Bernard Madoff - $50 Billion Scam

[GumbyLearner]

Your right that is astounding in itself pj.

Consider these factors though, I think they have certainly helped Mr.Made-off.

1. You were on the board of the NASDAQ.

2. Your son used to work at the SEC.

3. Your daughter started banging one of the Senior members of the SEC and then married him.

4. Many cases of fraud that were proven in the courts and that prima facie evidence associated from those cases pointed to your brokerage operation were ignored.

5. A rather 'humungous' complaint is lodged against you in 2005 and I don't mean the 'humungous' (you know the baddie with the metallic Jason-like mask) from Mad Max 2. But a complaint that raised numerous red flags about the activities of Made-off & Co.

6. Just to add to 2. the new boss appointed by Obama of the SEC is the same person that gave your son a job at the SEC.

I just wonder what BS will be edited from the movie version.
Hopefully it won't stink of hypocrisy like the kickbacks Senator Chris Dodd received from AIG lobby groups prior to Obama's election and the subsequent handouts they received from Mr.Dodd after he wrote them into law. And then demanded AIG pay them back. What a player!

I suppose the old adage of it's better to be seen doing the right thing rather than actually doing the right thing is all that applies here.

Just to correct point 3 above, it's not his daughter but his niece.

Still a game the whole family can play though.

 

[GumbyLearner]

Parody Trailer

 

[GumbyLearner]

Madoff 'assets' seized

U.S. Marshals seize Madoff home, boats in Florida

http://www.reuters.com/article/businessNews/idUSTRE5305UF20090402

PALM BEACH, Florida (Reuters) - U.S. Marshals on Wednesday seized a $9.4 million luxury home in Florida belonging to disgraced Wall Street financier Bernard Madoff and his wife after earlier confiscating two of their leisure boats.

There was no one living inside at the time as the federal agents moved into the two-story property at 410 North Lake Way, Palm Beach, set amid carefully manicured lawns and hedges on Florida's Intracoastal Waterway.

"We are securing the house, changing all the locks on the house ... we are taking a complete inventory," Barry Golden of the U.S. Marshals Service told Reuters.

Madoff, a 70-year-old former Nasdaq stock market chairman, has been charged with operating the biggest investment fraud on Wall Street, cheating private investors, charities and pension funds out of an estimated $65 billion.

The U.S. Marshals swooped down on the Madoff's Florida winter getaway after seizing two recreation boats belonging to them.

 

[GumbyLearner]

Bring on the eponyms

http://themessthatgreenspanmade.blogspot.com/2009/04/kennedy-it-looks-almost-madoffian.html

Heavens, it looks almost Madoffian! Just think about it. If you and I could issue a loan to our neighbor, then proceed to buy it before he even reaches for his wallet, what would the eventual value be down the street? What, the neighbor might ask, were we doing?

 

[GumbyLearner]

This little piggy went to the market
This little piggy stayed home
This little piggy ate roast beef
This little piggy isn't kosher

Can't wait for the bull**** movie

Madoff firm a "piggy bank" for family: court papers
http://www.reuters.com/article/topNews/idUSN061120090506
NEW YORK (Reuters) - Swindler Bernard Madoff's family were enriched by millions from his firm, which also paid their country club memberships and salaries of boat captains, housekeepers and others who did not work for the company, according to new court documents.

The papers provide more details than previously disclosed about Wall Street's biggest fraud amounting to about $65 billion. The documents were filed on Tuesday evening by the court-appointed trustee winding down the firm.

Trustee Irving Picard argues that the personal wealth and business of Bernard L. Madoff Investment Securities LLC (BLMIS) are inseparable and any proceeds are due to his defrauded customers. He is seeking to consolidate cases in his global effort to recover assets.

For decades "BLMIS was Bernie Madoff and Bernie Madoff was BLMIS, each the alter ego of the other" Picard said in the filing in U.S. Bankruptcy Court in New York.

"This entanglement permitted Madoff, at his whim and desire, to engage in innumerable financial transactions wherein he essentially used BLMIS as his personal 'piggy bank' having BLMIS pay for his lavish lifestyle and that of his family.

"Madoff used BLMIS to siphon funds which were, in reality, other people's money, for his personal use and the benefit of his inner circle. Plain and simple, he stole it."

Madoff's lawyer Ira Lee Sorkin declined comment.

 

[esolano]

anyone what the Madoff Affair on SBS last night? Scary!

 

[jono1887]

anyone what the Madoff Affair on SBS last night? Scary!

