So how did he get away with this scam year after year ? ------------------------------------------------------ http://www.telegraph.co.uk/finance/...adoff-victims-will-go-after-deep-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. ------------------------------------------------------------ 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 :-
Banks take a big hit http://www.bloomberg.com/apps/news?pid=20601109&sid=aVTJBQRWrvlI&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
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/...may-be-just-a-foretaste-of-whats-to-come.html
Then the donations made to Madoff by Politicians http://clusterstock.alleyinsider.com/2008/12/what-was-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
Sen. Lautenberg entrusted his family's charitable foundation to Bernard L. Madoff http://www.nj.com/newsflash/index.ssf?/base/news-35/1229319560204810.xml&storylist=jersey
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.....