Madoff & the Ponzi

[slotdirt]

There's a column on this in the WSJ today discussing how the SEC in particular isn't necessarily in the business of finding fraud of this nature. Maybe they should be? In any event, the column is by Holman Jenkins if you have the paper copy.

[sumitas]

Originally Posted by Cannon Shell

That place is a really nice farm and training center but is too far away and too big to pay for itself commercially unless you rent stalls for $10000 a month per stall. Maybe we can raise the money and make it base for Dee Tee's northern operations?

They are full, past capacity with repeat clients .

Are there riots in Palm Beach yet ?

[Kasept]

Mass. investor saw inside Madoff scam

http://news.yahoo.com/s/ap/20081219/...wcSuI7.1iyBhIF

BOSTON – His repeated warnings that Wall Street money manager Bernard Madoff was running a giant Ponzi scheme have cast Harry Markopolos as an unheeded prophet.

But people who know or worked with Markopolos say it wasn't prescience that helped him foresee the collapse of Madoff's alleged $50 billion fraud. Instead, they say diligence and a strong moral sense drove his quixotic, nine-year quest to alert regulators about Madoff.

[Cannon Shell]

Originally Posted by sumitas

They are full, past capacity with repeat clients .

Are there riots in Palm Beach yet ?

As i have said before the place is far too large to ever make a go of it commercially. The property taxes alone would make it tough. And considering that the vast majority of the horses there are Tuckers it is likely to soon be empty.

[Kasept]

http://news.yahoo.com/s/ap/20081220/...ndal_charities

The fallout of this disgusting incident continues, and is going to go on destroying lives all over the place for so long a period as to be inestimatable.

The Picower Foundation, with a billion in philanthropic leverage lost, will close. Among other things, funded MIT, the New York Public Library, diabetes research at Harvard Medical School...

Which lost dollar in Picower's grants for diabetes research might have been the one that ended juvenile diabetics from having to take take insulin daily?

JEHT, a law and justice foundation, closing as well... The Litwin Foundation had donated money to research for cancer and Alzheimer’s disease and charities... Dozens more.

To be honest, I find the situation so sickening that I can't accurately convey my rage and disgust.

Paul Krugman's brilliant Op-Ed in the NYT:
http://www.nytimes.com/2008/12/19/op...gman.html?_r=1

[hi_im_god]

he's a very bad man and there is nothing remotely funny about any of this.

but i'm still confused by the happy days connection.

is it potsie or fonzi that's involved?

[dellinger63]

It does get worse. The poor family left behind.

[AeWingnut]

Originally Posted by ELA

By the way, very often, when an event like this occurs, some of those who always rant and rave about everything tend to now have a captive audience, and the heretics can surface. Many use something like this as an opportunity. This is one of the reasons why many heretics call Social Security a Ponzi scheme.

Eric

I call Social Security a Ponzi Scheme


and how is it not one? To paraphrase Nixon - when the government does something it is not illegal.

I also believe that the FDIC is a license for banks to make really questionable loans. Why not the government (we) pay for their mstakes. They have nothing to lose.


I need a bailout

[AeWingnut]

Originally Posted by hi_im_god

he's a very bad man and there is nothing remotely funny about any of this.

but i'm still confused by the happy days connection.

is it potsie or fonzi that's involved?

.

[golfer]

http://www.webofdebt.com/articles/ponzi.php

[Smooth Operator]

Lol, god ... Richie thinks both of them were involved.

[Stall Mucker]

http://timesunion.com/AspStories/sto...storyID=755477


Hope that we all have a brighter 2009.

[timmgirvan]

Considering the massive fallout, is there any pressure to be put on the Caymans and overseas bankers to get Madoffs money back?

[philcski]

Originally Posted by Kasept

Mass. investor saw inside Madoff scam

http://news.yahoo.com/s/ap/20081219/...wcSuI7.1iyBhIF

BOSTON – His repeated warnings that Wall Street money manager Bernard Madoff was running a giant Ponzi scheme have cast Harry Markopolos as an unheeded prophet.

But people who know or worked with Markopolos say it wasn't prescience that helped him foresee the collapse of Madoff's alleged $50 billion fraud. Instead, they say diligence and a strong moral sense drove his quixotic, nine-year quest to alert regulators about Madoff.

Here's his letter to the SEC from 2005. Unbelievable that they tossed this aside like yesterday's salad.

http://online.wsj.com/documents/Mado...s_20081217.pdf

[Quiet Chris]

I don't feel sorry for people that invested with him directly. Only an idiot didn't see there was something shady going on.

I feel terrible for people that invested in feeders funds. They basically were screwed.

The fact that this guy is still living in his $7M apartment is disgusting.

He should be in jail right now and he should never get out again. He ruined thousands of people's lives and he should never have any enjoyment in his life again.