Bernard Madoff - $50 Billion Scam

[CFDtrader2009]

Nice cut and paste job there CFDtrader2009
http://news.goldseek.com/MillenniumWaveAdvisors/1229299250.php

Thanks Naked shorts, I received it as an email forward but did not have a source. Thanks for the link.

Cheers

CFDtrader09

 

[Green08]

Phew! Of course, this is the only Mega Ponzi scheme that will be "outed" by the current World Financial Crisis. We can breathe easy now.

Oh, I see. So, there might be more crazy apes yet to be shaken out of the Funny Money Tree?

How many did you say??

THAT many???

Ahh AJ,

When I heard it I was a little stunned. I feel for the charities, not for the twits who thought they were in a secure golden bubble!l Seriously, after what came before I really expected them to be more insightful and even perhaps questioning their money to move some of it.

I don't think this is the last Ponzi chip to fall. There will more than likely be more and bigger.

Have a lovely holiday AJ with more pics please.

 

[Glen48]

Will this be the next bail out for all the high profile investors who thought 13% return year in year out was a good return and their returns were not affected by the market?
Next time you look up greed online they will have a photo of Madoff and his Ponzi scheme.
Looks like one of the most powerful of the 7 deadly sins.

 

[CFDtrader2009]

The world's biggest Ponzi scheme


Madoff’s firm was famous for returning constant positive results, even on a month by month basis, for decades.

I guess we need to keep an eye on these things as the old adage goes "if its to good to be true, it probably is"

I was reading Market Wizards the other day, I wonder how many of them are still running their hedge funds??

 

[Aussiejeff]

[size=+1]Madoff Fund Operator De La Villehuchet Found Dead[/size] (Update1)

By Saijel Kishan and Katherine Burton

Dec. 23 (Bloomberg) -- Thierry Magon de La Villehuchet, who ran a fund that invested with Bernard Madoff, was found dead at his office today in an apparent suicide, according to a police officer at the scene.

De la Villehuchet, 65, was a co-founder and chief executive officer of Access International Advisors, according to a marketing document. Access, based in New York, invested $1.4 billion with Madoff, who was arrested on Dec. 11 for allegedly running a $50 billion Ponzi scheme.

Police were called to the Madison Avenue office about 7:30 a.m., said New York Police spokeswoman Doris Otero. She declined to provide a cause of death.

Before founding Access in 1994 with Patrick Littaye, de La Villehuchet was chairman and CEO of Credit Lyonnais Securities USA, the U.S. investment banking arm of the French bank, according to Access marketing documents. Prior to joining Credit Lyonnais in 1987, he ran Interfinance, an international broker firm specializing in French, Belgian and Italian stock markets that he founded in 1983.

Access’s LUXALPHA SICAV-American Selection invested solely with Madoff. Access said last week that it was working with lawyers to assess the situation.

Clients of Madoff had at least $36 billion with his firm, according to a Bloomberg tally that may include some double counting. Before his arrest, Madoff, 70, confessed to employees that his “giant Ponzi scheme” may have cost as much as $50 billion, according to an FBI complaint.

His misconduct may have stretched back to at least the 1970s, two people familiar with the government’s inquiry of Madoff said last week. Madoff is now under house arrest at his New York apartment.

The decent thing would be for the FBI to issue Madoff with a .45 Magnum for his "own imminent & personal use".

 

[GumbyLearner]

AJ Im hearing you!!!!

This problem is far more complex than that!

The problem is that this guy will claim "he had no knowledge
of improprierty within his own company"

Even though obviously his front appears to be "on its face" a total scam!

He will tie up the prosecutors on this basis! For a year or possibly a decade

Everyone knows he meant to rip off people but ANY government that has a SOFT regime dealing with mental intent whether it be fraud, uttering, or using shonk structures!!!! Fraud is the hardest thing to prove remember!!! You have to prove that this guy believed he was ripping people off, well obviously $50 billion is peanuts what about 1/2 a trillion then this c**t might be serious right!!!!

I hope this total scumbag gets f**ked, but I doubt it!

He will probably get off with a SLAP on the wrist! But hopefully anyone associated with him in the future will be treated with TOTAL CAUTION!

A quote to remember:

"A man with a briefcase can steal more than one hundred men with handguns."
Don Corleone - The Godfather

Shame about all the poor people -> his business have NOW LEFT ON THE STREET!

Yes I agree!!!!!!!!!!!!!! Do the crime Do the time!!

 

[Solly]

A French investment fund manager badly hit by the multi-billion dollar Madoff scandal has topped himself in his New York office...

http://news.theage.com.au/business/madoffhit-investor-commits-suicide-20081224-74gf.html

 

[Naked shorts]

I hope this total scumbag gets f**ked, but I doubt it!

