This is not a Badboy thread either.
Does Bernard Madoff Affect You?
by minimus 15 Replies latest jw friends
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ninja
nope...probably only those whose money he "made off" with
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ninja
neither did fraudy mac or phoney mae
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crapola
No, but I don't know how he "made off" with all that money without someone getting supicious!
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hillbilly
You cant con an honest man.
Madoff was a Ponzi artist... if we learn anything from this cat it should be this...if it sounds too good to be true...it isnt.
I know some of his funds sucked in some trickle down investors ... who were needed to make the core scheme work.
Hill
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minimus
Crapola, he was full of it.....like his family never knew.
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crapola
I don't think for a minute that his family did'nt know something. But when it comes to big money, well, honesty is put on the back burner most of the time.
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sammielee24
Let's put some accountability where it belongs at the top - the SEC had been given tips around suspicious activity around Madoff in 2006 and 2006 - it was ignored. Why? His accountant and auditor didn't seem to find irregularities...why? There are few ways to investigate the integrity and legality of any firm so you have to rely on ratings and assurances at some level, from the very people, the governmental watchdogs, to ensure that these firms are safe. They fell short on the job first and I can't for the life of me understand how anyof those people in those governmental agencies are sitting on their jobs today. I think we'll find there are arms and legs on Madoff that stretch beyond what anybody thought possible - I don't even know why he's allowed house arrest in his 7m dollar mansion instead of sitting on a metal bench in a prison cell.
There are a lot of small investors hurt - including pension funds invested into hedge funds operated by Madoff.
Now - am I directly impacted? No - I didn't have funds invested there. In the long run will we all be impacted? Sure. If the money out of those funds belonged to taxpayers who are now broke - then those taxpayers will in turn need help from the rest of the taxpayers to make up the shortfall somewhere along the line.
Right about now there is no way to pay off the debt the US has now so I'm all for giving every family in the USA a solid one time payment of $150,000 - after all, within 3 years your taxes are going to skyrocket to pay for all these freebies so why not put some money in the hands of the people who'll be paying them?
sammieswife.
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hemp lover
"There are a lot of small investors hurt - including pension funds invested into hedge funds operated by Madoff."
I heard on NPR the other day that the nonprofit that funds the Innocence Project is going under due to losing their money in the Madoff scam, which particularly sucks for Dallas County since we're leading the country in innocent men exonerated due to DNA testing. We're #1! We're #1!
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treadnh2o
I can't get into details, but yes.
The media made it sound like he only had a handful of clients. But there were layers of people that most haven't heard about yet.
His circle in West Palm Beach was very affected.
So I've heard.