Bernard Madoff - $50 Billion Scam

[theasxgorilla]

GumbyLearner, that is an awesome video. Not just for the Made-off footage but for what his "business partner" had to say. Notice the back down from the kid and the over-ride from Made-off (the boss) after Made-off tells everyone how these days they're 99.9% computer driven and the kid then goes on to basically describe how computer-driven quant trading systems are bound to bring one another undone and can exaggerate crashes.

Notice how they keep referring to the August "correction" as evidence of this. Notice that they recorded this at the market top...well, 3 weeks after the S&P500 peaked to be precise.

That kid is smart, he knew where the money was at: if quant traders are all going to make and lose money together and brokerage margins have dried up, pair up with someone who transacts often and automate/computerise the transaction processing.

Classic stuff. Not just for Made-off almost rationalising why he had to steal and deceive to make the big money on Wall St. And by the way he describes things it's not at all surprising that there have been soft accusations of conspirators in his not-so-small escapade, including big-name investment banks and regulators.

 

[Aussiejeff]

GumbyLearner, that is an awesome video. Not just for the Made-off footage but for what his "business partner" had to say. Notice the back down from the kid and the over-ride from Made-off (the boss) after Made-off tells everyone how these days they're 99.9% computer driven and the kid then goes on to basically describe how computer-driven quant trading systems are bound to bring one another undone and can exaggerate crashes.

Notice how they keep referring to the August "correction" as evidence of this. Notice that they recorded this at the market top...well, 3 weeks after the S&P500 peaked to be precise.

That kid is smart, he knew where the money was at: if quant traders are all going to make and lose money together and brokerage margins have dried up, pair up with someone who transacts often and automate/computerise the transaction processing.

Classic stuff. Not just for Made-off almost rationalising why he had to steal and deceive to make the big money on Wall St. And by the way he describes things it's not at all surprising that there have been soft accusations of conspirators in his not-so-small escapade, including big-name investment banks and regulators.

I never imagined that "The Men In Black" might be somehow involved in this steaming pile of dog$hit....

 

[theasxgorilla]

The full length version of that video can be found here:

http://www.youtube.com/watch?v=Gclja-C2sOU

It's about two hours in duration. Right at the end, for the very last question a guy asks, "what about the 60 million people who are due to retire in the next 10 years?".

Made-off is the first to respond, his off camera comment: "Good luck".

Unbelievable.

 

[GumbyLearner]

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

But he didnt know anything of course!

Just to clarify Obama did not re-appoint a Madeoff.

He re-appointed and elevated Schapiro to the top SEC post and she had previously hired one of Madeoff's sons.

Sorry, Im just human and prone to error!

 

[GumbyLearner]

The full length version of that video can be found here:

http://www.youtube.com/watch?v=Gclja-C2sOU

It's about two hours in duration. Right at the end, for the very last question a guy asks, "what about the 60 million people who are due to retire in the next 10 years?".

Made-off is the first to respond, his off camera comment: "Good luck".

Unbelievable.

I agree asxg. Disgusting behaviour.
Obviously his firm never really cared about retirees or clients for that matter.

If you go to about the 15:30 minute mark on the youtube link I posted earlier.
You have to love what the MC has to say


Quote

"...This is great we've gotten rid of all these irrational, flawed, error-prone, corrupt people POTENTIALLY so.. (BIG LAUGH) (crowd applause)"

Then he proceeds to say

Quote

"..Have we reached market nirvana?"

Clearly much better to have an automated system. Much better that you dont need to call your clients. :sheep:

 

[GumbyLearner]

Here's the latest from Time Magazine and the appearance of the missing statue

Madoff's Victims: Finding Meaning in the Devastation

http://www.time.com/time/business/article/0,8599,1869043,00.html

Madoff's Stolen Statue Recovered By Pest Control Workers

http://www.finalternatives.com/node/6489

 

[Aussiejeff]

LOL.

He just... can't ... help himself. What a legend!!

Prosecutors say disgraced financier Bernard Madoff violated bail conditions by mailing about $US1 million ($A1.4 million) worth of jewelry and other assets to relatives and should be jailed without bail.

http://compareshares.com.au/show_news.php?id=S-541760

 

[BradK]

Clearly this guy thinks he is above the law... oh wait, he IS above the law - wait... he WAS the law...

America is sick sick sick - look at who they are handing out medals of freedom to now!

Puke
Brad

 

[Stormin_Norman]

what a legend. scamming so many people who thought they knew it all.

 

[Glen48]

Maybe the scammers who got rich by scamming others and then getting scammed by another scammer who was a better scammer than the others scammers will now want to do some thing about the scamming laws in USA?
The 7 deadly sins are still working well and the Human Brain is still some thing to behold.

 

[Stormin_Norman]

lizard brains.

