The more layers are pulled back, It's STINKS all the more!

  • Posted by a hidden member.
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    Feb 11, 2009 7:15 PM GMT
    This is just terrible! What Madoff's wife did days before his arrest.
    Terrible!



    BOSTON (Reuters) – The wife of accused Wall Street swindler Bernard Madoff pulled $15 million out of a brokerage account only days before her husband was arrested, Massachusetts' top securities regulator said on Wednesday.

    Secretary of State William Galvin said Ruth Madoff withdrew $5.5 million on November 25 and $10 million on December 10 according to reports produced by Cohmad Securities, a firm co-owned by her husband.

    Madoff is accused of masterminding a $50 billion Ponzi scheme. He was arrested and charged with securities fraud on December 11. In a Ponzi scheme, early investors are paid with money from later investors.

    For years, Cohmad Securities, partly owned by Madoff, received monthly payments from the financier for "professional services", "brokerage services" and "fees for account supervision," Galvin's office said.

    The payments totaled $67 million and made up 84 percent of Cohmad's total income over the last eight years, the documents show.

    Many Massachusetts residents who lost millions of dollars to Madoff told Galvin's office that they were introduced to the financier by Cohmad representatives, including Robert Jaffe. Jaffe had been a long-time friend of Madoff and relied on his deep roots in Boston to make the introductions. Recently Jaffe said he too was a victim of Madoff's fraud.

    Cohmad, which is registered to act as broker in Massachusetts, also paid money to Sonja Kohn, who founded Austria's Bank Medici and had close ties to Madoff, the documents show.

    Galvin is trying to suspend Cohmad's state license so that it can no longer act as a broker in Massachusetts.

    (Reporting by Svea Herbst-Bayliss; editing by John Wallace)


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    Feb 11, 2009 7:19 PM GMT
    The big question is, how did he get away with it for so long?
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    Feb 11, 2009 7:45 PM GMT
    I ask myself that question whenever I read something new. More pople had to know about this MESS! If they knew they all should go to jail.

    This kind of greed just makes me SICK! I don't get it.
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    Feb 11, 2009 8:33 PM GMT
    I thought this was another circumcision thread. icon_eek.gif

    You know if an honest, hard-working person tried to pull this off, they'd be investigated into bankruptcy. Funny how only the rich and criminal can get away with these sorts of actions.
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    Feb 11, 2009 8:54 PM GMT
    Oh god No Make,

    I do not post threads of that Nature...ewe and ouch! icon_lol.gif
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    Feb 11, 2009 8:59 PM GMT
    I don't think Madoff will get away with it at all. I'm sure he's going to prison for as long as he lives. And I'm sure they'll get his wife too.

    But what about all those people swindled? How did the US authorities miss this one? They'd been warned about it for many years by quite a few investment experts who tried to replicate his supposed investment strategy but were unable to (for obvious reasons).

    The amounts he's stolen are staggering. All those Jewish people in Florida are out of pocket, even Steven Spielberg invested.
  • kaccioto

    Posts: 284

    Feb 11, 2009 9:11 PM GMT


    he's peanuts in comparison to the bank's tarp acq...

    notice the media's perfect timing, so the public gets distracted while all this goes on behind the scenes...give the masses a small time target to blame, let geithner preach vague 'transparency' clauses backed by the sec, and voila, more american indifference for the expense of 'economic stability,' lulz
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    Feb 11, 2009 9:14 PM GMT
    In my opinion, all of Wall Street is one big Ponzi scheme. Goldman Sachs, JP Morgan Chase ... all of 'em. Every single banker - from investment bankers, to hedge fund managers and derivative traders; even any financial services professional involved in inflating oil prices via speculating - with any involvement in this mess should be held accountable for what they've done, pre-and-post bailout.

    I'm tired of layoffs and company closings, and I'm tired of the spin here in NYC (e.g., hearing how multi-million dollar bonuses are good for our economy).

    I have to admit, I get a kick out of the millionaires in NYC who have over-extended themselves and are now stuck with multiple million-dollar homes in Miami, Fire Island, the Hamptons, NYC, and no way to turn them over. It's nice to hear them complaining about how they have to resort to mass transit when just a few short months ago they had a personal driver, or how they had to leave Equinox and opt for NYSports Club to save as much cash as possible.

    Funny. Just a couple of year's ago, there were local stories about how NY-based lamborghini and ferrari dealers were completely sold out after Goldman Sachs gave bonuses to their partners. Now, nothing. I love irony.
  • kaccioto

    Posts: 284

    Feb 11, 2009 9:27 PM GMT
    Tapper saidIn my opinion, all of Wall Street is one big Ponzi scheme.



    ding ding, who do ya think pays dc lobbyists/sec heads??

    my ex-boss was on bloomberg basically laughing at people's indifference to all this...

    1.5 years later there's no definite answer on how collateralized mortgage obligations were valued...here's a hint...darts and strippers anyone??
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    Feb 11, 2009 11:42 PM GMT
    kaccioto said
    Tapper saidIn my opinion, all of Wall Street is one big Ponzi scheme.



    ding ding, who do ya think pays dc lobbyists/sec heads??

    my ex-boss was on bloomberg basically laughing at people's indifference to all this...

    1.5 years later there's no definite answer on how collateralized mortgage obligations were valued...here's a hint...darts and strippers anyone??


    Thank you for pointing this out.
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    Feb 11, 2009 11:42 PM GMT
    I thought from the title this was about foreskin hygiene.
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    Feb 11, 2009 11:45 PM GMT
    Lost_And_Found saidThe big question is, how did he get away with it for so long?


    The Securities Exchange Commission screwed up, plain and simple. Supposedly they were intimidated by him because of his reputation. The guy had been on Wall Street since the early 1960s.

    The only guy in that family that seemed to have any integrity was his son who actually turned him in (there is a future book or hollywood screenplay in that story I think).
  • coolarmydude

    Posts: 9190

    Feb 12, 2009 12:24 AM GMT
    I think some key figures of the SEC who turned away when it was reported to them a few times did so because they were in on the scheme. It's the only logical conclusion. Now to find proof of that, that's a different story.

    Collusion, anyone?
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    Feb 12, 2009 12:29 AM GMT
    I'm good friends with another investor like myself (venture capital / real estate) who invested with Madoff and is in serious financial reverses. Another Madoff victim we know on the upper east side (NY) has lost most everything he had. Safest place for Madoff might be jail.
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    Feb 12, 2009 3:59 AM GMT
    You guys are brutal. Makes me think about how awful I am ever more. icon_eek.gif