Yea... he built it up from the start for it to be secretive, but you'd think that the board looking into his company wouldve followed the list of clues that they were sent. But apparently not...

Its amazing how the system would've worked though, billions of dollars being transacted everyday fraudulently. How would he have made up all of those trades? A computer program to generate profitable trades from previous data? Wouldn't the IT staff have noticed anything

 

[esolano]

Yeah I think some did notice but were too scared to speak. His layers are asking for his sentence to be only 10 years. Sentencing on the 29th June.

 

[Krusty the Klown]

It was interesting to note how small it all started, clients only investing $5K 35 years ago all the way to last year with several royal families throwing in billions.

Classic snowball effect.

 

[esolano]

A classic example of people's greed. Throwing billions with nothing to back it up.

 

[GumbyLearner]

A classic example of people's greed. Throwing billions with nothing to back it up.

For sure and don't forget cronyism, US Government corruption etc..

I hear Madoff has requested a 12 year jail term. I always thought it was judge and/or jury that decided these things?

 

[Krusty the Klown]

How about 12 years in one of those US jails with the Neo Nazi, Latino and LA street gangs on the National Geograhic channel, with him right in the middle, being used as shower soap.

He would be the girlfriend of some 6 1/2 foot, 200 kg skinhead named Leroy.

It would make a very popular documentary series.

 

[jono1887]

Madoff - Day 1 in Jail

 

[Aussiejeff]

Madoff - Day 1 in Jail

LOL.

Good one jono.

So, by day 14, he should pwn the entire US prison system?

 

[Aussiejeff]

HA!HA!HA!

THE JOKES ON YOU, MADEOFF

12 years you wanted??

Cop that, you $cum$ucking $cumbag.

[size=+1]Rot in [size=+2]hell[/size][/size].

Given this glimmer of precedent justice in the waste-lands of the US financial system, I can only hope many other as-yet-undiscovered Ponzi Ba$tard$ now feel queasy enough to decide to "take matters into their own hands" and end their miserable existences.

Go on.

Do it you freak$. :angry:

You know it makes $en$e!!

PS: If only our own courts had the balls to deal in like fashion with the likes of Eddy Groves et all....?

 

[gooner]

HA!HA!HA!

THE JOKES ON YOU, MADEOFF

12 years you wanted??

Cop that, you $cum$ucking $cumbag.

[size=+1]Rot in [size=+2]hell[/size][/size].

Given this glimmer of precedent justice in the waste-lands of the US financial system, I can only hope many other as-yet-undiscovered Ponzi Ba$tard$ now feel queasy enough to decide to "take matters into their own hands" and end their miserable existences.

Go on.

Do it you freak$. :angry:

You know it makes $en$e!!

PS: If only our own courts had the balls to deal in like fashion with the likes of Eddy Groves et all....?

I think it is fair to say that justice has been done. Hope this acts as a deterrent to others

 

[lianeisme]

This is great news
Will he get a regular jail cell or a country club type jail?
However a majority of his older investors will never see any of their money and they have been royally bent over again.
Once was enough one would have thought
The system of payouts to his victims is very floored indeed.

 

[gooner]

This is great news
Will he get a regular jail cell or a country club type jail?
However a majority of his older investors will never see any of their money and they have been royally bent over again.
Once was enough one would have thought
The system of payouts to his victims is very floored indeed.

lianeisme

Are you suggesting the American taxpayer should fork out for rich investors who put their money into Madoff's hedge funds? From my perspective, if you invest in "proprietary methods" in hedge funds and you lose money that is tough - you should have kept it in cash instead

 

[jono1887]

This is great news
Will he get a regular jail cell or a country club type jail?
However a majority of his older investors will never see any of their money and they have been royally bent over again.
Once was enough one would have thought
The system of payouts to his victims is very floored indeed.

He owes investors $65bn and only $13bn i think is unaccounted for, so I'm assuming after all his assets have been consolidated, taken over then liquidated, his investors will still receive 80% of their investments back.

Sure he was a fraud and the money was laundered, but he didn't just go out and spend $65bn. Most of it is still there and recoverable.

 

[jono1887]

lianeisme

Are you suggesting the American taxpayer should fork out for rich investors who put their money into Madoff's hedge funds? From my perspective, if you invest in "proprietary methods" in hedge funds and you lose money that is tough - you should have kept it in cash instead

Exactly, How can those investors be so naive and blame the feeder funds and Madoff.... if they're not checking their statements or diversifying their investments, its quite simply their fault for investing their entire life-savings into a single hedge-fund. Even not having investments in different financial products or asset classes is incredibly stupid!!!