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Madoff Grandest Ponzi' S Time - Politics, Business, Civil, History - Posted: 19th Jan, 2009 - 2:38am
Posts: 61 - Views: 7868
Madoff - Grandest Ponzi's Of All Time
Madoff: Grandest Ponzi's Of All Time
For over 10 years there have been suggestions to and within the SEC (securities and exchange commission) that something was not right with Madoff's investment fund. Madoff, a former chairman of NASDAQ board, had even gotten a looking into just a year ago by the SEC and passed. What is obvious now is that he basically stole 50 BILLION dollars in a massive Ponzi Scheme that has dupped many wealthy intelligent people as well as financial companies.
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WOW...he cooked a couple of books? NO FOOLING. How much did this revelation cost? There is 50 BILLION dollars missing and we just found out! That is like if you had 50 BILLION dollars in a room...you would have no room left to look at the 50 BILLION dollars because you would have filled that room and broken walls to the other rooms. WE NAIL MARTHA STEWART and MISS THIS TOTALLY?
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So, Madoff (oh by the way it is pronounced as it should be ... MADE OFF), is trying to stay out of jail. He has 10 million for bail, but is lacking 3 signatures. Let me get this straight...how does this guy have a dime right now? And if you are one of 3 idiots that signs for this guy, just remember that he has already stolen 50 BILLION from a lot of people and your puny 10 million probably wont pull that hard on his heart strings.
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For TEN YEARS, there has been suspicion and we can only find out that he hosed people out of 50 BILLION dollars because he CONFESSES? Let's just be happy that he has decided to turn a new leaf. The auto companies aren't even asking for 50 BILLION dollars...yet. Promote all that lodged complaints and fire the people that did the investigations. You (the head of the SEC) are dissapointed that this wasnt noticed sooner! YOU NEVER NOTICED IT...the kids told you what happened!
Source 5
OH WAIT...A top attorney at the SEC hooked up with his niece and got married....in what year? YOU GUESSED it 2007. The same year that they had a probe into the business!
The nuts and bolts of this is that if we weren't going through the economic downturn his customers wouldn't have been asking for their money. Think about that... It could be way worse than a 50 BILLION tab because it was the fathers inability to pay his clients on demand that made his sons ask how they could afford to pay bonuses this year. He caved in and told them the truth! Of course, you can say that if we weren't going through the downturn MAYBE he could have made the money back...but...it is 50 BILLION dollars.
He single handedly blew more money than some of our mismanaged mortgage brokerage/mortgage insurer companies.
HEY SEC...nice job on that Martha Stewart thing! 
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Post Date: 17th Dec, 2008 - 2:38pm / Post ID: #
NOTE: News [?]
Time Of Ponzis Grandest Madoff
Welcome to Our World
By David Glenn Cox
You thought your white collar and your wealth would protect you as you nodded in agreement that outsourcing was vital to a growing economy. You thought these things could never reach you? Well here's another clue for you all, the walrus is Paul, coo coo ka choo.
Ref. Source 9
Post Date: 17th Dec, 2008 - 6:04pm / Post ID: #
NOTE: News [?]
Madoff - Grandest Ponzi's Of All Time History & Civil Business Politics
SEC admits laxity in spotting fraud scheme
The Securities and Exchange Commission said last night that it had missed repeated opportunities to discover what may be the largest financial fraud in history, a Ponzi scheme whose losses could run as high as $50 billion.
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Time Of Ponzis Grandest Madoff
They LET him stay in a posh $7 million dollar Park Avenue apartment even though he cannot post bail?
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| House Arrest for Madoff in $7 Million Apartment SEC Chairman Says No Staff Wrongdoing Found Yet, But Internal Inquiry Will Investigate By RICHARD ESPOSITO and BRIAN ROSS Dec. 17, 2008Â Bernard Madoff, accused of the largest fraud in U.S. history, will be allowed to remain in his $7 million Park Avenue apartment instead of being sent to jail, under terms of an agreement announced today by federal prosecutors. Securities and Exchange Commission missed plethora of signals. Click here to see Madoff being pushed by a photographer upon returning to his residence. Madoff was unable to meet the bond conditions set last week by a federal magistrate which required him to get four people to sign his personal recognizance bond. According to the U.S. Attorney's office, only Madoff's wife and brothers were willing to sign the document. But instead of ordering him held in jail, prosecutors agreed to home detention with electronic monitoring. In related news, the Securities and Exchange Commission chairman said today the agency has found "no evidence of wrongdoing by any SEC personnel" in connection with Madoff's alleged $50 billion Ponzi scheme and that the SEC intends to get to the bottom of where it may have gone wrong. "I was very concerned to learn this week that credible allegations about Mr. Madoff had been made over nearly a decade and yet never referred to the commission for action," Commissioner Christopher Cox said at a press conference. Yesterday, Cox acknowledged what amounted to a generational failure on the part of the SEC to discover any hint of Madoff's scheme, despite allegations dating back to 1999. In his statement, Cox said that he had turned the investigation into what might be an institutional lack of rigor over to the inspector general for the SEC. |
NO WRONG DOING? How about the gross incompetence that accompanied that audit last year? I am thinking that is WRONG. Think of it this way...if it weren't for the gross incompetence of the entire SEC, I wouldn't have to be bailing out people that invested with this schmuck to the tune of 50 BILLION dollars. YEAH...we are going to partially be bailing out these suckers of the Ponzi Scheme from our buddy MADE-OFF! Catch him 7 or 8 years ago and the tab definitely wouldn't be this high!