He will probably get off with a SLAP on the wrist! But hopefully anyone associated with him in the future will be treated with TOTAL CAUTION!

He screwed over high net worth individuals and charities. This is the biggest scam in history, I beleive he will get punished to the full extent of the law.

 

[GumbyLearner]

A French investment fund manager badly hit by the multi-billion dollar Madoff scandal has topped himself in his New York office...

http://news.theage.com.au/business/madoffhit-investor-commits-suicide-20081224-74gf.html

You see if this guy was a "professional" he woudlnt have plugged himself.
He would have been discerning and diligent but obviously not the case. Just bathing in anothers 'supposed glory'!

Interesting to see this unfolds and how the nepostically stacked SEC responds....

 

[GumbyLearner]

This scam dwarfs Enron, Worldcom & Tyco combined

Wall Street fraud prosecutions fall sharply

From the Houston Chronicle December 25, 2008

WASHINGTON ”” Federal officials are bringing far fewer prosecutions as a result of fraudulent stock schemes than they did eight years ago, according to new data, raising fresh questions about whether the Bush administration has been too lax in policing Wall Street.

Legal and financial experts say a loosening of enforcement measures, staff cuts at the Securities and Exchange Commission, and a shift in resources toward terrorism at the FBI have combined to make the federal government something of a paper tiger in investigating securities crimes.

http://www.chron.com/disp/story.mpl/headline/biz/6181423.html

 

[Glen48]

Have to give him credit to pull it off for so long..Made off is a Genius just like Mozart and others.
I remember watching some movie were the gladiators were fighting in the Arena and some bloke watching was booing etc knowing he was safe in stands . Nero stopped the fighting and threw this bloke in with the others fighters.. the expression on his face was priceless....just like the filthy rich who were with Made Off and thinking they were someone only to be brought down to the battlers level over night.

 

[Glen48]

Have to give him credit to pull it off for so long..Made off is a Genius just like Mozart and others.
I remember watching some movie were the gladiators were fighting in the Arena and some bloke watching was booing etc knowing he was safe in stands . Nero stopped the fighting and threw this bloke in with the others fighters.. the expression on his face was priceless....just like the filthy rich who were with Made Off and thinking they were someone only to be brought down to the battlers level over night.

 

[Macquack]

He screwed over high net worth individuals and charities. This is the biggest scam in history, I beleive he will get punished to the full extent of the law.

Big deal, he will end up with a good roof over his head and three square meals a day (at the taxpayers expense).

He will probably be better off than a lot of his former clients.

 

[awg]

I sincerely believe he should be given the same treatment as the Chinese official in charge of Food and drug..or was it the toys...anyway he was taken out and shot.

 

[Naked shorts]

Big deal, he will end up with a good roof over his head and three square meals a day (at the taxpayers expense).

He will probably be better off than a lot of his former clients.

If your saying being in jail is better then losing $4bil, your probably right. What I'm saying is he screwed people who have power. They will do everything they can to ruin he life

 

[Garpal Gumnut]

This scam dwarfs Enron, Worldcom & Tyco combined

Wall Street fraud prosecutions fall sharply

From the Houston Chronicle December 25, 2008

WASHINGTON ”” Federal officials are bringing far fewer prosecutions as a result of fraudulent stock schemes than they did eight years ago, according to new data, raising fresh questions about whether the Bush administration has been too lax in policing Wall Street.

Legal and financial experts say a loosening of enforcement measures, staff cuts at the Securities and Exchange Commission, and a shift in resources toward terrorism at the FBI have combined to make the federal government something of a paper tiger in investigating securities crimes.

http://www.chron.com/disp/story.mpl/headline/biz/6181423.html

It was a Ponzi scheme and those who got caught deserve everything they lost.

Advisers like this are at the top of the mountain of s**t that passes for financial advice.

gg

 

[GumbyLearner]

"De-regulation they have gone to regularly nothing"
You have to love the well-versed Tony Soprano accent!!!!

Chinese walls what a call??????????? Impossible to violate rules???
Impossible to get detected????

Infractions are relatively small ????

:angry:

"Its virtually impossible to violate rules, if you read things in the newspapers..."



Garbage!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

 

[GumbyLearner]

 

[BradK]

That guy is pathological isnt he? Wow... a great liar. Yes, hand him to the Chinese for the same fate as the drug and admin guy... but first waterboard him.

 

[GumbyLearner]

That guy is pathological isnt he? Wow... a great liar. Yes, hand him to the Chinese for the same fate as the drug and admin guy... but first waterboard him.

Yeah but his son so still works for the SEC and was re-appointed by Obama! Brad.

But he didnt know anything of course!