http://www.bloomberg.com/apps/news?pid=20601039&sid=aHOuXTmCv61Y&refer=homeChina owns $653 billion of Treasuries, and indications are that it’s losing its appetite for U.S. debt. Expect Asia’s second-biggest economy to cut the share of dollars in its $1.9 trillion of reserves, and perhaps sharply.
The U.S. is, after all, acting at the expense of its best customer. Just as shareholders abhor companies diluting their stock with new offerings, China’s debt managers can’t be happy with the Treasury’s plans.
Along with its Faustian bargain, one wonders if China risks a Madoffian one, too.
Aussiejeff, I think the sons ARE worthy of the Madoff family name.The dobbing turncoat is not worthy of the Madeoff family name.
Let the healing begin
Ok it will begin just dont upset developing countries
but they are hearing you Dave Letterman
Why would anyone want Bernie to apologize for his garbage disposal unit, because he doesnt know or care for that matter that the garbage unit exists, AND WHY SHOULD HE? He's garbage right? RIGHT!
And nor do you Mr. Letterman shame on you!
1) The internal auditor must have been criminally corrupt.
2) With an operation like this, sophisticated custom software is needed.
Whoever wrote it must almost certainly have been aware that it would be used to provide incorrect data, as the program coding need updating and maintenance, a very specialised job.
3) The SEC investigators would more than likely be just out of college, low wage dummies. If they were top notch they would have been snapped up by Wall st for twice their salaries. Their incompetence is now proven
4) I have no doubt whatsoever that the sons and the old man would have cooked up the "dob in" story, to try and deflect the blame.
The sons would have known about problems long before it blew up.
Here is the submission by Markopolous (anonymous at the time)
from 2005 about the activities of Mr.Madeoffs brokerage. Page 14 contains his conclusions.
Nov 7, 2005
http://online.wsj.com/documents/Mado...s_20081217.pdf
Talk about smoking gun ? How about a 21 inch cannon.
That attachment has to be one of the most comprehensive and understandable analysis of a financial fraud I have ever seen. It demands immediate action and yet was ignored. I think the people who did not follow up on the report are also guilty of criminal offences.
I suggest that all forum members should take the opportunity to read the report and consider the questions they ask of any investment opportunity.
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