Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > True Crime
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 12-13-2008, 08:44 PM
 
Location: wrong planet
5,161 posts, read 11,418,851 times
Reputation: 4336

Advertisements

Worcester Telegram & Gazette News

I wonder what will happen to this guy? I can't believe no one caught on, this had been going on for a loooooong time. How many more crooks like this are out there?
__________________
The price of anything is the amount of life you exchange for it. ~Henry David Thoreau


forum rules, please read them

Last edited by katzenfreund; 12-15-2008 at 10:03 AM..
Reply With Quote Quick reply to this message

 
Old 12-13-2008, 08:57 PM
 
11,135 posts, read 14,171,543 times
Reputation: 3696
Jinx, I was just reading an article on the same guy! Apparently he told his sons that what he was running was really a giant ponzi scheme. How nice.
Reply With Quote Quick reply to this message
 
Old 12-13-2008, 09:07 PM
 
Location: wrong planet
5,161 posts, read 11,418,851 times
Reputation: 4336
I can't imagine thinking you have millions in the bank and waking up to find out you have NOTHING! Sheesh. Well, one thing I won't have to worry about!
__________________
The price of anything is the amount of life you exchange for it. ~Henry David Thoreau


forum rules, please read them
Reply With Quote Quick reply to this message
 
Old 12-14-2008, 11:26 AM
 
Location: Sacramento
14,044 posts, read 27,167,795 times
Reputation: 7373
A very under-the-radar story here. The impact will be far wider than many folks, even "experts", anticipate.

There is a significant investment web of hedge funds that get investment money from other sources besides individual investors. The hedge fund run by Madoff is one of the larger funds getting money from other sources. Many folks may not realize this, but some of the more staid investors, such as state and teacher pension funds, placed some money in these "hedge funds of hedge funds" (a single investment vehicle investing in a pool of hedge funds) to get a little "boost" and "portfolio insurance":

The town of Fairfield, Connecticut, said it placed nearly 15 percent of its retiree pension fund with Madoff. Officials were scrambling to determine how much of the $42 million remained.

Big investors may lose in alleged $50B fraud - Dec. 14, 2008 (http://money.cnn.com/2008/12/14/news/bc.na.us.wallstreet.arr.ap/index.htm - broken link)


The ultimate impact of this fraud will be far wider than what is currently being reported, with a substantially greater number of "victims".

This story is going to be huge. The media, and public, doesn't fully understand it yet.
Reply With Quote Quick reply to this message
 
Old 12-14-2008, 04:43 PM
 
1,489 posts, read 2,030,095 times
Reputation: 331
Quote:
Originally Posted by NewToCA View Post
A very under-the-radar story here. The impact will be far wider than many folks, even "experts", anticipate.

There is a significant investment web of hedge funds that get investment money from other sources besides individual investors. The hedge fund run by Madoff is one of the larger funds getting money from other sources. Many folks may not realize this, but some of the more staid investors, such as state and teacher pension funds, placed some money in these "hedge funds of hedge funds" (a single investment vehicle investing in a pool of hedge funds) to get a little "boost" and "portfolio insurance":

The town of Fairfield, Connecticut, said it placed nearly 15 percent of its retiree pension fund with Madoff. Officials were scrambling to determine how much of the $42 million remained.

Big investors may lose in alleged $50B fraud - Dec. 14, 2008 (http://money.cnn.com/2008/12/14/news/bc.na.us.wallstreet.arr.ap/index.htm - broken link)


The ultimate impact of this fraud will be far wider than what is currently being reported, with a substantially greater number of "victims".

This story is going to be huge. The media, and public, doesn't fully understand it yet.
Yep. This story is huge. A lot of VERY rich people lost virtually everything except their homes and bank accounts. The fund was paying these people on average 1% per month with no downturns. I think most people that either invested with him or worked on Wall St. knew there was something fishy about these steady returns.

I'll be following this story...it really is fascinating. I'm impressed his son's turned him in right away; before he blew another 200 million on "family and loyal employees". What a creep. I don't care how many character witnesses they drag out at the trial to say what a charmer he is...if he was running a Ponzi scheme, he knew that people would be totally screwed eventually.

He'll be going away for the rest of his life to some white collar fed prison. Boo hoo.
Reply With Quote Quick reply to this message
 
Old 12-14-2008, 04:52 PM
 
31,387 posts, read 36,978,939 times
Reputation: 15038
"I don't care how many character witnesses they drag out at the trial to say what a charmer he is...if he was running a Ponzi scheme, he knew that people would be totally screwed eventually."

I doubt that there will be many character witnesses. While known for his great philanthropic work, those charities that he work with lost millions as well.
Reply With Quote Quick reply to this message
 
Old 12-14-2008, 05:00 PM
 
11,135 posts, read 14,171,543 times
Reputation: 3696
Quote:
Originally Posted by NewToCA View Post
A very under-the-radar story here. The impact will be far wider than many folks, even "experts", anticipate.

There is a significant investment web of hedge funds that get investment money from other sources besides individual investors. The hedge fund run by Madoff is one of the larger funds getting money from other sources. Many folks may not realize this, but some of the more staid investors, such as state and teacher pension funds, placed some money in these "hedge funds of hedge funds" (a single investment vehicle investing in a pool of hedge funds) to get a little "boost" and "portfolio insurance":

The town of Fairfield, Connecticut, said it placed nearly 15 percent of its retiree pension fund with Madoff. Officials were scrambling to determine how much of the $42 million remained.

Big investors may lose in alleged $50B fraud - Dec. 14, 2008 (http://money.cnn.com/2008/12/14/news/bc.na.us.wallstreet.arr.ap/index.htm - broken link)


The ultimate impact of this fraud will be far wider than what is currently being reported, with a substantially greater number of "victims".

This story is going to be huge. The media, and public, doesn't fully understand it yet.
admittedly, I'm just getting my mind around this one but I have to ask in reference to the bolded portion. Do you feel the fall out is due to perception problems or due to actual loss of funds. As I realize that the way things are right now, consumer and investor confidence is extremely important and hard to get a finger on kind of thing.
Reply With Quote Quick reply to this message
 
Old 12-14-2008, 05:27 PM
 
Location: toronto, Canada
773 posts, read 1,213,757 times
Reputation: 283
Madoff guilty of impersonating a social security commissioner without a license?
A list so so far of Madoff's victims.
Bernie Madoff's Victims: The List
Reply With Quote Quick reply to this message
 
Old 12-14-2008, 05:34 PM
 
3,150 posts, read 8,699,790 times
Reputation: 897
I just don't understand how all the money disappeared. That is an awful lot to just be lost in the markets.
Reply With Quote Quick reply to this message
 
Old 12-14-2008, 05:43 PM
 
26,171 posts, read 48,888,485 times
Reputation: 31680
Per what I saw on CNBC the other day, there were occasional investors who looked at Madoff's operation with the idea of taking a stake in it, but thought it was fishy. Some of these folks TOLD the SEC but the SEC did NOTHING.

Saw a clip of Madoff on TV today, in a prior talk to a group Madoff said words to the effect that the SEC rules were so loose that they were not enforceable and you could go whatever you wanted. Looks like HE did whatever he wanted.

Warren Buffett has never invested in hedge funds, he says he doesn't understand them, and refers to hedge funds as weapons of mass destruction. No kidding.

Wait until we hear from the European investors. I wonder if we get to bailout this creep too, or is this hit going on AIG's plate...
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > True Crime

All times are GMT -6. The time now is 06:23 AM.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top