Bernard 'PONZI' Madoff

[britishguy]

So how did he get away with this scam year after year ?

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http://www.telegraph.co.uk/finance/b...p-pockets.html

What were funds of funds doing backing Bernard Madoff’s alleged $50bn Ponzi scheme? Didn’t they do due diligence? Didn’t they spot the red flags that might have suggested that something was fishy? These are the questions investors who may have seen their money wiped out will be asking. And the madder they get, the more they are likely to try to get even.
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What happened to the authorities in the USA did they not look into the Madoff accounts and books of his companies ?

Why was he not outed before now?

Comments :-

[bogart]

Madoff's own family turned him in.

[britishguy]

Banks take a big hit

http://www.bloomberg.com/apps/news?p...vlI&refer=home
HSBC Holdings Plc, Europe’s biggest bank, has $1 billion
Nomura Holdings Inc., Japan’s largest brokerage, has 27.5 billion yen ($302 million)
France’s BNP Paribas SA has as much as 350 million euros at risk, the banks said.

And surely in the coming days many individuals will be screaming about losses

[bogart]

Bernie Madoff's alleged $50bn fraud may be the tip of the iceberg.


First come the losses and the stupidities committed by bankers working for their own self-interest.

Then come the rogue traders, who are unable to 'fess up on market bets gone wrong. The last to arrive is the "bezzle".

That was economist JK Galbraith's word for the outright frauds built up when markets are good. These can be kept hidden for as long as the lies hold up. But the truth will out.

http://www.telegraph.co.uk/finance/b...s-to-come.html

[britishguy]

Then the donations made to Madoff by Politicians

http://clusterstock.alleyinsider.com...as-he-thinking

MADOFF, BERNARD
NEW YORK,NY 10022 SELF EMPLOYED/INVESTOR 4/24/08 $2,300 Merkley, Jeff (D)
MADOFF, BERNARD
NEW YORK,NY 10021 BERNARD MADOFF INVESTMENTS 3/25/03 $2,000 Wyden, Ron (D)
MADOFF, BERNARD
NEW YORK,NY 10021 BERNARD MADOFF INVESTMENTS 3/25/03 $2,000 Wyden, Ron (D)
MADOFF, BERNARD
NEW YORK,NY 10021 BERNARD MADOFF INVESTMENTS 2/18/04 $1,000 Lautenberg, Frank R (D)
MADOFF, BERNARD
NEW YORK,NY 10021 MADOFF INVESTMENTS/CHAIRMAN 10/18/04 $250 Matheson, Jim (D)
MADOFF, BERNARD
NEW YORK,NY 10021 SELF-EMPLOYED/BANKER 10/15/04 $250 Hooley, Darlene (D)
MADOFF, BERNARD L
NEW YORK,NY 10022 BERNARD L. MADOFF INVEST. SEC./CHAI 9/30/06 $25,000 Democratic Senatorial Campaign Cmte (D)
MADOFF, BERNARD L
NEW YORK,NY 10021 BERNARD L MADOFF INVEST SEC 5/9/05 $25,000 Democratic Senatorial Campaign Cmte (D)
MADOFF, BERNARD L
NEW YORK,NY 10022 BERNARD L. MADOFF INVEST.-SEC./CHAI 5/4/07 $25,000 Democratic Senatorial Campaign Cmte (D)
MADOFF, BERNARD L
NEW YORK,NY 10022 BERNARD L. MADOFF INVEST.-SEC./CHAI 9/12/08 $25,000 Democratic Senatorial Campaign Cmte (D)
MADOFF, BERNARD L
NEW YORK,NY 10021 BERNARD L. MADOFF INVESTMENT/CHAIRM 7/10/07 $2,300 Saul, Andrew Marshall (R)
MADOFF, BERNARD L
NEW YORK,NY 10021 BERNARD MADOFF INVESTMENT 7/20/07 $2,300 Lautenberg, Frank R (D)
MADOFF, BERNARD L
NEW YORK,NY 10021 MADOFF INVESTMENTS/CHAIRMAN 6/17/04 $2,000 Markey, Edward J (D)
MADOFF, BERNARD L
NEW YORK,NY 10021 MADOFF INVESTMENTS/CHAIRMAN 6/17/04 $2,000 Markey, Edward J (D)
MADOFF, BERNARD L
NEW YORK,NY 10021 BERNARD L MADOFF/CHAIRMAN 9/23/03 $2,000 Gephardt, Richard A (D)
MADOFF, BERNARD L
NEW YORK,NY 10021 BERNARD L MADOFF INVESTMENTS 8/18/04 $1,000 Schumer, Charles E (D)
MADOFF, BERNARD L
NEW YORK,NY 10021 BERNARD L MADOFF INVESTMENTS 8/18/04 $1,000 Schumer, Charles E (D)
MADOFF, BERNARD L
NEW YORK,NY 10021 BERNARD MADOFF INVESTMENT 7/20/07 $300 Lautenberg, Frank R (D)
MADOFF, BERNARD L
NEW YORK,NY 10021 10/15/04 $250 Frost, Martin (D)

A lot of Democrats in the mix here

[bogart]

Sen. Lautenberg entrusted his family's charitable foundation to Bernard L. Madoff

http://www.nj.com/newsflash/index.ss...orylist=jersey

[wisdomtool]

The ones that announced their losses still add up to only a fraction of the $50 billion, wonder what happened to the rest. Definitely a system failure when a company can fraud the public out of $50 billion and doing it for such a long time. What's more, if not for his own sons bringing him in, I don't know how much longer is he going to continue the fraud.....

Originally Posted by britishguy

Banks take a big hit

http://www.bloomberg.com/apps/news?p...vlI&refer=home
HSBC Holdings Plc, Europe’s biggest bank, has $1 billion
Nomura Holdings Inc., Japan’s largest brokerage, has 27.5 billion yen ($302 million)
France’s BNP Paribas SA has as much as 350 million euros at risk, the banks said.

And surely in the coming days many individuals will be screaming about losses

[Toopac]

Mad(e) off indeed!

[bogart]

The $50 billion stolen is more that the auto industry bailout. What did he do with the money?

[Lexiseek]

Originally Posted by bogart

The $50 billion stolen is more that the auto industry bailout. What did he do with the money?

Spent it on hookers and booze - expensive hookers and booze.

[britishguy]

Originally Posted by Lexiseek

Spent it on hookers and booze - expensive hookers and booze.

Did he use condoms?

They cost money to buy too

[wisdomtool]

Are you sure? That guy is 70 years old, one leg into the coffin.....

Originally Posted by Lexiseek

Spent it on hookers and booze - expensive hookers and booze.

[Lexiseek]

Hmm. Maybe crack and gambling? And he had a bad webcam addiction

[britishguy]

Originally Posted by Lexiseek

Hmm. Maybe crack and gambling? And he had a bad webcam addiction

Gee - are you gonna say next - that he was 'jerking off' while he looked at the webcam