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You are wrong again. I suggest you read your own link. Those were small fish. The big fish was Sanjay Shah. And the total was DKK 12.7 billion. "Two British citizens have already been charged as part of a "cum-ex" trading fraud that swindled the treasury of a total of 12.7bn Danish kroner."...

This is the third and last time I write this: "In the cum-ex scandal in Europe!" which of course has nothing to do with Madoff. The common ground here is lawyers ending up as big winners on the back of scandals.

https://www.law360.com/tax-authority/articles/1479844/denmark-s-legal-costs-balloon-in-cum-ex-fraud-litigation

I do not think the above is incorrect. That was the correct figure at the time for the Madoff case.

I wrote "In the cum-ex scandal in Europe?" The USD 700 million are the estimated fees to lawyers in a different scandal - the cum-ex scandal in Denmark and other European countries. The USD 1 billion is the number quoted in the Netflix Madoff documentary. Your article is 10 years old.

It is the estimated lawyer fees for pursuing the case regarding the tax revenue taken from the state of Denmark in the cum-ex scandal. In doing so Denmark pays lawyers in several countries. However, revenue taken from other countries will have their own lawyer fees.

Netflix

Irving Picard - USD 1 billion. In the cum-ex scandal in Europe, the preliminary estimated amount of fees for attorneys just in Denmark is USD 700 million where the amount of the fraud was USD 1.7 billion. Tell your kids to get a law degree. The one who paid the highest price... his oldest son.

I am sure they must have believed what they did was legal. Since nobody was convicted, I believe the IRS must agree that they did not deliberately brake the law. Otherwise I assume they would have been convicted.

Yes, I just found out about the IRS case. A little bit depressing that even the number 25 on the Forbes' list cannot understand the tax code. "In September 2021, it was announced that Simons and his colleagues would pay billions of dollars in back taxes, interest and penalties to resolve the...

I got the impression from the documentary that he delivered a stable 9-11% percent return.

Yes, they fluctuate more, but no negative return years and overall much more impressive than Madoff's track record. https://www.cornell-capital.com/blog/2020/02/medallion-fund-the-ultimate-counterexample.html

But Madoff had every incentive to keep his "strategy" secret, so even though he did mention using bull spreads, surely he did not rule out using short selling, derivate hedging etc. I guess the whistle blower must have had access to the fabricated reports of individual trades and those seemed...

Jim Simons is the person within the financial industry that I respect the most. In the Madoff documentary it is stated multiple times that the returns Madoff delivered were impossible to achieve in the real world. A whistle blower notified the SEC as early as around 2001 and actively pointed...

The NYSE opening was flawed in a range of issues. Made good money going contra. Check top gainers and losers since open to see which tickers were involved.

True. If you go into a casino and place your bet on red, the odds are unchanged. Similarly the expected return for taking risk and carry the market portfolio is the same. I pursue a different path.

Substitute AI with computer intelligence. Markets will continue to be risky. Markets will continue to move dramatically in response to new unpredictable information just as today. But the systematic correlation - the quant strategies - will dry up, because at some point some computers will be...

Substitute AI with computer intelligence. Of course as computers become more and more advanced, computers will replace more and more human activity. That of course goes for trading as well. ChatGBT is just a reference for how advanced a computer has become. So what I allow myself to tell the...

Nothing. The market has always moved as a response to unpredictable news. That's not what made Jim Simons USD 25 billion. Data correlation did. Renaissance of course always used computers. The change with AI is that what was left on the table for small fish like myself will become smaller...

I lost my job. Made it a lot easier. 14 years. I do not have to work again. Still I will not recommend it to my children. Why? Look at the ChatGPT and ask yourself what trading bots can do a few years from now with numbers - the native language of computers. A Google founder is working on a...