 

[Aussiejeff]

Maybe the scammers who got rich by scamming others and then getting scammed by another scammer who was a better scammer than the others scammers will now want to do some thing about the scamming laws in USA?
The 7 deadly sins are still working well and the Human Brain is still some thing to behold.

*DING*

You have given me a great idea Mr Glen!

Since MadeOff is now recognized as "The Greatest Scammer Of All Time" - capable of fooling the CIA, FBI, USA etc - why doesn't Mr Bush give him a full pardon and employ him to scam rogue Islamist states? He could become The Ultimate Weapon Against Terrorists!!!

BRILLIANT!!!

I think I deserve a Freedom Medal for that masterful plan.

:bananasmi

 

[Stormin_Norman]

china have already scammed the US.

they could dump their USD stockpile, withdraw their funds and the financial system would crash and burn.

 

[GumbyLearner]

LOL.

He just... can't ... help himself. What a legend!!


http://compareshares.com.au/show_news.php?id=S-541760

Hey AJ

It really makes me wonder if this guys name will become an eponym of future
colloquial expression in American Society. Maybe they could update the Websters Dictionary and include some expressions.

For example, " I dont know if I trust you with my capital it might get Mad(e)offed". "Look out that dodgy used car salesman is selling you a lemon, it looks like he's trying to Mad(e)off you"

or alternatively

"The armed bandits made off with empty bags after holding up the bank, only to realise that the bank had been mad(e)offed the day before"

 

[GumbyLearner]

Hey AJ

It really makes me wonder if this guys name will become an eponym of future
colloquial expression in American Society. Maybe they could update the Websters Dictionary and include some expressions.

For example, " I dont know if I trust you with my capital it might get Mad(e)offed". "Look out that dodgy used car salesman is selling you a lemon, it looks like he's trying to Mad(e)off you"

or alternatively

"The armed bandits made off with empty bags after holding up the bank, only to realise that the bank had been Mad(e)offed the day before"

ASfer's can feel free to add any eponym they like to the list...

 

[GumbyLearner]

Talk about connections. Wow looks like the Madeoff's have taken the
SEC into marital union. This is getting more interesting than any episode
of 'Days of Our Lives'.

http://www.google.com/hostednews/ap/article/ALeqM5jFqIBk_at-eY6cwSjoZzZ3FqWb5AD95HLMB00

The SEC's internal watchdog, Inspector General H. David Kotz, said he is so concerned about the agency's failure to uncover Madoff's alleged Ponzi scheme that he is expanding the inquiry called for last month by SEC Chairman Christopher Cox. Cox had pushed the blame squarely onto the SEC's career staff for the failure to detect what Madoff was doing.

Kotz told the House hearing he will examine the operations of the SEC's enforcement and inspection divisions and will make recommendations, steps beyond what Cox had called for.

It appears that the complaints against Madoff's operations by securities industry executive Harry Markopolos and others were "brought to the right place" within the SEC, Kotz said, and to enough people that action could have been taken.

Among other facets, Kotz's review will delve, as Cox had asked, into all SEC staff contacts and relationships with the Madoff family and the firm — and the possible impact on staff decisions.

Kotz is examining the relationship between a former SEC attorney, Eric Swanson, and Madoff's niece, Shana, who are now married. As an SEC attorney, Swanson was part of a team that examined Madoff's securities brokerage operation in 1999 and 2004. Neither review resulted in any action against Madoff, a former chairman of the Nasdaq Stock Market who was a member of SEC advisory committees.

 

[Glen48]

Can you lend me a quid...no I am as broke as a Madeoff victim.
That's not a Ponzi scheme Charles..... this is a Ponzi scheme
Is that a good company yer they make more in a month than Madeoff does in a year.

Daddy is that a Pyramid ?...yer but Madeoff can do better.

Ozzie we got Storm Financial.... Yank pfftt that nuthing we got Madeoff.
The cooks made off with the Maid... phew you have me worried there for a minute thought I was in trouble

 

[GumbyLearner]

Can you lend me a quid...no I am as broke as a Madeoff victim.

Daddy is that a Pyramid ?...yer but Madeoff can do better.

Ozzie we got Storm Financial.... Yank pfftt that nuthing we got Madeoff.

LOL Classics

 

[Glen48]

Bailiff can you really get me 15% a month on the Bail money?
Sound to good to be true were do I sign?
Me Mums got a few bucks as well I will ring her now.

 

[GumbyLearner]

Bailiff can you really get me 15% a month on the Bail money?
Sound to good to be true were do I sign?
Me Mums got a few bucks as well I will ring her now.

Son, the milk has been made off why didnt you put it back in the fridge after using it?

What could I do Mum the fridge was Madeoffed because you maxed out your 2nd credit card paying off the first one!! Where was I meant to put it?