The Big Bad Madoff Ponzi Scheme

[GuyJean]

[nottu]

[GuyJean]

[Catoneinutica]

One possible reason for the SEC's, uh, benign neglect of all the warning signs:

http://gawker.com/5111942/ponzi-schemers-label+whoring-niece-married-sec-lawyer

"Shana Madoff, whose uncle Bernie Madoff stands accused of defrauding investors of $50 billion, is the wife of Eric Swanson, a former top lawyer at the Securities and Exchange Commission. A goy, but well-placed!"

[Catoneinutica]

Good article on how the Madoff thing is likely going to unspool:

http://www.thebigmoney.com/articles/news/2008/12/16/madoff-madness

Madoff Madness
Even investors who think they're safe are wrong.
By Mark Gimein
[INDENT]
Let's say, just for the sake of argument, that you invested your life savings in a fund run by a Wall Street legend named Mr. Made Up. For 15 years, your investment in the Made Up Fund has risen a nice 10 percent a year, and now the $1 million you put in is worth about $4 million. Then you get a tip from a friend out on the golf course that the Made Up Fund is ... well, just what its name suggests.

Do you:

a) Take your money out the next morning, then go to the police
b) Take your money out the next morning and say nothing
c) Do nothing with your money and go to the cops the next morning
d) Do nothing, say nothing, and hope that no one else notices[/INDENT]

[GomiGirl]

This is the biggest load of patronizing motherfucking bullshit I've ever heard in my life. Who the fuck do you think you are?

Hey Nottu-mate - I think you have the motivation of these posts all wrong. Nobody is patronising anybody and I think people are just wanting to discuss the issues and not make it personal - a nice change from other threads that are all personal.

Calm down and read through the thread again with a clear head.

Anybody can see you are pissed off at this, but why are you turning that on people on this board who have nothing to do with it.

"Messenger shoot, you must not do." Yoda

[gkanai]

[nottu]

[Greji]

[omae mona]

You're obviously mistaken here. It could be Mulboyne, but definitely not Omae. He contracts all his hits....

speaking of which, I still owe you some cash!

[Greji]

speaking of which, I still owe you some cash!

Nah, that was a freebee. The fellas didn't like that dude anyway....

[Mulboyne]

...In the meantime, the issue for investigators is how and whether such a crime could have been committed by just one man. "Speaking as a Jew on Christmas, I would be less shocked if Santa Claus showed up to my house than if Bernie Madoff pulled off this fraud alone," Ron Geffner, a partner at law firm Sadis & Goldberg told Fortune magazine...

From here.

[Catoneinutica]

Madoff, previously so publicity-averse, has started a blog:

http://www.bernard-madoff-scam.blogspot.com/

-catone
-or has he?

[kamome]

nottu - you claim there is a "conspiracy". Just what kind of conspiracy do you think there is, and who are the conspiring parties and who are they conspiring against?

[gkanai]

[nottu]

[FG Lurker]

I'll tell you what I expect may happen after this fucked up judge let Bernie out on bail to walk the streets of Manhattan - yes that right a dirtbag that confessed to the FBI to a multi-billion dollar fraud with every suspicion to entail conspiracy is walking around NYC right now - is very likely in the not to far off future to conveniently turn up dead - and people like you and the media can close the case.

Meant to reply to this earlier. I also expect Madoff to turn up dead sometime soon. If it's not a public assassination by a pissed off investor or a wanna-be Chapman then he'll end up "committing suicide" (nudge nudge, wink wink) one night soon. I'm surprised it hasn't happened already actually.

[gkanai]

This article says it all: In Madoff Scandal, Jews Feel an Acute Betrayal

I don't know how Madoff sleeps at night.

[Typhoon]

Meant to reply to this earlier. I also expect Madoff to turn up dead sometime soon. If it's not a public assassination by a pissed off investor or a wanna-be Chapman then he'll end up "committing suicide" (nudge nudge, wink wink) one night soon. I'm surprised it hasn't happened already actually.

My bet is a few years in Club Fed with an early release for exemplary behaviour. All he did was steal $50 billion and ruin numerous lives. It's not like he held up a convenience store for $50.

[nottu]

[kamome]

Actually it really doesn't say it all.
For example it left out who made money.
Spin.

And who do you think that might be? And, again, who is involved in this conspiracy you keep talking about?

[nottu]

[nottu]

[Catoneinutica]

Very simple- You look at who made money - NET.
The media doesn't report it.
Names - a time line - trades, redemptions - Wouldn't you be interested in this?
Let me put it another way-
Madoff is a confessed liar and conman who created the largest securities scam in history - wouldn't you want to go a little deeper than his rendition of accounts?

Well, you'll probably be satisfied with how the case develops, Nottu. Under the legal precident set by the Bayou collapse, Madoff investors who got out early and made a profit are on the hook, and the losers' legal counsels are going to hunt them down like the Tommy Lee Jones character in The Fugitive.

[kamome]

Well, you'll probably be satisfied with how the case develops, Nottu. Under the legal precident set by the Bayou collapse, Madoff investors who got out early and made a profit are on the hook, and the losers' legal counsels are going to hunt them down like the Tommy Lee Jones character in The Fugitive.

This is true. Any "profits" made by investors who got out earlier are considered ill-gotten gains and have to be paid back. Lots of lawsuits for 2009.

[2triky]

Madoff just got sentenced to 150 years in prison - maximum sentence allowed under law.

Doubt parole will be an option for him, given federal sentencing guidelines require you to serve out at least 80 percent of your sentence.

[Greji]

Madoff just got sentenced to 150 years in prison - maximum sentence allowed under law.

Doubt parole will be an option for him, given federal sentencing guidelines require you to serve out at least 80 percent of your sentence.

Holy cow, 150 long ones! That's damn near all day....

[IkemenTommy]

Madoff just got sentenced to 150 years in prison - maximum sentence allowed under law.

With all the appeals and sentence reductions through "good behaviors," his sentencing will be reduced to about 10 hours of intense labor in community service.

[Kuang_Grade]

With all the appeals and sentence reductions through "good behaviors," his sentencing will be reduced to about 10 hours of intense labor in community service.

I don't know...it is my understanding that federal sentencing, unlike many states, is pretty straightforward once the sentance is handed down, ie, the best you can hope for is you'll only be forced to serve 17 of a 20 year term, and that's only if you are well behaved. The feds don't go in for that you are supposed to be in for twenty and then get out after 6 and half BS. You can probably negotiate the terms a bit with a plea agreement but once it is handed down, the numbers are pretty much set. Madoff will die in prison.

[2triky]

I don't know...it is my understanding that federal sentencing, unlike many states, is pretty straightforward once the sentance is handed down, ie, the best you can hope for is you'll only be forced to serve 17 of a 20 year term, and that's only if you are well behaved. The feds don't go in for that you are supposed to be in for twenty and then get out after 6 and half BS. You can probably negotiate the terms a bit with a plea agreement but once it is handed down, the numbers are pretty much set. Madoff will die in prison.

I'm pretty sure Tommy was joking...but you're right Madoff is f*cked with no vaseline...just a match and a lil' bit of gasoline.