoff's (pronounced like Made Off, which is exactly what he did with everyone's money) own hubris that did him in, slipping up telling his own son's that the program was nothing more than a huge "Ponzi Scheme."
He'll rot in jail because of it, but I can guarantee no regulatory good will come from it either.
He'll rot in jail because of it, but I can guarantee no regulatory good will come from it either.
HiloDave
GT Obsessed
Dan was a single guy living at home with his father and working in the
family business.
When he found out he was going to inherit a fortune when his sickly father
died, he decided he needed a wife with which to share his fortune.
One evening at an investment meeting he spotted the most beautiful woman
he had ever seen.
Her natural beauty took his breath away. "I may look like just an ordinary
man," he said to her, but in just a few years, my father will die, and
I'll inherit $200 million."
Impressed, the woman obtained his business card and three days later, she
became his stepmother.
Women are so much better at financial planning than men.
family business.
When he found out he was going to inherit a fortune when his sickly father
died, he decided he needed a wife with which to share his fortune.
One evening at an investment meeting he spotted the most beautiful woman
he had ever seen.
Her natural beauty took his breath away. "I may look like just an ordinary
man," he said to her, but in just a few years, my father will die, and
I'll inherit $200 million."
Impressed, the woman obtained his business card and three days later, she
became his stepmother.
Women are so much better at financial planning than men.
Empty Pockets
ex-GT Owner
First I'd have to scrape enough together to JUSTIFY having multiple accounts... :bored :willy :frown
BlackICE
GT Owner
Yep, I know, you have empty pockets. You need a minimum in each account to qualify for the free services like wire transfers etc. However if you move your money as much as your cars that wouldn't be a concern. :rofl