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Giant fraud

kennyboy66_2
Posts: 2,598 Forumite
http://www.telegraph.co.uk/finance/3724006/Bernie-Madoff-arrested-over-alleged-50-billion-fraud.html
If this is true ($50bn) it is a fraud on the scale of Enron
http://www.nytimes.com/2008/12/12/business/12scheme.html?pagewanted=1&_r=1&em
Astonishing
If this is true ($50bn) it is a fraud on the scale of Enron
http://www.nytimes.com/2008/12/12/business/12scheme.html?pagewanted=1&_r=1&em
Astonishing
US housing: it's not a bubble
Moneyweek, December 2005
Moneyweek, December 2005
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Comments
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Mr Madoff's lawyer, Dan Horwitz, called his client "a person of integrity"
Is that lawyer-speak for "he's sorry"?No reliance should be placed on the above! Absolutely none, do you hear?0 -
It's lawyer speak for "oh crap the client had a breakdown in front of witnesses and admitted he was a criminal".
Defense will probably be either ill health or alzheimers from which he miraculously recovers after the verdict.
Not sure why this is astonishing, most of these investment banks are ponzi schemes."Gold is the money of kings; silver is the money of gentlemen; barter is the money of peasants; but debt is the money of slaves." - Norm Franz0 -
They're all at itKrusty & Phil Madoff, 1990 - 2007:
"Buy now because house prices only ever go UP, UP, UP."0 -
He was always going to get caught. Giants are just too noticeable. ;-)0
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ROFL. :rotfl:
What a con-merchant. I hope he gets the maximum penalties + more when convicted, after decades of living it up.Just days earlier, Mr. Madoff had told another senior executive he was struggling to raise cash to cover about $7 billion in requested withdrawals from his clients, and he had appeared “to have been under great stress in the prior weeks,” according to the S.E.C. complaint.
So on Wednesday, the senior executive visited Mr. Madoff’s office, maintained on a separate floor with records kept under lock and key, and asked for an explanation.
Instead, Mr. Madoff invited the two executives to his Manhattan apartment that evening. When they joined him there, he told them that his money-management business was “all just one big lie” and “basically, a giant Ponzi scheme.”0 -
A very similar thing happened in the UK recently, although to a much bigger scale and surprisingly with the perp still at large.
Apparently a certain "Mr. Brown" persuaded a select group of people (known as "home owners") that as long as they kept investing in his special investment scheme known as "property", their investments would continue to rise, and the more they ploughed in, the more they'd make.
It actually worked for a good long time as many of these investors "re-invested" more money in the form of "equity release" and "BTL" and partied on the proceeds.
Sadly, just like Mr. Madoff Ponzi scheme, it couldn't last for ever and just like Mr. Madoffs customers, many of Mr. Browns are about to lose their shirts.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
kennyboy66 wrote: »http://www.telegraph.co.uk/finance/3724006/Bernie-Madoff-arrested-over-alleged-50-billion-fraud.html
If this is true ($50bn) it is a fraud on the scale of Enron
http://www.nytimes.com/2008/12/12/business/12scheme.html?pagewanted=1&_r=1&em
Astonishing
Never invest in an investment that uses a pair of brothers as auditors rather than Ernst and Young.
I am amazed that this got past the due diligence people.0 -
According to this link.........
http://finance.yahoo.com/tech-ticker/article/145115/I-Knew-Bernie-Madoff-Was-Cheating--That%27s-Why-I-Invested-with-Him?tickers=%5Edji,&gspc,%5Eixic
"I knew Bernie Madoff was cheating - that's why I invested in him"!
The smart money knew there was something wrong about Madoff's fund - the monthly performance figures were too smooth.
They assumed it was done by some sort of insider trading scam.... but hey, that's OK so they invested in him.
It seems never to have occured to them that the whole thing was a ponzi scheme/fraud.
Oops.......0 -
Oh dear oh dear, just shows you what a hedonistic period of history we have just lived through.0
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Oh dear oh dear, just shows you was a hedonistic period of history we have just lived through.
Or what a pile of smally old shlt this planet is!
50 billion could probably wipe out 3rd world debt give them all aids treatment and some sandwiches and an apple and one of them big Twix's each.
Or fund the Eu parliment for a morning.
Whats it been spent on? I cant be bothered reading the storyHi, we’ve had to remove your signature. The one where you showed us Dithering Dad is a complete liar. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE Forum Team0
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