zzzz Posted December 12, 2008 Report Share Posted December 12, 2008 i think I'm one of his victims--lost a lot of money about 10 yrs ago when the tech boon and NASDAQ collapsed. Link to comment Share on other sites More sharing options...
chuckwoww Posted December 12, 2008 Report Share Posted December 12, 2008 Come on guys give the guy a break. He used to be a lifeguard. He's got a nice family. He was just doing what he thought was best for his clients. He was very generous to the office staff (and the Democratic party). He confessed his guilt. Nice website too... http://www.madoff.com/ Anyone need a defense lawyer? Link to comment Share on other sites More sharing options...
Bangkoktraveler Posted December 12, 2008 Report Share Posted December 12, 2008 The Ponzi scheme he operated probably based on the ponzi scheme Social Security and Medicare is based upon. A national disgrace. Link to comment Share on other sites More sharing options...
drogon Posted December 15, 2008 Report Share Posted December 15, 2008 It is in the front pages in every EU newspaper... I am amazed by the stupidity of some investors (example: Susan Leavitt, Tampa (Florida) who invested the 6 million of her heritage...) and the facility with which this guy played on the greed of his customers... -> Now banks and other people are counting their losses. (the biggest one seems to be for the number one Spanish banking group) As my Grandma says: If it is too good to be true... (like a few weeks ago the hundreds of thousands of people in Colombia -> garanteed ROI of 60-80% in one month....) Link to comment Share on other sites More sharing options...
kamui Posted December 15, 2008 Report Share Posted December 15, 2008 I don't think that it is that simple. Banking is still about trust, and it seems that this guy had an excellent reputation/image in Wallstreet who dealt with the biggest players and held leading posts in the financial sector. How should a small investor not trust him? Link to comment Share on other sites More sharing options...
HeartThais Posted December 15, 2008 Report Share Posted December 15, 2008 One of the stories coming out of this is that some of the more sophisticated investors knew Madoff was cheating because his returns were preposterous given the published strategies. One guy went so far as to reverse engineer the trades and found they didn't add up. They just assumed he was dealing in insider trading and were happy to give him money to trade illegally. Link to comment Share on other sites More sharing options...
Central Scrutinizer Posted December 15, 2008 Report Share Posted December 15, 2008 So the cheaters got cheated. Link to comment Share on other sites More sharing options...
soongmak Posted December 15, 2008 Report Share Posted December 15, 2008 So the cheaters got cheated. It's Enron all over. When I saw that documentary, I swore never to invest money in anything I couldn't grasp. Stocks is one of them. It's all blind faith, and when greed rules the world, as a small investor you get fucked. I never thought it would end up causing this much disturbance though. I guess people were more greedy than I could even imagine. The funny thing is we're still sitting in an avalanche, and nobody seems to think of a revised business model to keep this kind of cheating from happening again. If it were up to me, I would end globalisation and outlaw all multinationals. Fuck 'em, we don't need 'em. They are all striving to be inefficient power hungry, non-tax paying, labour abusing monopolies. Link to comment Share on other sites More sharing options...
Steve Posted December 16, 2008 Report Share Posted December 16, 2008 early investors, who are paid off with money put up by later investors. So substitute the first investors fore 'retirees' or 'pensioners' the second investors for 'workers' and our present social security system is a ponzi scheme then? Link to comment Share on other sites More sharing options...
Steve Posted December 16, 2008 Report Share Posted December 16, 2008 The Ponzi scheme he operated probably based on the ponzi scheme Social Security and Medicare is based upon. A national disgrace. LOL..BT, you stole my thunder. I posted before reading yours. The government does a lot of things that are either presently illegal or they deemed it so. The pick 3 that state governments do is what was known in mob movies as 'the numbers racket'. There is no difference whatsoever, except I'm told you could play for as little as a dime or a quarter in the old days instead of the dollar the government charges. Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.