Bernard Madoff, Mastermind of Giant Ponzi Scheme, Dies at 82

[Pekelo]

That might made him lived longer.

I wonder if his victims would live that long.

1. You had to be very wealthy to invest with him.
2. They eventually got back 70 cents on the dollar. It was basically a bad investment, but they didn't lose everything.
3. They were literally throwing money at him and begged him to take their money.

But yes, he was a bad man. And I don't buy that the boys didn't know it. They must have been the stupidest Harvard educated kids on Earth, specially after the first expose came out.

 

[AbbotAle]

True Pek, but I think they all might have got more than 70% back.

Anyway, as you rightly point out, many knew, even the banks/brokers as Bernie said himself, but it wasn't a problem as long as those 1%+ cheques kept coming through the mail every month.

 

[vanzandt]

May he rest in peace.

https://www.bloomberg.com/news/arti...f-mastermind-of-giant-ponzi-scheme-dies-at-82

Rest in peace!!!!!??????????
He ruined 1000's of lives, stole from charities and universities... he was a sociopath.
The Feds don't give someone 150 years for nothing.
I hope he rots in f'ing hell.

 

[Pekelo]

1. He ruined 1000's of lives, stole from charities and universities... he was a sociopath.
2. The Feds don't give someone 150 years for nothing.

1. I look at it that he was an equal opportunity offender. If a victim survived 5+ years and got most of their money back, then not that many lives were ruined. (Also the don't put all your eggs in one HF adage.)

My point here is that as ponzis go, Madoff victims eventually got a pretty good outcome. Most ponzis wipe you off completely, or you get maybe 10% back. So getting back 70% is just a bad investment.

2. He did piss off the wrong (aka rich) people.

 

[Trader Curt]

In all fairness, a scheme is also a strategy. But schemes are bad while strategies are good? UG! Like the rest of the fucking world.

Under graduate? Yes that's right

 

[destriero]

1. You had to be very wealthy to invest with him.
2. They eventually got back 70 cents on the dollar. It was basically a bad investment, but they didn't lose everything.
3. They were literally throwing money at him and begged him to take their money.

But yes, he was a bad man. And I don't buy that the boys didn't know it. They must have been the stupidest Harvard educated kids on Earth, specially after the first expose came out.

Harvard. Our 43rd President.

I don't think that the kids knew. They didn't move inordinate amounts of cash around prior to the fraud becoming public; they bought homes. You get into something liquid that cannot easily be seized. The kids didn't have access to the 17th floor. You could say that was plausible deniability, but all that transpired since makes that extremely unlikely.

I ran across a Fairfield Greenwich prospectus and it was hilariously vague. Yass at SIG even had money with Madoff. A "split strike conversion" is simply a synthetic bull vertical. So anyone with any sophistication would know that there wasn't any way to earn those returns in the decade preceding the charges. FG was complicit in the fraud. All of the FoF were complicit.

 

[Buy1Sell2]

Franklin Delano Roosevelt, Mastermind of Giant Ponzi Scheme, Dies at 63 April 12, 1945

 

[destriero]

Rest in peace!!!!!??????????
He ruined 1000's of lives, stole from charities and universities... he was a sociopath.
The Feds don't give someone 150 years for nothing.
I hope he rots in f'ing hell.

That kmiklas clown is a Trumper shut in that lives in a studio apt in a ghetto. He's gotta be on some list, somewhere.

 

[Fintrader]

He got early paroled. His sentence is supposed to be for 150 years and he only served like 12 years, less than 1/10 of the sentence. And no, for all what he did, may he not rest in peace. People lost their lives, lived in fear, lost their life savings that they have worked all their lives for, charities lost their donations that they were using to help others because of him.

How does he get paroled and die in Butner Federal Correctional Institute? But I couldn't agree with you more the people he screwed over. I hope he thought long and hard when he was in there for his crimes.

 

[Pekelo]

Fun fact about ponzis:

The 2 very first ponzis were started by 2 women, independently from each other:

"the first recorded instances of this sort of investment scam can be traced back to the mid-to-late 1800s, and were orchestrated by Adele Spitzeder in Germany and Sarah Howe in the United States."