I am not even sure the guys at ERON were this blatant and brazen.
And what really BURNS me is that he is going to get to live the good life until he gets convicted and sentenced. You just KNOW that is going to take over a YEAR! For the money that our tax dollars are going to go towards the people he dupped, I want him in a jail. That is what I want my tax dollar to go towards.
Check out Bernnies Diggs...
Source 1
A town's investment money is GONE...Thank You BERNNIE and the SEC!
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Oh...and you can check out the growing list of people dupped by Bernnie!
Source 4
Amazing how many of them are financial institutions!
Edited: Vincenzo on 18th Dec, 2008 - 9:06amInternational Level: International Guru / Political Participation: 863 86.3%
Madoff - Grandest Ponzi's Of All Time
As the old saying goes "Don't put all your eggs in one basket". What I don't get is how long it took for them to discover the fraud in the whole scheme.
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Post Date: 14th Jan, 2009 - 6:57pm / Post ID: #
Madoff Grandest Ponzi's Of Time
Ok I figure that this guy has done some wrongs. But why is the government wasting our money to take him back to court once a week trying to get his bail revoked? He has proven that he is not going anywhere and is willing to stay in his apartment/condo/place of residence. Let his sit there and stop wasting the tax papers money trying to get his bail revoked.
Madoff Grandest Ponzi's Of Time Politics Business Civil & History
The best part is that THEY never found out about the scheme. His sons turned him in after he told them what was happening. The SEC didnt figure this out! BUT IT IS EVEN GETTING BETTER...
| QUOTE |
| Madoff fund may have made no trades The Associated PressPublished: January 16, 2009 WASHINGTON: The investment fund run by disgraced money manager Bernard Madoff may not have made even a single trade, a new twist in the scandal around an alleged $50 billion fraud that has engulfed thousands of investors and financial institutions worldwide. The securities and brokerage industry's self-policing organization, the Financial Industry Regulatory Authority, confirmed there was no evidence of Madoff's secretive investment fund executing trades through his brokerage operation. And Fidelity Investments, which had a money-market fund listed among the many trades included in statements Madoff's fund sent to customers, says Madoff was not a client. Madoff, long a prominent Wall Street figure and former chairman of the Nasdaq Stock Market, has become a global villain since he confessed last month to stealing $50 billion in what may be the largest pyramid scam in history. The scandal also has cast a harsh light on regulators. The Securities and Exchange Commission failed to detect the scheme despite credible allegations against Madoff's operations being brought to the agency's staff over the course of a decade. The SEC inspected his brokerage operation and the investment firm. SEC spokesman John Nester declined to comment Friday. The industry's self-policing organization, known as FINRA, made periodic examinations of Madoff's brokerage operation, which functioned as a wholesale platform for trading by big securities firms and investment banks. "We saw no indication of any trading on behalf of" Madoff's investment firm, FINRA spokesman Herb Perone said Friday. "And we saw no evidence of customer account statements being generated" by the brokerage for the investment arm. Adam Banker, a spokesman at Fidelity's Boston headquarters, said that neither Madoff nor his firm were clients of any Fidelity divisions. "We're not aware of any investments by Madoff in our funds on behalf of his clients," Banker said. The apparent lack of trades by Madoff's firm was reported Thursday by The Boston Globe. Mary Schapiro, the chief executive of FINRA, is President-elect Barack Obama's nominee to become the new chairman of the SEC. She said in her Senate confirmation hearing Thursday that because the alleged fraud was carried out through Madoff's investment business, and FINRA was empowered to inspect only the brokerage operation, it wasn't possible for the organization to discover the violations. Madoff allegedly orchestrated a pyramid scheme, in which people are persuaded to invest in a fraudulent operation. The early investors are paid their returns out of money put in by later investors. Federal prosecutors are seeking to jail him. |
That is right. He lost 50 BILLION dollars and may not have made a single trade. I figured he made a few bad trades and then it was the old story of good money chasing bad money, but this guy might have just blown 50 billion dollars and not even tried to make money. I guess that means that most of the lost cash went to him and the company... This guy monthly had to come up with fairytales for the report to investors. He actually had to study what really went on in the market to create his investor fantasy papers.
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The Boston Globe If Madoff was making no real trades, the complicated statements he sent out to customers were apparently fiction - and in fact may have been part of his coverup. Statements were often so complicated that investors had to call representatives of the firm for explanations. |
Enron and Worldcom at least had earnings to lie about!
I agree that they need to quit hauling him into court to try and jail him, but I seriously think this guy is a flight risk. I can easily see him fleeing the country to one where there is no extradition to the US. He has been able hide his doings from the SEC for years. He has been avoiding his responsibilities for years. I have little doubt that some of that 50 billion is hiding somewhere as a contingency. So quit trying to haul him to jail, but make sure he has tracking devices, his passport and drivers licenses are pulled. Make sure that every airport knows what he looks like. Make sure that he doesnt even sniff a marina or a boat.
Edited: Vincenzo on 19th Jan, 2009 - 2:46amInternational Level: International Guru / Political Participation: 863 86.3%
TOPIC: Madoff - Grandest Ponzi's Of All Time