Madoff Ponzi scheme

[thx1138]

Anyone here on HA get burnt by Bernie? http://www.nypost.com:80/seven/12142...mes_144142.htm & http://business.timesonline.co.uk/to...cle5337735.ece

[El Nino]

thx, why don't you just take off the tinfoil hat already! LOL

[thx1138]

And have my delicate brain cells disrupted by satellite emitting radiation? No way!

[yodajazz]

thx, why don't you just take off the tinfoil hat already! LOL

I don't see anything 'tinfoil' about this story. It remains to be seen how he and his assets will be treated. I have to use a yardstick to how the people we call "dope boys" are treated. They might be caught with $500 worth of drugs and spend years in jail. And they are giving people the 'products' that they are seeking. So how will a man be treated who cheated people out of 100 million times more money?

[El Nino]

Mr. Yoda-Jazz, I was just being facetious. All too often the term "tinfoil" gets thrown around as to dispel a multitude of conspiracies as being completely outrageous and mere falsehoods. And I will say that the opposite holds true many times over, for many topics discussed here. All too often people experience cognitive dissonance when faced with hardcore shit!

[SugaSweet]

This story is one of the prime reasons to keep your mutual fund or other accounts in a brokerage (Fidelity is my choice).If your mutual funds are in a brokerage account and this type of fraud occurs,you are protected to $500,000.If your simply invested in a open position on this bastards funds,then you are SOL.Why not indict this piece of garbage for treason,prosecute him,and if convicted:I have the perfect idea.Wait until ten minutes before the opening bell and execute him right on Wall Street!Then take his family and execute them,and execute all the CEO's at AIC,Countrywide Mortgage and many other fraud based companies.I can only imagine those green arrows shooting up on CNBC after about fifteen minutes of blood letting.

[SarahG]

Anyone here on HA get burnt by Bernie? http://www.nypost.com:80/seven/12142...mes_144142.htm & http://business.timesonline.co.uk/to...cle5337735.ece

Elie Wiesel's foundation lost virtually everything.

It would take too long to list all the charities that lost all they had in this disaster. They should take some of that $700B banking bailout funds to help the charities that lost all their money to Bernie.

[thx1138]

I won't be surprised if certain favored groups get bailed out (rescued) by an infusion of TARP money or a congressional appropriation.

[SugaSweet]

No.Cramer of CNBC fame has exposed how simple it would have been for any SEC investigator to 'run the numbers' on the list of stock puts and calls Madoff was susposedly executing and come up with a ten year return of 2.6%,not the 12% the fund was claiming.Is it not amazing that all these wealthy people have never heard the adage "do not put your eggs in one basket"?ven more amazing,if you had a securities account (Fidelity or Schwab for example),youwould be covered to $500,000 by the SIPC.Why anyone would not have their investments in anything but a brokerage account is amazing.Poor,er no:rich fools!

[hippifried]

I don't trust the numbers being reported. The only way to calculate actual losses are to tote up the out of pocket investments. The bogus earnings of the pyramid & the potential earnings shouldn't be part of the equasion.

Personally, I think this whole Madoff thing is a smokescreen. His $50 billion scheme is becoming the sacraficial scapegoat to take everybody's mind off of the $50 trillion insurance fraud that has the world's financial industry in a frozen panic. The Madoff scam is bad, but we can't allow it to redirect our focus. Keep your eye on the ball.