Madoff.

  • Posted by a hidden member.
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    Jan 12, 2009 5:33 PM GMT
    When this story broke...I was shocked at the greed of this man. How he defrauded investors. especially the Wiesenthal Musem(sp)

    Then to learn over the holiday he mailed out over a million dollars in gifts.
    Oh come on! Is this man delusional!

    AP news source:

    NEW YORK – A judge has allowed Bernard Madoff to remain free on bail, rejecting a bid by prosecutors to send the disgraced investor to jail.

    Madoff mailed more than $1 million in jewelry and heirlooms to family and friends over the holidays. Prosecutors said the gifts were grounds to have his bail revoked because what's left of Madoff's assets will have to be returned to burned investors.

    The anxiously awaited decision puts furhter restrictions on Madoff, including forcing him to come up with a list of items at his apartment and allowing a security firm to check on the items.

    Defense lawyer Ira Sorkin says the "the opinion speaks for itself and we intend to comply with the judge's order."

    Madoff's lawyers said the gifts were an innocent mistake and said he is neither a danger to the community nor a threat to flee.


  • coolarmydude

    Posts: 9190

    Jan 12, 2009 8:07 PM GMT
    It's also unbelievable that some conservatives are trying to spin his scandal and deny that he defrauded investors and just simply lost all the money to the markets. It sounds like the conservatives are pooping big time at the realization of a deregulated market economy.

    Greed: The only way to heaven.
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    Jan 12, 2009 9:20 PM GMT
    This guy is a pig (and not it the fun way).

    Going to piss some people off here, but a lot of Jewish people do business with other Jewish businesspeople to build community. These transactions have an implicit amount of trust built in, like "your my automatic friend because we are both Jewish" This asshole defrauded his own people! (yes, I realize non-Jews were affected as well, but a disproportionate number of Jews relative to those in the general population where his clients). And plus all he does is perpetuate the "greedy Joo" stereotype, a double whammy.

    When I think of all of the families, charities and others affected by this greedy bastard's behavior it makes me sick.

    A reminder for everyone, nobody will watch your money better than you.

    PS
    Madoff sounds like "made off", as in "with the money."
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    Jan 12, 2009 9:20 PM GMT
    It was rumored that the SEC ignored a tip that this was going on 10 years prior. I'm still having trouble wrapping my brian around this that there were no checks and balances done! There has to be other people who knew about this and said nothing and did nothing. How can they sleep at night.

    To wipe out someone life savings while they are in retirement....wow!
    I just don't understand that kind of greed! He was already wealthy beyond my and his life time. I really feel sorry for the Charities. I think the hedge fund managers should be held accountable also they apparently were doing there job other than accepting the commissions. I'm speaking to the ones who are linked to the Madoff MESS!

    I guess it's true money corupts!
  • coolarmydude

    Posts: 9190

    Jan 12, 2009 9:34 PM GMT
    I heard that also, Ducky. In fact, there were about 3 tips with no action. There is obviously more than one person involved in scamming 50 Billion dollars. One person alone can't possibly do that.
  • coolarmydude

    Posts: 9190

    Jan 12, 2009 9:37 PM GMT
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    Jan 12, 2009 9:39 PM GMT
    He is the worse case so far, but there are more to come supposedly. There were warning signs for years about this guy, but people (SEC and investors) turned a blind eye. It is a case where a guy's reputation allows him to evade scrutiny (he had been an investment manager since the early 60s, former president of NASDAQ) and suck in a lot of people..
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    Jan 12, 2009 11:21 PM GMT
    Remember the Republican mantra we've heard for decades: deregulation is good, lack of oversight is good, the market will police itself, government involvement is bad, we can trust Wall Street to do the right thing, market forces will take care of everything.

    Thank you, Republicans, for this disastrous financial mess in which we find ourselves. I read that at least one Madoff investor committed suicide. If Republican policy makers had any honor, they would follow him. But of course they don't, and won't.